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UPS Retirement Topics
UPS subsidizing non ups pensions
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<blockquote data-quote="Automaton" data-source="post: 119145" data-attributes="member: 5724"><p>If I understand this correctly, the CSPF is underfunded because they put our money in investments that performed poorly, and consequently lost some of that money. If it were true that you have your own seperate "account" within the fund, in theory you would still be able to retire on schedule, but you would have to accept reduced benefits based on the money still available to you in your account. And those who have already retired and are already collecting benefits should have their benefits reduced as well, since some of their money was also lost, right?(<em>Otherwise, it might give the impression that their pensions were being subsidized by UPS, and/or any other contributors still paying into the fund on behalf of current employees</em>. Of course there are no seperate accounts, the money is all pooled together, and there are all kinds of rules and regulations that the fund managers have to follow, blah blah blah, so the situation is more complicated than perhaps it should be. I think that over time, the fund will be able to get back on track and restore or even increase benefits. But it sure sucks for those who are ready to retire right now, and the pension is telling them "we need more time to replace the money we lost."</p></blockquote><p></p>
[QUOTE="Automaton, post: 119145, member: 5724"] If I understand this correctly, the CSPF is underfunded because they put our money in investments that performed poorly, and consequently lost some of that money. If it were true that you have your own seperate "account" within the fund, in theory you would still be able to retire on schedule, but you would have to accept reduced benefits based on the money still available to you in your account. And those who have already retired and are already collecting benefits should have their benefits reduced as well, since some of their money was also lost, right?([I]Otherwise, it might give the impression that their pensions were being subsidized by UPS, and/or any other contributors still paying into the fund on behalf of current employees[/I]. Of course there are no seperate accounts, the money is all pooled together, and there are all kinds of rules and regulations that the fund managers have to follow, blah blah blah, so the situation is more complicated than perhaps it should be. I think that over time, the fund will be able to get back on track and restore or even increase benefits. But it sure sucks for those who are ready to retire right now, and the pension is telling them "we need more time to replace the money we lost." [/QUOTE]
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