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Originally Posted by full pull
(Post 1961115)
and the company has the right to change normal retirement age to 62. Supposedly no change to retirement monies. Looks like a slippery slope.
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Originally Posted by skypine27
(Post 1961155)
quote please !
1.) If the Company determines in good faith that the normal retirement age under the Pension Plan, the PMPPP and the VAPPP must be increased to comply with Section 401(a) of the Internal Revenue Code, of 1986, as amended, and the regulations thereunder, the Company shall amend each such plan to change to age 62 for the plan’s current normal retirement age (age 60); provided however, that the total amount of benefits payable under the plan shall not be reduced as a result of such amendment. 2.) In the event a plan is amended to increase the normal retirement age from age 60 to age 62, total benefits under such plan shall continue to be provided in the same amount at each age as would have been provided under the plan without regard to the amendment to increase the normal retirement age from 60 to 62. To the maximum extent legally permissible, the plan shall be amended to provide such benefits directly by the plan (and the Compensation Limit Plan and 415 Limit Plan); otherwise, such benefits shall be provided directly by the Company. This paragraph shall apply to benefits earned before and after the effective date of an amendment to increase the plan’s normal retirement age from age 60 to age 62. 3.) For example, in the event the Pension Plan is amended to increase the normal retirement age from 60 to 62: a. The total amount of early retirement benefits payable at age 55 or older shall be no less than the amount of early retirement benefits that would have been payable if the normal retirement age had remained at age 60: and b. The total amount of retirement benefits payable at age 60 or older shall be no less than the amount of retirement benefits that would have been payable if the normal retirement age had remained at age 60. |
Originally Posted by ThreeSides
(Post 1961165)
The Company and the Association agree that:
1.) If the Company determines in good faith that the normal retirement age under the Pension Plan, the PMPPP and the VAPPP must be increased to comply with Section 401(a) of the Internal Revenue Code, of 1986, as amended, and the regulations thereunder, the Company shall amend each such plan to change to age 62 for the plan’s current normal retirement age (age 60); provided however, that the total amount of benefits payable under the plan shall not be reduced as a result of such amendment. 2.) In the event a plan is amended to increase the normal retirement age from age 60 to age 62, total benefits under such plan shall continue to be provided in the same amount at each age as would have been provided under the plan without regard to the amendment to increase the normal retirement age from 60 to 62. To the maximum extent legally permissible, the plan shall be amended to provide such benefits directly by the plan (and the Compensation Limit Plan and 415 Limit Plan); otherwise, such benefits shall be provided directly by the Company. This paragraph shall apply to benefits earned before and after the effective date of an amendment to increase the plan’s normal retirement age from age 60 to age 62. 3.) For example, in the event the Pension Plan is amended to increase the normal retirement age from 60 to 62: a. The total amount of early retirement benefits payable at age 55 or older shall be no less than the amount of early retirement benefits that would have been payable if the normal retirement age had remained at age 60: and b. The total amount of retirement benefits payable at age 60 or older shall be no less than the amount of retirement benefits that would have been payable if the normal retirement age had remained at age 60. |
Originally Posted by USMCFDX
(Post 1961180)
Reads like you lose no benefit if you retire at 60 if they make the change to 62. Looks to me like it is an accounting trick to put less monies in the fund. Someone smarter is going to have to explain it to me.
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Originally Posted by ThreeSides
(Post 1961165)
The Company and the Association agree that:
1.) If the Company determines in good faith that the normal retirement age under the Pension Plan, the PMPPP and the VAPPP must be increased to comply with Section 401(a) of the Internal Revenue Code, of 1986, as amended, and the regulations thereunder, the Company shall amend each such plan to change to age 62 for the plan’s current normal retirement age (age 60); provided however, that the total amount of benefits payable under the plan shall not be reduced as a result of such amendment. 2.) In the event a plan is amended to increase the normal retirement age from age 60 to age 62, total benefits under such plan shall continue to be provided in the same amount at each age as would have been provided under the plan without regard to the amendment to increase the normal retirement age from 60 to 62. To the maximum extent legally permissible, the plan shall be amended to provide such benefits directly by the plan (and the Compensation Limit Plan and 415 Limit Plan); otherwise, such benefits shall be provided directly by the Company. This paragraph shall apply to benefits earned before and after the effective date of an amendment to increase the plan’s normal retirement age from age 60 to age 62. 3.) For example, in the event the Pension Plan is amended to increase the normal retirement age from 60 to 62: a. The total amount of early retirement benefits payable at age 55 or older shall be no less than the amount of early retirement benefits that would have been payable if the normal retirement age had remained at age 60: and b. The total amount of retirement benefits payable at age 60 or older shall be no less than the amount of retirement benefits that would have been payable if the normal retirement age had remained at age 60. |
Originally Posted by nosoup4u
(Post 1961087)
"The new phone books are here, The new phone books are here!"
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1 Attachment(s)
Originally Posted by FedupFlex
(Post 1961311)
Do now know the difference between S@@T and Shinola too?:D
But I do know ... |
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