Pension: UPS/IBT & Central States

[russmills62]

Please excuse if this has been asked/answered. I’ve been with UPS since 1985. My Current Retirement data is as follows. Vested 35 yrs, service credit 29.45, service pension credit 29.45. I’m thinking of retiring in 2024 (I will be 62) When I run the retirement calculator UPS/IBT will pay my total pension till I’m 65. From that point UPS will pay a portion and CSPF will pay a portion. If the government does not help save the CSPF will I lose that portion of my pension or is there a provision setup that says UPS will cover that lost CSPF portion of my pension? Pretty sure I know the answer but since I can’t seem to locate the information that makes it clear, I thought I’d ask here. TIA

 

[quad decade guy]

Please excuse if this has been asked/answered. I’ve been with UPS since 1985. My Current Retirement data is as follows. Vested 35 yrs, service credit 29.45, service pension credit 29.45. I’m thinking of retiring in 2024 (I will be 62) When I run the retirement calculator UPS/IBT will pay my total pension till I’m 65. From that point UPS will pay a portion and CSPF will pay a portion. If the government does not help save the CSPF will I lose that portion of my pension or is there a provision setup that says UPS will cover that lost CSPF portion of my pension? Pretty sure I know the answer but since I can’t seem to locate the information that makes it clear, I thought I’d ask here. TIA

My understanding is that UPS will pick up any deficits from CSPF. That is current through this contract as of today. Could that change? It is possible(just about anything is). I've been employed since 1981. Similar vestment(mine a little more). You should be concerned. I am. Congrats and good job on surviving this far. Not many do.

 

[russmills62]

My understanding is that UPS will pick up any deficits from CSPF. That is current through this contract as of today. Could that change? It is possible(just about anything is). I've been employed since 1981. Similar vestment(mine a little more). You should be concerned. I am. Congrats and good job on surviving this far. Not many do.

thank you for the information. Congrats to you too. WOW 81!