More propaganda!!! You have proven time and time again that you don’t know what you’re talking about.
For those who went into the new plan, UPS will pay their pension until they reach the age of 65, then most of it (about 90%) will fall back on Central States. At that point, retirees will get 2 checks one from UPS and one from CS. If Central States is not in good shape and cannot meet their obligations to these retirees, then UPS will make up the difference to guarantee your full pension amount for the rest of your life. UPS is assuming this obligation until age 65 to remove retirees from the CS re-employment restrictions, which are quite severe. Those restrictions are removed at CS at age 65. It was one of the selling points to get UPSers to accept the UPS pension plan.
Those who remained in the CS Plan and did not go to the UPS/IBT Plan are at the mercy of Central States and their full pension amount is not guaranteed. Under the Pension Reform Act of 2006, Central States will never be allowed to fold up and let their obligations fall on the Govt. Pension Guar. Corp. Central States will always have to remain in existence and pay pensions at whatever level they can afford. It could be the full amounts or any percentage thereof.
When did the UPS/IBT Plan become effective?A:The UPS/IBT Plan became effective on January 1, 2008.
Why would I receive more than one pension check?A:The UPS/IBT Plan pays your entire benefit prior to your Normal Retirement Date. At your Normal Retirement Date, you will receive your benefit from a combination of the UPS/IBT Plan and the CSPF.
If the CSPF reduced the benefit I am receiving, would UPS make up the difference in my retirement benefit?A:Yes.
Why did UPS and the International Brotherhood of Teamsters (IBT) agree to withdraw UPS employees from the Central States, Southeast and Southwest Areas Pension Fund (CSPF) and set up a plan for UPS employees only?
The new UPS/IBT Full-Time Employee Pension Plan (later referred to as the "UPS/IBT Plan" or the "Plan") immediately restored retirement benefits to levels that were available to participants before the CSPF modified benefits in 2003. A main feature of the UPS/IBT Plan is that it restored the Service Pension which allows an employee to retire with defined years of service at a guaranteed benefit level, such as the 20-, 25- and 30-Year Service Pensions (also known as the 20-and-out, 25-and-out and 30-and-out pensions). This means that employees may begin to receive unreduced benefits at an earlier age. Additionally, the UPS/IBT Plan offers opportunities to retire with greater benefits in the future under a Normal Retirement situation.
Nowhere does it say that UPS Teamsters are taking a 69% cut!!! Provide proof of your claim.
Nice try… Stop spreading your propaganda!!!