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

[hojim]

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.

 

[albag]

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'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.

 

[Elwood]

"Actuarial Equivalence Factor" translated to trucker language "Dimensions Of The Tube Steak Gettinng Rammed Up Your Backside".

https://www.irs.gov/pub/irs-tege/epch1702.pdf

http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=160995

I am having difficulty verifying your translation...

 

[Deleted member 5115]

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 when it gets moved to snarky remarks.

 

[Deleted member 5115]

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

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

 

[Deleted member 5115]

Please delete my smart ass remark, I only posted because his question drew no responses in an hour and was sliding into oblivion so it was a courtesy bump wrapped in a smart ass package. It won't happen again.........maybe.

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.

 

[SuperCourse]

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.

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

 

[Bony Fingers]

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 when it gets moved to snarky remarks.

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