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UPS Union Issues
Central states-what happens when???
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<blockquote data-quote="Mugarolla" data-source="post: 1469542" data-attributes="member: 8481"><p>UPS will pay you your full pension up until you reach normal retirement age. This is 65 right now. Once you turn 65, UPS will offset the amount that you collect from Central States.</p><p></p><p>If I retire at 30 and out. UPS will pay me $3200/mo until I turn 65. At that time, my Central States pension will be roughly $2000/mo. This is what I accrued for the 20 years that I was in that plan.</p><p></p><p>So when I turn 65, UPS will pay me $1200/mo and Central States will pay me $2000/mo. My total will still be $3200/mo, just coming from 2 different sources.</p><p></p><p>The Teamsters swear that the following article guarantees that if Central States reduces their portion, UPS has to make up the difference to maintain my $3200/mo.</p><p></p><p>And yes it is still in the current Central Region Supplement.</p><p></p><p>Article 14 Section 1</p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 1469542, member: 8481"] UPS will pay you your full pension up until you reach normal retirement age. This is 65 right now. Once you turn 65, UPS will offset the amount that you collect from Central States. If I retire at 30 and out. UPS will pay me $3200/mo until I turn 65. At that time, my Central States pension will be roughly $2000/mo. This is what I accrued for the 20 years that I was in that plan. So when I turn 65, UPS will pay me $1200/mo and Central States will pay me $2000/mo. My total will still be $3200/mo, just coming from 2 different sources. The Teamsters swear that the following article guarantees that if Central States reduces their portion, UPS has to make up the difference to maintain my $3200/mo. And yes it is still in the current Central Region Supplement. Article 14 Section 1 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. [/QUOTE]
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