Yellow | Central States Pension Fund Rescue Plan

[Hugh Snynder]

http://www.cspensionrescue.com/the-rescue-plan

Timing
Re-Employment
Future Accruals for Active Participants
Early Retirement
Terminated Status Participants
Orphans
MPRA mandates the terms of benefit reductions for “orphans,” participants (and their beneficiaries) whose employers failed to pay their full withdrawal liability (the money they owed for contributions to the pension fund on behalf of their employees). A list of employers whose participants and beneficiaries are considered “orphans” can downloaded by clicking here.

Specifically, MPRA requires that the pension benefits of orphan participants must be reduced to the maximum extent—that is, to 110 percent of the amount that they would receive from the Pension Benefit Guaranty Corporation (PBGC) if their multiemployer pension fund were to become “insolvent” and run out of money to pay benefits. This amount is based on years of service and can be generally calculated using the following formula (assuming the maximum PBGC guarantee of $35.75 per year of service):

$35.75 per month x Participant years of credited service x 110 percent

So, for example, for a participant with 30 years of credited service, the Tier 1 benefit would be:
$35.75 per month x 30 years of credit service x 110 percent = $1,179.75 per month

UPS Transfer Group
All Other Participants
Age Protections

 

[sundrop03]

Well, here it is boys...have at it !!! Bottom line is what ever we vote it will not matter.

 

[ROADY]

It surely is a stacked deck against all of us. Well at least the so called "orphans" know what's going to happen to them{ it's wrong} but the rest will have to wait until they receive their death letter. How do they look into the mirror knowing they are going to cut {survivors benefits} to widows?

 

[mud]

This from the CSPF website:

"On September 25, 2015, the Pension Fund filed an application with the U.S. Department of the Treasury seeking approval for a pension rescue plan under the Multiemployer Pension Reform Act of 2014 (MPRA) to ensure that our Fund will continue providing pension benefits for many years in the future. On October 1, 2015 all Fund participants were sent a U.S. postal mailing with detailed and individualized information about how our proposed pension rescue plan may impact their current or future benefits. You should consider the effect of the potential benefit suspension on any retirement decision or election that you make."