In the coming summer, over 8,000 former delivery employees may experience reductions in their pensions. This issue arises due to some UPS retirees receiving their retirements from the financially troubled Central States Pension Fund. This fund sustains hundreds of thousands of employees from various businesses who are being supported with cash advances. The fund has indicated a need to scale back in order to avoid financial insolvency.
Among these retirees is Jim Dopp, 63, a former UPS truck driver who retired in May 2007 after more than three decades of service. He currently draws a monthly pension of $2,903. However, he recently received correspondence notifying him of a potential decrease in his monthly pension to $1,452 as early as July, pending approval from the Treasury Department.
For more details, refer to CNN Money.
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Via SmartAsset.com
