No, there is no wording to guarantee your pension, but there wasn't any wording to guarantee it before either. My personal opinion, however is that the fund will be in much better shape now than it was before for 2 reasons...
1- UPS is paying 6 billion in up front money. The compounding interest of an amount that large will definitely help.
2- UPS is assuming the pension liability of all active employees and Central States will not begin paying it's offset portion until they reach age 65. Until that age, UPS is paying all of the pension. The majority of the drivers I've seen retire are younger than that. That buys CS an additional 5 to 10 years of compounding interest on the money contributed for those drivers before they are required to start paying benefits and that too will help the fund.
I don't know if that makes you feel any better, but I think this plan does more to help current retirees than leaving everyone in the fund would.
I am retired from CS also ,and am wondering about the health insurance portion.We we get the new rate of $200-400 per month health insurace?As far as being the pention portion,I think anything will be an improvement to the CS funding situation.I realize that are years have passed to have any input,as we blew are chances in the past contracts.I've seen the video and it don't say anything about retired ups'er in central states. i put my 31 plus years in and fully expect to be protected. now before you young guns bash me, you will one day be were we are. i don't want anything except what i worked for all my life.
Why do you want the work restrictions to stay in effect?these are two very good points and i sure hope it works out that way. i'm not wanting to be negative and hope for the best. this dose seem to be a great deal for active employees. at this point i hope the work restrictions stay the same for c/s.
to keep people from leaving earley and breaking the fund ! its a game of survival now.
Central States would bear no financial burden until they reach 65, regardless of the age they retired. The new fund would only prohibit you from working for UPS or one of it's subsidiaries while receiving your pension.
Yep. you are right, but they have never worked for UPS so why should they get UPSER's money?thats a good point guyinbrown, so let them work. just remember there are other companies envolved that will draw earley from c/s !