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UPS Retirement Topics
when to retire?
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<blockquote data-quote="Ms.PacMan" data-source="post: 2581734" data-attributes="member: 4656"><p>Trying to understand this is what I've been doing, too, for the last 10yrs. If you read my old posts I didn't trust the promise at all - like you and other posters.</p><p></p><p>For me it's been a sum of all the things I've read (which is everything I can find). I know my tone in posts sounds angry but it's the subject not the discussion that irritates me. I'm mad that they leave us in the dark and that UPS and the Teamsters, who have zero integrity and lie to us every chance they get, expect us to make a retirement decision based on their word.</p><p></p><p>I was always looking for outside sources to verify the make whole promise. It's hard for me to go back and find everything I've read in the last 10yrs but here is an excerpt from a congressional hearing.</p><p>------------------------------------------------------------</p><p></p><p></p><p>Unlike similarly situated single-employer plans, multiemployer plans that become insolvent receive assistance from the PBGC in the form of loans. <strong>There are strong incentives for adequate funding of multiemployer plans and for plans to avoid PBGC assistance. In addition to employers being jointly liable for unfunded benefits,</strong> the guaranteed benefit for participants is small. Currently, the maximum PBGC guaranteed benefit is approximately $13,000 for 30 years of service, compared with about $54,000 for workers who retire at age 65 in single-employer plans. In effect, workers in multiemployer plans bear more of the risk of plan underfunding than workers in single-employer plans.</p><p></p><p>Multiemployer plans pose a smaller risk to the PBGC than single-employer plans because the PBGC insurance program for multiemployer plans is the second "backstop."</p><p></p><p><strong>Contributing employers are the first insurers of benefits.</strong> Instead of a plan terminating and being trusteed by the PBGC as under the single-employer program, PBGC multiemployer plan insurance is triggered by plan insolvency. When a multiemployer plan lacks assets to pay basic guaranteed benefits, PBGC provides financial assistance in the form of loans, but the plan, rather than PBGC, continues to pay guaranteed benefits.</p><p><a href="https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/speeches-and-testimony/testimony-05-27-2010" target="_blank">https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/speeches-and-testimony/testimony-05-27-2010</a></p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 2581734, member: 4656"] Trying to understand this is what I've been doing, too, for the last 10yrs. If you read my old posts I didn't trust the promise at all - like you and other posters. For me it's been a sum of all the things I've read (which is everything I can find). I know my tone in posts sounds angry but it's the subject not the discussion that irritates me. I'm mad that they leave us in the dark and that UPS and the Teamsters, who have zero integrity and lie to us every chance they get, expect us to make a retirement decision based on their word. I was always looking for outside sources to verify the make whole promise. It's hard for me to go back and find everything I've read in the last 10yrs but here is an excerpt from a congressional hearing. ------------------------------------------------------------ Unlike similarly situated single-employer plans, multiemployer plans that become insolvent receive assistance from the PBGC in the form of loans. [B]There are strong incentives for adequate funding of multiemployer plans and for plans to avoid PBGC assistance. In addition to employers being jointly liable for unfunded benefits,[/B] the guaranteed benefit for participants is small. Currently, the maximum PBGC guaranteed benefit is approximately $13,000 for 30 years of service, compared with about $54,000 for workers who retire at age 65 in single-employer plans. In effect, workers in multiemployer plans bear more of the risk of plan underfunding than workers in single-employer plans. Multiemployer plans pose a smaller risk to the PBGC than single-employer plans because the PBGC insurance program for multiemployer plans is the second "backstop." [B]Contributing employers are the first insurers of benefits.[/B] Instead of a plan terminating and being trusteed by the PBGC as under the single-employer program, PBGC multiemployer plan insurance is triggered by plan insolvency. When a multiemployer plan lacks assets to pay basic guaranteed benefits, PBGC provides financial assistance in the form of loans, but the plan, rather than PBGC, continues to pay guaranteed benefits. [URL]https://www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/speeches-and-testimony/testimony-05-27-2010[/URL] [/QUOTE]
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