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Central States Pension
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<blockquote data-quote="InsideUPS" data-source="post: 4051661" data-attributes="member: 31414"><p>Sorry to read about the CS 27% funding level! The following headlines in Forbes may make you happy..... "for a minute at least". </p><p><a href="https://www.forbes.com/sites/ebauer/2018/12/10/actually-central-states-pension-plan-is-fully-funded/#6704f074134c" target="_blank">Actually, Central States' Pension Plan Is Fully Funded</a></p><p></p><p>People mention here that individuals who retired from UPS in 2007 or before with a CS pension are the ones that will suffer financially while believing that those that retire after 2007 will not. I suggest that ALL UPSers read for themselves the CS pension contract language and decide for themselves how or if it will affect them financially. </p><p></p><p>IMHO.....reading the "fine print" of the Central Supplement..... EVERYONE stands to lose some portion of their pension if the CS pension plan is taken over by the government. The language below is from our current contract (2018-2023). (Central Supplement) </p><p></p><p>Two things to note:</p><p>1) "will offset at Normal Retirement Age" - In other words....if a driver retires from UPS at 55.....don't expect to get that "offset" money difference until you reach 65.</p><p></p><p>2) "If the benefit paid from the CS plan is reduced or required by law, the amount of such reduction shall NOT be included in this offset". </p><p></p><p>It seems clear to me from reading this language that UPS is off the hook for any offset in your pension (regardless of when you retire) if CS goes belly up. "as permitted or required by law". </p><p></p><p>Basically.....the more years you have in the CS plan the more you will lose. The more years you have in the UPS/IBT the plan the less you will lose....but you still stand to lose money considering part of your pension is being paid from the CS plan. UPS is a master at taking advantage of any contract language that will save them money and these words certainly give them leverage in doing so. </p><p></p><p> </p><p><em>The UPS/IBT Plan will recognize full-time service</em></p><p><em></em></p><p><em>in the CS Plan for determining eligibility for the</em></p><p><em></em></p><p><em>benefits in this section and will offset at Normal</em></p><p><em></em></p><p><em>Retirement Age the benefits accrued from the CS</em></p><p><em></em></p><p><em>Plan commencing at Normal Retirement Age. If</em></p><p><em></em></p><p><em>the benefit paid from the CS Plan is reduced as</em></p><p><em></em></p><p><em>permitted or required by law, the amount of such</em></p><p><em></em></p><p><em>reduction shall not be included in this offset.</em></p></blockquote><p></p>
[QUOTE="InsideUPS, post: 4051661, member: 31414"] Sorry to read about the CS 27% funding level! The following headlines in Forbes may make you happy..... "for a minute at least". [URL="https://www.forbes.com/sites/ebauer/2018/12/10/actually-central-states-pension-plan-is-fully-funded/#6704f074134c"]Actually, Central States' Pension Plan Is Fully Funded[/URL] People mention here that individuals who retired from UPS in 2007 or before with a CS pension are the ones that will suffer financially while believing that those that retire after 2007 will not. I suggest that ALL UPSers read for themselves the CS pension contract language and decide for themselves how or if it will affect them financially. IMHO.....reading the "fine print" of the Central Supplement..... EVERYONE stands to lose some portion of their pension if the CS pension plan is taken over by the government. The language below is from our current contract (2018-2023). (Central Supplement) Two things to note: 1) "will offset at Normal Retirement Age" - In other words....if a driver retires from UPS at 55.....don't expect to get that "offset" money difference until you reach 65. 2) "If the benefit paid from the CS plan is reduced or required by law, the amount of such reduction shall NOT be included in this offset". It seems clear to me from reading this language that UPS is off the hook for any offset in your pension (regardless of when you retire) if CS goes belly up. "as permitted or required by law". Basically.....the more years you have in the CS plan the more you will lose. The more years you have in the UPS/IBT the plan the less you will lose....but you still stand to lose money considering part of your pension is being paid from the CS plan. UPS is a master at taking advantage of any contract language that will save them money and these words certainly give them leverage in doing so. [I]The UPS/IBT Plan will recognize full-time service in the CS Plan for determining eligibility for the benefits in this section and will offset at Normal Retirement Age the benefits accrued from the CS Plan commencing at Normal Retirement Age. If the benefit paid from the CS Plan is reduced as permitted or required by law, the amount of such reduction shall not be included in this offset.[/I] [/QUOTE]
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