Retirement paycut
- Thread starter vtrommer
- Start date
Thebrownblob
Well-Known Member
What fund are you talking about?
Thebrownblob
Well-Known Member
Ask him?
I'm not sure. I just saw the direct deposits in our bank account every month. How can I find out which
?
It says UPS/IBT full time payout
?
UnionStrong
Sorry, but I don’t care anymore.
Probably the West…..
oldngray
nowhere special
Did he work at UPS after 2007? If not his pension probably got cut.
Darmark7
Retired 2020. Not my Problem Anymore!
I have never heard of a pay cut in retirement for anyone that retired in 2020. That contract was pretty solid that even if Central States didn’t have the money UPS was going to cover the difference. I’ve always heard that between Central States and UPS the amount would remain the same.
Just A UPS Guy
Bully.
Well-Known Member
Back From Break
He didn't get a pay cut. When he turned 65, the normal retirement age, the amount he earned under the Central States Pension Fund from previous years now comes into play.
When he turned 65, the UPS/IBT pension was reduced by the amount he will collect under the Central States Pension Fund.
That $1000 cut will be paid by Central States. He will now get 2 checks. One from Central States and one from UPS/IBT Pension fund. Maybe he should check with the Central States Pension Fund to make sure they are going to be sending him a portion of his retirement now.
Johney
Pineapple King
This.
If I remember mine when I hit 65 half is paid by Central States as opposed to all being paid by UPS.
Been In Brown Too Long
Ex-Package Donkey
One of the pension payout options available when I retired in 2018 was an increased pension benefit until 62 at which point there was a "benefit adjustment." A.k.a. less money. Another was identical, but at age 65. Neither of those had a $1000 reduction in my case. They were all around $300. I just checked my retirement worksheet and there were 18 different options available to choose from. I remember really laboring over that decision for quite some time. You're virtually choosing when you're taking Social Security in advance if you're choosing one of those options if you're needing that difference. But I wasn't Central States, I was in the Western Conference, so I don't know if yours would be the same.
burrheadd
KING Of GIFS
Why don’t you let hubby take care of this and you go make some sammich’s like a good wifey
Babagounj
Strength through joy
When I retired at 60, my pension included an extra $1000/month to help cover healthcare costs.
This ended when on the month I turned 65.
The reasoning is that at 65 medicare kicks in.
2002?
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