I was asking if the people CURRENTLY DRAWING their pensions have had to take cuts along with the rest of us .....
No Freedom. I've said this several times before, maybe you'll listen this time. A Defined Benefit Program is where you pay in at a specified amount for a specified return. The company was paying $1.05/hour for a return of somthing around $78/month/year of contribution. For the years that you have been credited for that contribution IT WILL NOT CHANGE. EVERYONE that contributed will get that rate, whether retired or active. You'll get (I'm guessing) at least five years of credit to give you $390/month for those five years when you retire. That's yours and, unless the plan goes to PBGC it's yours to keep. Harry is getting that now, you'll get that when you retire.
That rate continues until we get a new contract or the end of 2013 or 2014 (I can't remember which). The new scale affects FUTURE contributions and will change to about $47/month/year of contribution. Let's say you have five year at the $78 rate (and can't get any more) and another three at the $47 rate. You'll get $531/month ($390 for the $78/month rate and $141/month for the $47/month rate). That's assuming that things aren't changed to increase that (or forgo IAMNPF) in negotiations, and I have no clue what the NC is trying for. You've been earning at $78/month since the begining of 2009 and THAT WON'T CHANGE RETROACTIVLY. When our scale does change (with the exception of the year of change and I dunno what will happen there) it will affect FUTURE years of credit. Those first several years aren't going to change at all; you paid for $78/month and you'll get $78/month. Harry is getting that now and will continue to get it. The only thing that will change is that, unless contributions are increased to the $78/month level on the new scale, FUTURE earned benefits will change.