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<blockquote data-quote="OLDMAN3" data-source="post: 1596997">I am just repeating what I was told. At this point it seems quite clear that the Pension Benefit Guaranty Corporation will be going belly up as well as Central States so there will be no rescue from the regulators. It is just a matter of how long the rescue plan can delay the eventual demise of Central States. I would advocate for the most severe cuts to pension benefits out of self interest. But just today I saw a retired driver I knew many years. He started at UPS in 1967 and retired before 2008. I can&#039;t imagine what cutting his benefit in half would do to him and his wife.Also I believe when UPS bought out of the pension they paid 6 billion or so and also committed to a specific amount (1 1/2 Billion?) for future underfunded payments if Central States cut the payments. I don&#039;t think there has been a definitive answer on what happens if and when that (1 1/2 Billion?) threshold is reached. It would seem likely that the additional (1 1/2 Billion?) will be depleted quickly. At that point is UPS off the hook?</blockquote>

[QUOTE="OLDMAN3, post: 1596997"] I am just repeating what I was told. At this point it seems quite clear that the Pension Benefit Guaranty Corporation will be going belly up as well as Central States so there will be no rescue from the regulators. It is just a matter of how long the rescue plan can delay the eventual demise of Central States. I would advocate for the most severe cuts to pension benefits out of self interest. But just today I saw a retired driver I knew many years. He started at UPS in 1967 and retired before 2008. I can't imagine what cutting his benefit in half would do to him and his wife. Also I believe when UPS bought out of the pension they paid 6 billion or so and also committed to a specific amount (1 1/2 Billion?) for future underfunded payments if Central States cut the payments. I don't think there has been a definitive answer on what happens if and when that (1 1/2 Billion?) threshold is reached. It would seem likely that the additional (1 1/2 Billion?) will be depleted quickly. At that point is UPS off the hook? [/QUOTE]

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