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UPS Retirement Topics
What are you guys hearing about the pension held by central states
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<blockquote data-quote="GameCockFan" data-source="post: 1099667" data-attributes="member: 44159"><p>It doesn't say that at all. Please explain.</p><p></p><p>The UPS/IBT Plan will recognize full-time service in the CS Plan</p><p>for determining eligibility for the benefits in this section and will</p><p>offset at Normal Retirement Age the benefits accrued from the CS</p><p>Plan commencing at Normal Retirement Age.<span style="color: #ff0000"><u> If the benefit paid</u></span></p><p><span style="color: #ff0000"><u>from the CS Plan is reduced as permitted or required by law, the</u></span></p><p><span style="color: #ff0000"><u>amount of such reduction shall not be included in this offset</u></span></p><p><span style="color: #ff0000"><u></u></span></p><p><span style="color: #ff0000"><u></u></span></p><p><span style="color: #ff0000"><u></u></span>2nd paragraph</p><p>The benefit formula for current or future full-time employees</p><p>who are participants in the UPS/IBT Plan will be as set forth below</p><p>for each year of future service (hours worked in Covered</p><p>Employment on or after the effective date) up to a maximum of thirty-</p><p>five (35) years of Credited Service (such limitation is only applicable</p><p>to service pensions). This benefit is unreduced if payable at</p><p>Normal Retirement Age (age 65) and 5 years of vesting service or</p><p>at age 62 with 20 years of Credited Service. Benefit payments may</p><p>begin as early as Early Retirement Age (age 50 with five years of</p><p>vesting service) and are reduced 6% per year for each year and partial</p><p>year prior to Normal Retirement Age. There shall be no reduction</p><p>or change in the level of benefits described herein unless negotiated</p><p>and agreed to by the Union.</p></blockquote><p></p>
[QUOTE="GameCockFan, post: 1099667, member: 44159"] It doesn't say that at all. Please explain. The UPS/IBT Plan will recognize full-time service in the CS Plan for determining eligibility for the benefits in this section and will offset at Normal Retirement Age the benefits accrued from the CS Plan commencing at Normal Retirement Age.[COLOR=#ff0000][U] If the benefit paid from the CS Plan is reduced as permitted or required by law, the amount of such reduction shall not be included in this offset [/U][/COLOR]2nd paragraph The benefit formula for current or future full-time employees who are participants in the UPS/IBT Plan will be as set forth below for each year of future service (hours worked in Covered Employment on or after the effective date) up to a maximum of thirty- five (35) years of Credited Service (such limitation is only applicable to service pensions). This benefit is unreduced if payable at Normal Retirement Age (age 65) and 5 years of vesting service or at age 62 with 20 years of Credited Service. Benefit payments may begin as early as Early Retirement Age (age 50 with five years of vesting service) and are reduced 6% per year for each year and partial year prior to Normal Retirement Age. There shall be no reduction or change in the level of benefits described herein unless negotiated and agreed to by the Union. [/QUOTE]
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What are you guys hearing about the pension held by central states
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