does this mean we still have to work till 62 with a 6% penatly,
( (2) The benefit formula for current or future full-time employees who are participants in the
UPS/IBT Plan will be as set forth below for each year of future service (hours worked in Covered
Employment on or after the effective date) up to a maximum of thirty (35) years of Credited
Service (such limitation is only applicable to service pensions). This benefit is unreduced if
payable at Normal Retirement Age (age 65) and 5 years of vesting service or at age 62 with 20
years of Credited Service. Benefit payments may begin as early as Early Retirement Age (age 50
with five years of vesting service) and are reduced 6% per year for each year and partial year
prior to Normal Retirement Age. There shall be no reduction or change in the level of benefits
described herein unless negotiated and agreed to by the Union. )
i have 20 plus years, you are still giving me 3000. amonth with no cola?
thats the same as 97, this is 2007.where is the improvement? and whats to say the company wants to make cuts on the pension some wheres down the road and the new ups/ibt panel agrees with it ? just like they did to 804?