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Brown Cafe UPS Forum
UPS Retirement Topics
REFORM PLAN FOR Central States Pension Plan
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<blockquote data-quote="Mugarolla" data-source="post: 1874527" data-attributes="member: 8481"><p>It does not cost UPS anything to "guarantee" the full pension until 65. UPS pays the full pension until 65. Then the CS portion kicks in and UPS drops their payment by the amount that CS pays.</p><p></p><p>Now, if you mean what it will cost UPS to make up the reductions in the CSPF portion of our pension after age 65, well, it has been roughly estimated at $2B.</p><p></p><p>And this is not a lump sum payment. This is a make up $1000 for Joe, make up $1000 for Jim, etc, so that over the life span of the last retirees to collect a portion from CSPF, the total is roughly $2B over the next 50 some years.</p><p></p><p>UPS employees under the CSPF portion got less of a cut due to the law. Orphans were cut first, UPS pre 2008 retirees were cut second and current employees, retiring after 2008 were cut third.</p><p></p><p>The reason was that UPS went to Congress before the Omnibus Spending Bill was passed and asked for a concession because they were liable for any reductions in the CSPF that the Treasury Department authorizes.</p><p></p><p>And they got the carve-out.</p><p></p><p>People are surprised that it is as high as 40%</p><p></p><p>This is not over yet, by a long shot.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 1874527, member: 8481"] It does not cost UPS anything to "guarantee" the full pension until 65. UPS pays the full pension until 65. Then the CS portion kicks in and UPS drops their payment by the amount that CS pays. Now, if you mean what it will cost UPS to make up the reductions in the CSPF portion of our pension after age 65, well, it has been roughly estimated at $2B. And this is not a lump sum payment. This is a make up $1000 for Joe, make up $1000 for Jim, etc, so that over the life span of the last retirees to collect a portion from CSPF, the total is roughly $2B over the next 50 some years. UPS employees under the CSPF portion got less of a cut due to the law. Orphans were cut first, UPS pre 2008 retirees were cut second and current employees, retiring after 2008 were cut third. The reason was that UPS went to Congress before the Omnibus Spending Bill was passed and asked for a concession because they were liable for any reductions in the CSPF that the Treasury Department authorizes. And they got the carve-out. People are surprised that it is as high as 40% This is not over yet, by a long shot. [/QUOTE]
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