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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: 1101647" data-attributes="member: 44159"><p>If the Feds come in and take over Central States you will get what your entitled to under federal law. If the contract says you get xxxx from Central States and that is in conflict with federal law, then the law will supercede the contract. For example contract says CS owes you 3,000 per month. Fund becomes insolvent. CS is taken over by Feds, your only going to get what the law allows for in a multi-employer plan. Say $1000. The amount of that reduction 2,000 will not be included in the offset. UPS will have to make up that difference. The law applies only to the CS plan and doesn't affect the amount UPS owes. Unless new laws are passed that deal with this situation, at which time those laws would again supercede contract language. There isn't a law addressing this at this time. The contract is legally binding and UPS would have to honor it as written(unless the UPS/IBT plan also becomes insolvent). However, in subsequent contracts, this provision may or may not be continued and will need to be negotiated. Can they change this after you've already begun to draw your pension? I would think not, you should be grandfathered in, but it reality I would consult a lawyer as I really don't know for sure.</p><p></p><p>The new UPS/IBT plan is a single employer plan and subject to different laws and regulations than the old CS plan. If it too becomes insolvent then all bets are off. The federal laws will be followed and the contract would be nullified. But the laws are more favorable and generous to employees in single company plans.</p><p></p><p>This is, to the best of my knowledge, how I understand it to be.</p></blockquote><p></p>
[QUOTE="GameCockFan, post: 1101647, member: 44159"] If the Feds come in and take over Central States you will get what your entitled to under federal law. If the contract says you get xxxx from Central States and that is in conflict with federal law, then the law will supercede the contract. For example contract says CS owes you 3,000 per month. Fund becomes insolvent. CS is taken over by Feds, your only going to get what the law allows for in a multi-employer plan. Say $1000. The amount of that reduction 2,000 will not be included in the offset. UPS will have to make up that difference. The law applies only to the CS plan and doesn't affect the amount UPS owes. Unless new laws are passed that deal with this situation, at which time those laws would again supercede contract language. There isn't a law addressing this at this time. The contract is legally binding and UPS would have to honor it as written(unless the UPS/IBT plan also becomes insolvent). However, in subsequent contracts, this provision may or may not be continued and will need to be negotiated. Can they change this after you've already begun to draw your pension? I would think not, you should be grandfathered in, but it reality I would consult a lawyer as I really don't know for sure. The new UPS/IBT plan is a single employer plan and subject to different laws and regulations than the old CS plan. If it too becomes insolvent then all bets are off. The federal laws will be followed and the contract would be nullified. But the laws are more favorable and generous to employees in single company plans. This is, to the best of my knowledge, how I understand it to be. [/QUOTE]
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