The NY Plan sponsors took the simple approach and submitted cuts across the board, for all employer groups, irregardless of employer contribution level or previous and future cuts under the Pension Protection Act – rehabilitation plan.
20% Active. (assumed 11% cuts to date)
What about recent retirees who took 11% in the last 5 years, but just retired? They will receive a 42% equivalent cut.
Future UPS employees or those under schedule E who work for an additional 5 years will also receive a 42% equivalent cut.
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