(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.
