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UPS Retirement Topics
Pension letter
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<blockquote data-quote="35years" data-source="post: 2051849" data-attributes="member: 60822"><p>The problem is that all our pensioners were promised a fixed pension amount for the rest of their lives.</p><p>The laws protected the retirees.</p><p>Even if the pension became insolvent, the Pension Benefit Guaranty Corporation (PBGC), which is a US government agency, would pay your pension.</p><p>So essentially the retirees had the federal government guaranteeing their benefit.</p><p></p><p>That changed in December 2014 with the passage of the Multiemployer Pension Reform Act of 2014.</p><p></p><p>To say the retirees did not plan well is simply not true.</p><p>For over 40 years the US government assured workers their pension was secured by the US government.</p><p>The federal government (with a congressional bill and Obama's signature) changed the rules overnight.</p><p></p><p>We all have to realize that none of our pensions are secure, and I would doubt anyone would say that Social Security is a sure thing down the road. My original plan was to retire after 30 years, but the writing was on the wall at that point. </p><p></p><p>Calling pension relief by the federal government a bailout is a misnomer... These funds were guaranteed by law to the pensioners.</p></blockquote><p></p>
[QUOTE="35years, post: 2051849, member: 60822"] The problem is that all our pensioners were promised a fixed pension amount for the rest of their lives. The laws protected the retirees. Even if the pension became insolvent, the Pension Benefit Guaranty Corporation (PBGC), which is a US government agency, would pay your pension. So essentially the retirees had the federal government guaranteeing their benefit. That changed in December 2014 with the passage of the Multiemployer Pension Reform Act of 2014. To say the retirees did not plan well is simply not true. For over 40 years the US government assured workers their pension was secured by the US government. The federal government (with a congressional bill and Obama's signature) changed the rules overnight. We all have to realize that none of our pensions are secure, and I would doubt anyone would say that Social Security is a sure thing down the road. My original plan was to retire after 30 years, but the writing was on the wall at that point. Calling pension relief by the federal government a bailout is a misnomer... These funds were guaranteed by law to the pensioners. [/QUOTE]
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