Holland | Another Pension Plan cut... Can someone explain this to me?

hojim

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I'm retiring the end of Dec 2015, I wrote Central States a letter asking exactly, what I would get beginning Jan 1, 2016, and in July 2016 with the expected cuts. Of course they wouldn't tell me and I got the below explanation. Can anyone figure out what they're telling me? Thanks

"If you have received a Notice of Benefit Reduction advising that your eligibility to receive Adjustable Benefits has been eliminated due to (A) a Rehabilitation Plan Withdrawal, (B) the negotiation or imposition of the Default Schedule, or (C) the negotiation of the Distressed Employer Schedule , and if you have not regained your eligibility to receive Adjustable Benefits, then you can multiply your Rescue Plan age 65 benefit stated in our October 1, 2015 correspondence by the appropriate actuarial equivalence factor in the following chart to calculate your early retirement Rescue Plan Benefit"


Retirement Age Actuarial Equivalence Factor (Sorry I can't line up columns)
65 100%

64 90%

63 81%

62 74%

61 67%

60 61%

59 55%

58 50%

57 46%

Your early retirement Rescue Plan benefit will not be less than 110% of your PBGC guaranteed benefit unless your benefit calculated under normal Plan rules (pre-Rescued Plan rules) is less than 110% of your PBGC guaranteed benefit.
 
I retired from Con-Job with 31 yrs, with my bonus's [went in my 401] my rip off pension 1240 a mo, and 401k and ss it's all good plus obama care,not bad for a non-onion..........
 
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