Another pension cut.....? Can someone explain this to me please?

Discussion in 'YRC Freight' started by hojim, Nov 15, 2015.

  1. hojim

    hojim New Member

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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.
     
  2. albag

    albag Pray for peace!

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    I'm just guessing. Those look like ages and % of your benefit.
    For example at age 60 you would receive 61% of your full pension. BEFORE the expected reduction in June 2016.
     
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  3. Elwood

    Elwood Question Authority

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    pilot87 and albag like this.
  4. ABFer

    ABFer Super Moderator Staff Member

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    Now this guy is coming here and asking a very serious question and too many of you want to give smart ass remarks about it. Then you'll :crybaby: when it gets moved to snarky remarks.
     
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  5. ABFer

    ABFer Super Moderator Staff Member

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    It looks like a bunch of unintelligible mumbo jumbo to me. I really don't see anything that anyone could make out of it.
     
  6. ABFer

    ABFer Super Moderator Staff Member

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    I am shocked at the language in the response the Fund gave the guy, who the hell could understand what they said? Why would they even send a response like that? They're looking for a riot if you ask me.
     
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  7. SuperCourse

    SuperCourse WHO IS JOHN GALT?

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    Yeh, sounded like something the IRS would write, convoluted and incomprehensible.
     
  8. Bony Fingers

    Bony Fingers Active Member

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    Thanks ABF. I agree. People are trying to seek some answers. If you don't have an answer...don't reply.
     

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