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UPS Union Issues
Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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<blockquote data-quote="Inthegame" data-source="post: 2190938" data-attributes="member: 37112"><p>Mug, Thanks for posting the SPD. As I stated in a prior post, it is very difficult to compare plans without viewing ALL the terms.</p><p> </p><p>This plan does have reductions for common spousal benefits not present in many Teamster plans. There is also a SS offset (pg 68). Credited years have hours requirements so 30 years of employement may not equal 30 years of credit. The main misinterpretation however is applying the retrospective accrual model to a <u>future service pension plan.</u></p><p> </p><p>The IAM is a future service plan. When computing monthly benefit amounts in a future service plan, one must <strong><u>add</u></strong> all past years together to come to a base line monthly pension benefit which could be subjected to further reductions (age, spousal 50%, 75% etc).</p><p> </p><p>In the chart on post 50, this party will receive as a monthly benefit the total of rates, one year at $202.94 + one year at $209.93 etc., not the result of multiplying todays benefit amount listed and applying it to all past years. Past years have their own rates not listed.</p><p> </p><p>Multiplying $209.93 x30 will only be accurate for a pension received thirty years from now if the benefit rate would remain frozen. Addition, not multiplication is the key. The chart on pg 14 explains it pretty well.</p><p> </p><p>Anyway this is a good plan, well managed with responsible foresight.</p><p> </p><p>UPS went to the future service model in 2008, with prior years at a frozen $100 accrual.</p></blockquote><p></p>
[QUOTE="Inthegame, post: 2190938, member: 37112"] Mug, Thanks for posting the SPD. As I stated in a prior post, it is very difficult to compare plans without viewing ALL the terms. This plan does have reductions for common spousal benefits not present in many Teamster plans. There is also a SS offset (pg 68). Credited years have hours requirements so 30 years of employement may not equal 30 years of credit. The main misinterpretation however is applying the retrospective accrual model to a [U]future service pension plan.[/U] The IAM is a future service plan. When computing monthly benefit amounts in a future service plan, one must [B][U]add[/U][/B] all past years together to come to a base line monthly pension benefit which could be subjected to further reductions (age, spousal 50%, 75% etc). In the chart on post 50, this party will receive as a monthly benefit the total of rates, one year at $202.94 + one year at $209.93 etc., not the result of multiplying todays benefit amount listed and applying it to all past years. Past years have their own rates not listed. Multiplying $209.93 x30 will only be accurate for a pension received thirty years from now if the benefit rate would remain frozen. Addition, not multiplication is the key. The chart on pg 14 explains it pretty well. Anyway this is a good plan, well managed with responsible foresight. UPS went to the future service model in 2008, with prior years at a frozen $100 accrual. [/QUOTE]
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Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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