Central States Pension- Pension Reduction ( Retirees)

Discussion in 'UPS Retirement Topics' started by WhatsUP, Jul 24, 2013.

  1. WhatsUP

    WhatsUP Member

    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"
  2. PiedmontSteward

    PiedmontSteward RTW-4-Less

    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.
  3. oldngray

    oldngray nowhere special

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

    WhatsUP Member

    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?
  5. oldngray

    oldngray nowhere special

    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.
  6. WhatsUP

    WhatsUP Member

  7. downtime8763

    downtime8763 Member

    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!!!