401k, pension retirement plans sign-up?

Discussion in 'UPS Union Issues' started by konsole, Feb 22, 2011.

  1. konsole

    konsole Member

    ok completely noob question here I know but its because I dont care much for retirement plans because I invest my money elsewhere. I've been a part timer at UPS in the NorthEast for about 9.5 years and I havent looked into the retirement stuff at all so I'm wondering if I have to sign-up for this stuff, or have I been placed into a plan automatically after a certain number of hours worked or what?

    I assume that since I don't get any information updates in the mail and nothing is listed on my pay stub that I must not be in a plan?

    Do I have to sign-up for these UPS retirement plans?

    Is there an easy check to see if I am in one?

    I just don't want my money going to some retirement plan, so I can invest it elsewhere, but I'm kinda clueless about if it is or not.
     
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

  3. konsole

    konsole Member

    ok and for the pension there is no money deducted from my pay?
     
  4. over9five

    over9five Moderator Staff Member

    That is correct.
     
  5. nicky

    nicky Active Member

    Correct how much you get will be determined by your local rider. For us here in FL its something close to $50 month for every year IIRC
     
  6. Nimnim

    Nimnim The Nim

    Is it? Is that for pt? If so it's a tad low as I'm supposed to get $285 for 5 years of credit. I'll have to look into that later.
     
  7. helenofcalifornia

    helenofcalifornia Well-Known Member

    Start a 401k.
     
  8. FAVREFAN

    FAVREFAN Member

  9. JonFrum

    JonFrum Member

    If you are a part-timer in the bargaining unit in New England then $7.21 is contributed to the New England Teamsters and Trucking Industry Pension Fund on your behalf for each hour you work. See Contract Article 34 (but ignore the part about a part-time pension. That plan doesn't apply to New Englanders.) And see New England Supplement Article 69.

    http://www.nettipf.com


    ($8.21 per hour is contributed to the Health & Welfare fund as well.)
     
  10. luckyme

    luckyme New Member

    My advice DONT DO IT. of cause i my be grown.....so do this put in 2% they will automatic put you in a 'BRIGHT HORIZON BLABLA"...after a month check back your account..contributions(by you)....and account value... and let me know... if you loose money like me will take another month to stop the bleeding and by the way good luck getting the money back un less you are 59 1/2 years old. rock solid PRUDENTIAL my a.....
     
  11. luckyme

    luckyme New Member

    PART II
    "Of cause i might bee wrong"
    So... 2 day ago i send a email to PRUDENTIAL asking when the will stop my contribution and today i get email back
    It happen that when i called them sitting in a parking lot of a bank waiting for my very old uncle to get a grip on his acct they couldnt prosses my petition because my call DROPS that happen in 02/0#/2011.... and my acct it is still losing money and i cant get that money back any time soon.
     
  12. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Why don't just go online and stop your contribution yourself?

    www.retirement.prudential.com
     
  13. luckyme

    luckyme New Member

    .scrollAccountOverview { height:200px; overflow: auto; } .overflowPadding { padding-right: 16px; } Account Name Account Value TEAMSTER-UPS NATIONAL 401K TAX DEFERRED SAVINGS PLAN 1
    Prices as of 03/03/2011
    Holdings as of 03/03/2011
    My Year to Date Contributions $126.13
    $124.40
    Totals $124.40

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    1 The balance(s) listed represent your total account balance(s) which may differ from your vested account balance(s). Outstanding loan balance(s), if applicable, are not included in these amounts.
     
  14. luckyme

    luckyme New Member

    You mean going to prudential.com and stop it...YOU CANT most you can do it is 1%
    calling UPS or upser.com they cant neither.
     
  15. FAVREFAN

    FAVREFAN Member

    This is crazy funny to read. This can't be real, right?
     
  16. PT Stewie

    PT Stewie "Big Fella"

    (i) UPS Part-time Pension Plan
    (1)
    The UPS Pension Plan will be improved to provide monthly benefits for part-time employees not
    covered by Teamster Pension Plans as follows: The benefit formula in the UPS Pension Plan for current
    or future part-time employees who are participants will be increased effective August 1, 2004 to fifty-
    five dollars ($55) for each year of past and future Credited Service to a maximum of 35 years of
    Credited Service. The benefit formula in the UPS Pension Plan for current or future part-time
    employees who are participants will be increased solely for purposes of the monthly accrued
    benefit, effective August 1, 2008 to sixty dollars ($60) for each year of future Credited Service to a
    maximum of 35 years of Credited Service. If a participant is in Covered Employment on August 1,
    2008, he shall receive the sixty dollars ($60) benefit formula for the entire 2008 plan year.
    For example, the The total monthly service pension benefit will be equal to the following provided the
    employee meets the Credited Service requirement.
    $1,925 for retirement at any age after 35 years of part-time Credited Service
    $1,650 for retirement at any age after 30 years of part-time Credited Service
    $1,375 for retirement at age 60 with 25 years of part-time Credited Service
    $1,125 for retirement at any age with 25 years of part-time Credited Service
    (based on $45.00 per year of Credited Service)
    Part-time employees will receive one (1) year of Credited Service for 750 or more paid hours. (Six
    months of part-time Credited Service will be granted for 375 to 500 hours worked in a calendar year,
    and 9 months of part-time Credited Service will be granted for 501 to 749 hours worked in a calendar
    year.) This paragraph will also be applied to determine Credited Service for all full-time employees on
    the payroll on August 1, 2002 who were formerly participants in the UPS Pension Plan.
    The Employer will be responsible for funding the UPS Pension Plan as required to provide the benefits
    described above and will be responsible for maintaining the plan.
    The UPS Pension Plan will be governed by the terms of the Plan document.
    Effective August 1, 2002, the Employer will grant additional years of Credited Service in accordance
    with the terms of the Plan to all full-time and part-time employees on the payroll on August 1, 2002,
    who worked for UPS after they were 21 but were denied Credited Service solely because the UPS
    Pension Plan required that an employee be age 25 or older to participate in the UPS Pension Plan.
    For those multi-employer pension plans with which the UPS Pension Plan does not have reciprocity, the
    UPS Pension Plan will execute a mutually agreeable reciprocity agreement with those plans.

    With regard to the Teamsters/UPS 401K you can put 35% pretaxed dollars in and 5% post tax per week maximum and if you are over 50 years of age you can add an additional 10% pretax as a catch up.he funds are handled by Prudential with a variety of investment options.

    With regard to the UPS pension the full benefit is payable at age 65.There are restrictions and reductions if you choose to take the money earlier assuming you have vesting and a certain amount of years service.
     
  17. FAVREFAN

    FAVREFAN Member

    At what age can you retire(part-timer) and be able to maintain insurance with UPS for the low premium? I'm in 705. I've been told 50, 52, 55.
     
  18. brownmonster

    brownmonster Man of Great Wisdom

    Why are you losing money? The market is up for the year. Just keep putting the money in and let it ride. I don't think 2% is gonna break you.
     
  19. Jones

    Jones fILE A GRIEVE! Staff Member

    You don't sound very "lucky" to me....
     
  20. luckyme

    luckyme New Member

    that is my point .. the market is up and im losing $2 in $120 wish is laughfable but i will be crying close to retirament and losing $2000 in $120 000