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UPS to freeze pension plans for nonunion staffers
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<blockquote data-quote="Scuba_Steve" data-source="post: 2929172" data-attributes="member: 5207"><p>They are being very vague about what "frozen" means.</p><p></p><p>What is frozen? If someone is 54 and 11 months on 1/1/2023 does that mean they are calculated like early retirement(before 55) with the massive penalty that has on that date and that is what they will be frozen at that point? Or will the age still be taken into consideration just other stuff like salary used frozen?</p><p></p><p>Or is it frozen for years of service credits, or frozen for last 5 years of pay calculations?</p><p></p><p>They are being not clear enough to me.</p><p></p><p>As someone who will also be very close to 55 when the freeze occurs I expect a massive massive screw job is coming.</p><p></p><p>And they just HAD to screw pre-2008 people with the special reduction in 401k matchings....seriously why bother with taking a percent to two away from them and bothering with a special rule different from everyone else? Seriously nickle and diming going on there.</p></blockquote><p></p>
[QUOTE="Scuba_Steve, post: 2929172, member: 5207"] They are being very vague about what "frozen" means. What is frozen? If someone is 54 and 11 months on 1/1/2023 does that mean they are calculated like early retirement(before 55) with the massive penalty that has on that date and that is what they will be frozen at that point? Or will the age still be taken into consideration just other stuff like salary used frozen? Or is it frozen for years of service credits, or frozen for last 5 years of pay calculations? They are being not clear enough to me. As someone who will also be very close to 55 when the freeze occurs I expect a massive massive screw job is coming. And they just HAD to screw pre-2008 people with the special reduction in 401k matchings....seriously why bother with taking a percent to two away from them and bothering with a special rule different from everyone else? Seriously nickle and diming going on there. [/QUOTE]
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