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Pension Cuts Blocked
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<blockquote data-quote="35years" data-source="post: 2180088" data-attributes="member: 60822"><p>Just a slight clarification:</p><p><strong>-Tier 3 participants</strong> (UPSers still employed after the UPS 2007 pullout) covered by the "Make whole agreement"</p><p>-<strong>Tier 2</strong> <strong>participants</strong> (UPSers retired before 2007 and others, such as teamster local officials) Not covered by the "Make whole agreement"</p><p>-<strong>Tier 1</strong> <strong>participants </strong>(employees of other companies whose company left the plan)</p><p></p><p>According to the rejection letter Tier 2 and tier 3 can not have their benefits slashed unequally. Tier 3 will not see the cuts because UPS will make up the difference, but the recovery plan tried to cut the tier 3 employees more than the tier 2 employees...forcing UPS to pick up more of the bill. That wont fly.</p><p></p><p>Read more here...</p><p><a href="http://www.pionline.com/article/20160506/ONLINE/160509909/treasury-rejects-central-states-benefit-reductions" target="_blank">PIOnline : Subscription Center</a></p></blockquote><p></p>
[QUOTE="35years, post: 2180088, member: 60822"] Just a slight clarification: [B]-Tier 3 participants[/B] (UPSers still employed after the UPS 2007 pullout) covered by the "Make whole agreement" -[B]Tier 2[/B] [B]participants[/B] (UPSers retired before 2007 and others, such as teamster local officials) Not covered by the "Make whole agreement" -[B]Tier 1[/B] [B]participants [/B](employees of other companies whose company left the plan) According to the rejection letter Tier 2 and tier 3 can not have their benefits slashed unequally. Tier 3 will not see the cuts because UPS will make up the difference, but the recovery plan tried to cut the tier 3 employees more than the tier 2 employees...forcing UPS to pick up more of the bill. That wont fly. Read more here... [URL='http://www.pionline.com/article/20160506/ONLINE/160509909/treasury-rejects-central-states-benefit-reductions']PIOnline : Subscription Center[/URL] [/QUOTE]
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