Central States Pension- Pension Reduction ( Retirees)

[WhatsUP]

I wonder when Central States will reduce the UPS retirees Pensions? ( those who retired under Central States) I hear they are working on a bill in Congress that will reduce our pension as early as next year. I dont know the details or if it applies to the other trucking companies or everybody in the plan.

I hear they are trying to do away with the "anti cut back rule"

 

[PiedmontSteward]

I wonder when Central States will reduce the UPS retirees Pensions? ( those who retired under Central States) I hear they are working on a bill in Congress that will reduce our pension as early as next year. I dont know the details or if it applies to the other trucking companies or everybody in the plan.

I hear they are trying to do away with the "anti cut back rule"

UPS is contractually required to make up the difference between what is owed to retirees and the PBGC payments whenever CS goes under. This was one of the caveats in exchange for allowing UPS to pull out of CS back in the '08-'13 contract.

I'm not 100% sure if this applies to the UPS employees that retired before the company withdrew from CS, but I think it does.

 

[oldngray]

UPS is contractually required to make up the difference between what is owed to retirees and the PBGC payments whenever CS goes under. This was one of the caveats in exchange for allowing UPS to pull out of CS back in the '08-'13 contract.

I'm not 100% sure if this applies to the UPS employees that retired before the company withdrew from CS, but I think it does.

UPS will make up the difference until you are 65 then you get screwed.

 

[WhatsUP]

I dont believe retirees that retired with UPS under Central States (before UPS pull out of the Central States Plan) is guaranteed anything from UPS?

The max payout if the plan is insolvent is about $1200 a month pension. They want this to start as early as next year to delay insolvency?

 

[oldngray]

I retired in 2011. I don't know if the people who retired before 2007 got the guarantee from UPS when they paid 6 billion to get out of the Central States plan but I thought they did.

 

[WhatsUP]

Multiemployer Pension Hearing- (June 12, 2013)
Education & The Workforce Committe
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Strengthening the Multiemployer Pension System: What Reforms Should Policymakers Consider? - Jun 12th, 2013Does not look very good for Central States Pension. Hearing is about 1 1/2 hours long in the link above.

 

[downtime8763]

UPS will make up the difference until you are 65 then you get screwed.

My paper work stated that UPS will make up any difference upon turning 65 if the CS was unable to pay it's amount required in the retirement agreement. One must wonder under the NEW contract if this has been changed!!!