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Message: <blockquote data-quote="Inthegame" data-source="post: 3971848" data-attributes="member: 37112">I have no access to my copy of the Rescue Plan docs but I did find some info on "tiers" from an online explanation letter sent to participants.Contribution Tiers Federal law establishes three “tiers” of benefits under the Plan, and sets out different conditions for the reductions that are applied to the benefits attributable to each tier. The tiers are defined as follows: 23.1.5 • Tier 1 consists of benefits attributable to contributions made by an employer that withdrew from the Plan on or before July 1, 2016, but failed to pay (or is delinquent with respect to paying) the full amount of its withdrawal liability under law or an agreement with the Plan. • Tier 2 consists of all benefits attributable to contributions not assigned to Tier 1 or Tier 3. • Tier 3 consists of benefits attributable to contributions made by an employer that (a) has withdrawn from the Plan in a complete withdrawal in which the employer paid the full amount of the employer’s withdrawal liability under law or an agreement with the Plan, and also (b) pursuant to a collective bargaining agreement, has agreed to provide benefits to participants and beneficiaries of the Plan under a separate, single-employer-sponsored plan, in an amount equal to any reduction in the amount of benefits for such participants and beneficiaries as a result of the financial status of the Plan. The only benefits assigned to Tier 3 are those attributable to contributions made by United Parcel Service, Inc. and its controlled group (“UPS”) for participants that are part of the Transfer Group under an agreement between UPS and the Plan dated September 29, 2007 (generally those participants who were active participants with UPS or whose last employer prior to becoming terminated vested was UPS as of that date). Benefits that are assigned to Tier 3 are guaranteed by UPS against reduction “as a result of the financial status of the plan.” Participants with such benefits will receive an offset against any benefits they lose as part of the benefit reductions in the Plan under a separate retirement plan sponsored by UPS. Please note that participants who retired prior to that date are not part of Tier 3, even if they worked for UPS because the pension benefits of those participants are not protected by UPS. Federal law requires that benefits attributable to Tier 1 be reduced to the maximum extent permissible. In general, the amount of Tier 1 benefits after the reduction will be determined by multiplying the 110% of the PBGC guarantee amount (described below) by the participant’s percentage of total contributions in Tier 1. In addition, reductions to Tier 1 benefits will be limited by the disability and age-based protections described below. Benefits that are attributable to Tier 2 or Tier 3 contributions (determined based on the participant’s percentage of total contributions from Tier 2 or Tier 3, respectively) generally will be reduced in accordance with the structure outlined below under General Benefit Reduction Provisions, subject to the Federal Law Limitations on Benefit Reductions below. For benefits attributable to Tier 2 contributions, the benefit reduction to participants with at least 20 years of Contributory Service Credit as of July 1, 2016 will not be greater than 50% of the amount that would otherwise have been payable with 23.1.6 respect to such contributions before the reduction (prior to application of the age-based protections described below). For benefits attributable to Tier 3 contributions, the benefit reduction to participants with at least 20 years of Contributory Service Credit as of July 1, 2016 will not be greater than 40% of the amount that would otherwise have been payable with respect to such contributions before this reduction (prior to application of the age-based protections described below).UPS also had most of their "comments" to the rehab plan found to be without merit by the Treasury dept.Nonetheless, the "rescue" plan was rejected as insufficient to save the plan, which is oxymoronic as the plan's decline has been accelerated by inaction.Sorry for the long read.</blockquote>

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