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UPS Retirement Topics
Central States Pension- UPS retirees
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<blockquote data-quote="satellitedriver" data-source="post: 719614" data-attributes="member: 1664"><p><strong><span style="color: DarkGreen">I am not a pension expert.</span></strong></p><p><strong><span style="color: DarkGreen">I can, and have, read the documents that explain the change over.</span></strong></p><p><strong><span style="color: DarkGreen">By my best understanding;</span></strong></p><p><strong><span style="color: DarkGreen">If you retired under CS before this present contract you will receive only what CS and the government can offer when CS goes under.</span></strong></p><p><strong><span style="color: DarkGreen">-(and it will, IMO)-</span></strong></p><p><strong><span style="color: DarkGreen">If you retire during this contract, UPS will make good the total promised pension, until you reach the age of 65.</span></strong></p><p><strong><span style="color: DarkGreen">Then, CS is responsible for the accumulated years pension promise up to 2007 and UPS will payout pension accumulated for the years earned after 2007.</span></strong></p><p><strong><span style="color: DarkGreen">The math even gets more complicated when you have to start deducting .5% for every month that you are under the age of 65, and then,</span></strong></p><p><strong><span style="color: DarkGreen">deduct another 15% if you want your spouse to get 1/2 of your pension when you die.</span></strong></p><p><strong><span style="color: DarkGreen">I am sending in the required form for a " retirement estimate" this weekend to get a definitive answer on what 25yrs will get me under this new plan.</span></strong></p><p><strong><span style="color: DarkGreen">No matter what the monetary answer is, I will retire under this contract for one main reason.</span></strong></p><p> <strong><span style="color: DarkGreen">Health Insurance.</span></strong></p><p><strong><span style="color: DarkGreen">Under this contract,</span></strong></p><p><strong><span style="color: DarkGreen">$400 a month will keep my wife and myself insured until we hit 65, with no increase of premium. </span></strong></p><p><strong><span style="color: DarkGreen">I wish all the best of Luck to all on the next contract, but I will not be around to see it.</span></strong></p><p> <strong><span style="color: DarkGreen"></span></strong></p><p><strong><span style="color: DarkGreen"> </span></strong></p><p><strong><span style="color: DarkGreen"></span></strong></p><p><strong><span style="color: DarkGreen"></span></strong></p></blockquote><p></p>
[QUOTE="satellitedriver, post: 719614, member: 1664"] [B][COLOR=DarkGreen]I am not a pension expert. I can, and have, read the documents that explain the change over. By my best understanding; If you retired under CS before this present contract you will receive only what CS and the government can offer when CS goes under. -(and it will, IMO)- If you retire during this contract, UPS will make good the total promised pension, until you reach the age of 65. Then, CS is responsible for the accumulated years pension promise up to 2007 and UPS will payout pension accumulated for the years earned after 2007. The math even gets more complicated when you have to start deducting .5% for every month that you are under the age of 65, and then, deduct another 15% if you want your spouse to get 1/2 of your pension when you die. I am sending in the required form for a " retirement estimate" this weekend to get a definitive answer on what 25yrs will get me under this new plan. No matter what the monetary answer is, I will retire under this contract for one main reason. Health Insurance. Under this contract, $400 a month will keep my wife and myself insured until we hit 65, with no increase of premium. I wish all the best of Luck to all on the next contract, but I will not be around to see it. [/COLOR][/B] [/QUOTE]
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