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UPS Retirement Topics
UPS to pay pension up to Normal Retirement Date?
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<blockquote data-quote="DELACROIX" data-source="post: 3618769" data-attributes="member: 49065"><p>Most of what you stated is true except the for the equally split. The monetary benefits that you will be getting from the separate plans will depend on how many years you have vested in them. For example (at age 65) if you have 20 years in the Central States plan and 15 years under the IBT plan and obtained the service time for a 3500 a month benefit, those service years in the Central States plan offset the amount of money that the IBT/UPS plans has to pay, so Central States has to pay 2,000 and the IBT/UPS plans 1,500. It is to UPS's advantage to prolong the retirement age pass age 65 because of the Central States offset, they are essentially only paying for the early retirement benefits. They have done everything within their power to prevent the paying more for their Union retirees in the past I expect more of the same if the Feds have to bail out or declare bankruptcy with the Central..(17 Billion dollars in the red currently).</p><p></p><p>That reduction language can be changed through negotiations with future contracts. Nothing is certain even if you decide to retire, they still can change your medical benefits annually if they want. What happens in another 5 years if the company decides it does not want to honor their obligation to cover any of the Central States UPS retirees especially with the Central going under. Once you retire you have no say so or vote to protect your rights on this, it will up to the active employees to vote to protect those provisions. With the attitude present now do you really seriously think they will care about retirees, just look at the 2013 one to get your answer.</p><p></p><p>It has been now over 10 years since the UPS membership left the Central States fund, in another 5, 10 or 20 years will anybody have any real vested time in that failing plan all their time will be under the IBT/UPS one, It will not concern them if the plan becomes insolvent and reduces their benefits by a third..think about it before anybody takes the plunge into retirement and plan for the unexpected. </p><p></p><p>Medicare kicks in at 65 when you retire, you can work past 65 and still be covered under your company's plan. No supplement coverage at retirement negotiated with the Union retirees, I believe there is some for management retirees. Yet another negotiated item left out of the equation.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 3618769, member: 49065"] Most of what you stated is true except the for the equally split. The monetary benefits that you will be getting from the separate plans will depend on how many years you have vested in them. For example (at age 65) if you have 20 years in the Central States plan and 15 years under the IBT plan and obtained the service time for a 3500 a month benefit, those service years in the Central States plan offset the amount of money that the IBT/UPS plans has to pay, so Central States has to pay 2,000 and the IBT/UPS plans 1,500. It is to UPS's advantage to prolong the retirement age pass age 65 because of the Central States offset, they are essentially only paying for the early retirement benefits. They have done everything within their power to prevent the paying more for their Union retirees in the past I expect more of the same if the Feds have to bail out or declare bankruptcy with the Central..(17 Billion dollars in the red currently). That reduction language can be changed through negotiations with future contracts. Nothing is certain even if you decide to retire, they still can change your medical benefits annually if they want. What happens in another 5 years if the company decides it does not want to honor their obligation to cover any of the Central States UPS retirees especially with the Central going under. Once you retire you have no say so or vote to protect your rights on this, it will up to the active employees to vote to protect those provisions. With the attitude present now do you really seriously think they will care about retirees, just look at the 2013 one to get your answer. It has been now over 10 years since the UPS membership left the Central States fund, in another 5, 10 or 20 years will anybody have any real vested time in that failing plan all their time will be under the IBT/UPS one, It will not concern them if the plan becomes insolvent and reduces their benefits by a third..think about it before anybody takes the plunge into retirement and plan for the unexpected. Medicare kicks in at 65 when you retire, you can work past 65 and still be covered under your company's plan. No supplement coverage at retirement negotiated with the Union retirees, I believe there is some for management retirees. Yet another negotiated item left out of the equation. [/QUOTE]
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