40 weeks or 1801 hours

Discussion in 'UPS Retirement Topics' started by upsworm, Sep 1, 2014.

  1. upsworm

    upsworm New Member

    I have been checking my retirement calculator for months. It said I could retire in October. Now, I check it and it says I can't retire until November. Does anyone know if I have to work just 40 weeks OR 1801 hours, or just 40 weeks. I have conflicting information from the retirement people.
     
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Are you under a company or union pension plan?
     
  3. upsworm

    upsworm New Member

    IBT/ UPS
     
  4. Baba gounj

    Baba gounj pensioner

    1800 hrs of regular work = 12 months pension credit .
    Now UPS does not report your past month's credit until the third week of the next month .
    It makes no difference if you leave on the 1st or the last day of a month .
    Stick around until all your needed pension credits have been posted to your account .
     
  5. upsworm

    upsworm New Member

    I called today and was told that I need 40 weeks OR 1801 hours. The calculator is running several months behind, so I can't get a true answer. It's frustrating!
     
  6. 3 more years, and you will be fine!:biggrin::biggrin::biggrin::biggrin:
     
  7. joesmith

    joesmith Member

    why not just work thru peak into next year take all of you vacation in January then retire?
     
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  8. upsworm

    upsworm New Member

    Why would I work through peak and then retire when I could retire now, and get my 7 weeks vacation? I've already earned my hours of vacation pay for next year. The whole reason I'm retiring is to get out before peak!
     
  9. trickpony1

    trickpony1 Well-Known Member

    7 weeks vacation or six weeks and one option week?

    If you cash in your vacation weeks, I am told they will be taxed at 40%, I know......you'll get it all back at tax time.

    You've earned your option week but can't just cash it in now. You have to be on active payroll one day in 2015 to get your option week paid to you. Some drivers post their six weeks vacation and one option week to the first 7 weeks of the 2015 vacation schedule and never come back.

    Nothing is left on the table and taxed heavily.

    This is in the Central States region. Don't know what area you are in.
     
  10. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    The "tax heavily" myth is just that---a myth. Vacation checks are taxed at your normal rate.
     
  11. cosmo1

    cosmo1 Just another internet hooligan.

  12. trickpony1

    trickpony1 Well-Known Member

    You may have missed my point but that's ok.
     
  13. Wut?
     
  14. upsworm

    upsworm New Member

    Haven't I earned my vacation weeks this year without staying until January 1st? The contract says that an employee starts earning hours for vacation on the hire date. My hire date was March, but my full-time date is October. I've called so many different people and can never get an exact answer. I would think UPS is too smart to allow people to retire or quit after taking their 7 weeks vacation if they hadn't already earned that time. I'm in the Central States region.
     
  15. The only thing I can tell you.
    Where I am at if you work until october,you get full credit for next years vacation.

    Your vacation time was,earned last year.
     
  16. upsworm

    upsworm New Member

    That's what I thought! They keep telling me it isn't but I will be calling back and arguing with them if I can every find out who to call!!
     
  17. trickpony1

    trickpony1 Well-Known Member

    157 reports in 2014 earns you your vacation AND OPTIONAL WEEK FOR 2015. (caps lock).

    In post #9 I express a concern about taxation of vacation checks. Upstate said I was wrong....I don't think so.

    I'll explain it the way it was told to me.
    Good sources have told me that I must be on active payroll in 2015 to use/get paid for my optional week as well as vacation. Being on vacation is considered being on active payroll so......

    If I schedule my six weeks vacation AND my optional week for the first 7 weeks of 2015, I will be paid and taxed at the regular rate.

    If I schedule my six weeks vacation and optional week throughout the 2015 year AND THEN walk in the second workday of 2015 and quit THEN the checks will be taxed at a higher rate.

    I don't care what upstate says. I'm inclined to believe my sources.

    I'm in central states area also.
     
  18. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    TP, it doesn't matter whether you schedule the vacations one week at a time or take all 6 weeks at the same time------each vacation week is a separate check and multiple checks are all taxed at the same rate.

    When I know that I will be on vacation I suspend my 401k contribution and increase my W-4 withholdings to 9. It takes up to 10 days for the 401k change to kick in---the W-4 change is much quicker.
     
  19. trickpony1

    trickpony1 Well-Known Member

    Upstate-
    Again, you missed my point completely.

    In post #17 I presented two scenarios........the first being employed and on active payroll and the second scenario was having quit (resigned) and not being on active payroll. I told the checks are taxed heavily if employee is not on active payroll.

    This is what I have been told. I don't make this stuff up.

    Also, there may be a mistake in the title of this thread that I am surprised you haven't commented on.
     
  20. upsworm

    upsworm New Member

    So, are you saying that although I worked all year of 2014 to earn 2015 vacation, I don't get paid for them if I retire in October?