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Brown Cafe UPS Forum
UPS Discussions
A Repeat of 1997
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<blockquote data-quote="DELACROIX" data-source="post: 4790243" data-attributes="member: 49065"><p>The full timers will remain in their current IBT/UPS pension plan, only the part timers will be affected in the (UPS Pension Plan)..all those years that most of us worked as a part timer prior to going full time are protected by federal law. It is the company’s ace in the hole because they have total control over all our part time vested years. They could offer a higher benefit level or eliminate that 6 % penalty prior to age 65 to sweeten the pot. </p><p></p><p>The IBT/UPS is a defined pension plan but will be untouchable considering the potential of the Central States Fund defaulting in 2025 or earlier.</p><p>The company would be highly interested in what this next stimulus package will do for underfunded Union multi pension plans.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 4790243, member: 49065"] The full timers will remain in their current IBT/UPS pension plan, only the part timers will be affected in the (UPS Pension Plan)..all those years that most of us worked as a part timer prior to going full time are protected by federal law. It is the company’s ace in the hole because they have total control over all our part time vested years. They could offer a higher benefit level or eliminate that 6 % penalty prior to age 65 to sweeten the pot. The IBT/UPS is a defined pension plan but will be untouchable considering the potential of the Central States Fund defaulting in 2025 or earlier. The company would be highly interested in what this next stimulus package will do for underfunded Union multi pension plans. [/QUOTE]
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