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UPS Retirement Topics
when to retire?
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<blockquote data-quote="Inthegame" data-source="post: 2575343" data-attributes="member: 37112"><p>Actually in 2008, ERISA (not the Treasury Dept) prevented any reduction in benefits to those in pay status and restricted cuts to future beneficiaries and then only to severely troubled plans.</p><p>In 2014, the Treasury Dept was empowered to enact the terms of the Kline-Miller act (MPRA)<strong>. </strong>Your chronology doesn't work. How could the Teamsters possibly know in <strong>2008</strong> terms of a bill passed in <strong>2014</strong> would give the Treasury Dept authority to rule on pension benefit cuts? </p><p>In 2008, the Teamsters UPS NMA negotiators were being vigilant in anticipating negative future Congressional acts.</p><p></p><p>There were several reasons given why the "Rescue Plan" was rejected but I've not seen any concern for the "burden on UPS" listed.</p><p>The Treasury Dept suggested cuts based on three levels, and UPS beneficiaries/participants were to get the least cuts. However the Treasury Dept suggested the plan failed to equitably spread cuts.</p><p></p><p>I've read the Treasury Dept rejection letter and many accompanying letters of theory exhaustively. You might enjoy reading the UPS lobbyists written section in the Kline-Miller Act, </p><p><u>26 U.S. Code § 432 (e) (9) (D) (vii) (lll) (bb)</u> which requires (make whole) terms <strong>in a CBA</strong> to be in place for the third level of reductions to even be considered.</p><p>Looks like terms in a CBA are necessary after all.</p><p></p><p></p></blockquote><p></p>
[QUOTE="Inthegame, post: 2575343, member: 37112"] Actually in 2008, ERISA (not the Treasury Dept) prevented any reduction in benefits to those in pay status and restricted cuts to future beneficiaries and then only to severely troubled plans. In 2014, the Treasury Dept was empowered to enact the terms of the Kline-Miller act (MPRA)[B]. [/B]Your chronology doesn't work. How could the Teamsters possibly know in [B]2008[/B] terms of a bill passed in [B]2014[/B] would give the Treasury Dept authority to rule on pension benefit cuts? In 2008, the Teamsters UPS NMA negotiators were being vigilant in anticipating negative future Congressional acts. There were several reasons given why the "Rescue Plan" was rejected but I've not seen any concern for the "burden on UPS" listed. The Treasury Dept suggested cuts based on three levels, and UPS beneficiaries/participants were to get the least cuts. However the Treasury Dept suggested the plan failed to equitably spread cuts. I've read the Treasury Dept rejection letter and many accompanying letters of theory exhaustively. You might enjoy reading the UPS lobbyists written section in the Kline-Miller Act, [U]26 U.S. Code § 432 (e) (9) (D) (vii) (lll) (bb)[/U] which requires (make whole) terms [B]in a CBA[/B] to be in place for the third level of reductions to even be considered. Looks like terms in a CBA are necessary after all. [FONT=Times New Roman][SIZE=6][/SIZE][/FONT] [/QUOTE]
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