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More gloom and doom..CS is tanking
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<blockquote data-quote="slackadjuster" data-source="post: 1634368" data-attributes="member: 49068"><p>The CS health benefits are and have been separate from pension benefits and entirely a Central States health plan without lawful guidance.</p><p></p><p>By ERISA law, defined pension benefits couldn't be reduced either until the MPRA passed 12/2014 that allows reductions to underfunded multiemployer plans only ... for now.</p><p></p><p>Perhaps this doesn't change anything, but this defined benefit is offered under a UPS/IBT single employer plan now rather than CS multiemployer. One legal requirement for exiting CSPF was UPS had to set up another pension fund for <em>active</em> members. The dilemma of service & payout from both funds were considered. It was set up to include defined benefits for varying levels of service & accrual credits with the language that UPS offsets CS deficits. This would be the UPS/IBT Full Time Pension Plan which was allowed to set up with "offsets" a condition of the plan & CS withdrawal; which of course the trustees can attempt to change for no reason whatsoever!</p></blockquote><p></p>
[QUOTE="slackadjuster, post: 1634368, member: 49068"] The CS health benefits are and have been separate from pension benefits and entirely a Central States health plan without lawful guidance. By ERISA law, defined pension benefits couldn't be reduced either until the MPRA passed 12/2014 that allows reductions to underfunded multiemployer plans only ... for now. Perhaps this doesn't change anything, but this defined benefit is offered under a UPS/IBT single employer plan now rather than CS multiemployer. One legal requirement for exiting CSPF was UPS had to set up another pension fund for [I]active[/I] members. The dilemma of service & payout from both funds were considered. It was set up to include defined benefits for varying levels of service & accrual credits with the language that UPS offsets CS deficits. This would be the UPS/IBT Full Time Pension Plan which was allowed to set up with "offsets" a condition of the plan & CS withdrawal; which of course the trustees can attempt to change for no reason whatsoever! [/QUOTE]
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