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IRS Rule Turns Away UPS Bid for Benefit Cut Changes
Bloomberg BNA May 4, 2016
"According to the rules, a multiemployer plan looking to reduce benefits would first have to cut them to the maximum extent permissible for retirees with employers that withdrew from the plan without paying the full withdrawal liability, or in Tier 1. Retirees with employers with make-whole agreements (Tier 3) could face cuts, but they would have to be equal to or less than decreases for all other plan participants (Tier 2).... The rules didn't mention UPS by name, but address its make-whole agreement after it left the Central States fund in 2007 ... UPS [had] argued in written comments and at a hearing that benefits in tiers 1 and 2 would have to be cut to the maximum extent possible before those benefits in Tier 3 could be cut."
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