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Brown Cafe UPS Forum
UPS Retirement Topics
The truth about the new UPS/IBT pension plan
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<blockquote data-quote="gandydancer" data-source="post: 262417" data-attributes="member: 9310"><p>The "offset" is the amount that UPS' payment will be reduced by when you reach 65. If CS's payment is reduced the resultant offset is reduced as well, so UPS' payment at 65 is reduced by less. They could have said this more clearly, but their legal obligation to keep your total payment the same when you reach 65 seems clear. On the other hand, if you'd retired already under the CS plan you'd be SOL (and CS underfunding was reported by Boomberg as $18 billion, so $6.1b isn't going to keep it afloat).</p><p> </p><p></p><p> </p><p>Can you provide the source of these numbers? I see a table of monthly benefits per year worked beginning at $132, but that's not obviously the same as a $132 weekly contribution. And where does the $238 number come from? Seriously asking here.</p></blockquote><p></p>
[QUOTE="gandydancer, post: 262417, member: 9310"] The "offset" is the amount that UPS' payment will be reduced by when you reach 65. If CS's payment is reduced the resultant offset is reduced as well, so UPS' payment at 65 is reduced by less. They could have said this more clearly, but their legal obligation to keep your total payment the same when you reach 65 seems clear. On the other hand, if you'd retired already under the CS plan you'd be SOL (and CS underfunding was reported by Boomberg as $18 billion, so $6.1b isn't going to keep it afloat). Can you provide the source of these numbers? I see a table of monthly benefits per year worked beginning at $132, but that's not obviously the same as a $132 weekly contribution. And where does the $238 number come from? Seriously asking here. [/QUOTE]
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The truth about the new UPS/IBT pension plan
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