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Brown Cafe UPS Forum
UPS Union Issues
Don't Retire before the next contract-Pension Cuts loom
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<blockquote data-quote="Signhere" data-source="post: 2179879" data-attributes="member: 62840"><p>'</p><p></p><p>Even with the payouts the plans would still be insolvent because numbers unrealistic regarding almost 8% on investments and unequal distribution of pension cuts among the tiers</p><p></p><p>It appears it was rejected for two reasons:</p><p></p><p><strong><em>Central States' proposed benefit suspensions “are not reasonably estimated to allow the plan to avoid insolvency,” Mr. Feinberg said, because Treasury officials considered the plan's 7.5% rate of investment return and entry age assumptions to be unreasonable. “We found there were fatal flaws in this submission,” he said on a press call.</em></strong></p><p></p><p><strong><em>The plan also did not distribute benefit cuts equitably, and did not provide participants with easily understood notices, according to the letter.</em></strong></p></blockquote><p></p>
[QUOTE="Signhere, post: 2179879, member: 62840"] ' Even with the payouts the plans would still be insolvent because numbers unrealistic regarding almost 8% on investments and unequal distribution of pension cuts among the tiers It appears it was rejected for two reasons: [B][I]Central States' proposed benefit suspensions “are not reasonably estimated to allow the plan to avoid insolvency,” Mr. Feinberg said, because Treasury officials considered the plan's 7.5% rate of investment return and entry age assumptions to be unreasonable. “We found there were fatal flaws in this submission,” he said on a press call.[/I][/B] [B][I]The plan also did not distribute benefit cuts equitably, and did not provide participants with easily understood notices, according to the letter.[/I][/B] [/QUOTE]
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Don't Retire before the next contract-Pension Cuts loom
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