The comment period was originally to conclude by November 14th, 2016. The Department of Treasury has extended comment period to December 21st, 2016.
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.
Make your voice heard by commenting at the following online location. Comments should also be sent via mail to the posted address at 1500 Pennsylvania ave.
The CSPF now has nine months to craft a new strategy to solve its pension crisis, as their application by the Treasury has been rejected. Proposed ideas are being launched and political lobbying are taking place as we speak. New York will need to follow suit.
The CSPF has been given drop dead dates of around 10 years. The New York plan is in far worse shape.