Anyone retire with over 30 yrs. Part time?

[tardus]

Hey gang,
Has anyone recently retired with between 30 and 35 years of Part-time service credit from UPS? I requested a pension profile, and UPS claims that I can receive no "bump up" in pension between 30 and 35 years. They claim that for 32 years of service I can only receive the 30 year pension. But the contract states that there is a $55 credit for EACH year of service. Has anyone else had this same problem?
Thanks,
Tardus

 

[gandydancer]

... UPS claims that I can receive no "bump up" in pension between 30 and 35 years. They claim that for 32 years of service I can only receive the 30 year pension. But the contract states that there is a $55 credit for EACH year of service. Has anyone else had this same problem?...

NM Article 34 Health & Welfare and Pension
Section 1 Health & Welfare and Pension Provisions

...
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 fiftyfive 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 30- and 35- year calculations are just examples. Nothing special about those years. Was the claim that there were no increments between 30 and 35 made in writing or is it just something someone who didn't know any better said?

 

[tardus]

The response I received was an official written response from the retirement dept. at the corporate Atlanta headquarters. (I quoted the exact same contract language to them, with the same emphasis.) According to the UPS retirement office in Atlanta, if you are under 65 years of age and retire with 34-1/2 years of part time service, you still receive the 30 year pension. They are taking those EXAMPLES of the 30 and 35 year pensions to mean that those are the ONLY pensions granted with with over 30 years of service.

I am hoping to find other part time employees who have retired with over 30 years service credit to use as an example.

 

[cachsux]

Looks like someone in Atlanta doesn`t know how to comprehend.

 

[tardus]

Thank you, gandydancer and cachsux. This is a very serious issue over which I am loosing sleep. My mother is ill and I may have to retire to take care of her. I am really perplexed that the Atlanta UPS retirement office would interpret the contract to mean that those EXAMPLES of 30 and 35 year pensions are the ONLY pensions offered after 30 years of service for those retiring under age 65. The contract makes it clear that you can retire with 30 years of service credit at any age. If anyone knows someone who has retired recently with over 30 years of part-time service credit, please let me know.

 

[Jigawatts]

What can I get for retiring after 5 years of PT service?

 

[UpstateNYUPSer(Ret)]

What can I get for retiring after 5 years of PT service?

A wonderful parting gift--your very own UPS T-shirt.

 

[badpal]

A wonderful parting gift--your very own UPS T-shirt.

Well perhaps not a t shirt but you will be welcome to any donuts the drivers leave behind

 

[tieguy]

The response I received was an official written response from the retirement dept. at the corporate Atlanta headquarters. (I quoted the exact same contract language to them, with the same emphasis.) According to the UPS retirement office in Atlanta, if you are under 65 years of age and retire with 34-1/2 years of part time service, you still receive the 30 year pension. They are taking those EXAMPLES of the 30 and 35 year pensions to mean that those are the ONLY pensions granted with with over 30 years of service.

I am hoping to find other part time employees who have retired with over 30 years service credit to use as an example.

why not file the grievance. Doing so will get the BA and labor manager working on it.

 

[JonFrum]

Thank you, gandydancer and cachsux. This is a very serious issue over which I am loosing sleep. My mother is ill and I may have to retire to take care of her. I am really perplexed that the Atlanta UPS retirement office would interpret the contract to mean that those EXAMPLES of 30 and 35 year pensions are the ONLY pensions offered after 30 years of service for those retiring under age 65. The contract makes it clear that you can retire with 30 years of service credit at any age. If anyone knows someone who has retired recently with over 30 years of part-time service credit, please let me know.

Tardus,
The words For example were struck out of the new Contract, effective December 19, 2007. This changes everything. Check your current printed Contract Book, and the Contract Changes that came enclosed with your Contract Ballot.

I wonder how many members voted "Yes" without even realizing they were approving this (and many other) concessions?

Part of the problem is that the entire nationwide bargaining unit votes on your pension plan (and the new full-time plan for Central Staters as well) even though the rest of us aren't in the plan and don't know much, if anything, about it.

 

[tardus]

Thank you Tieguy and JonFrum for the good information and suggestions. I would think that there must be other part-timers who have retired with over 30 years service credit that have encountered this new wording in the contract. Of course, the $55/per year formula is still given, so I don't see how this formula could not apply to years 31 and 32.

 

[freeloader]

I got an interesting twist:

I was a pt union employee for 11 years and a ft administrative employee for 7 years. I'm sure I am entitled to something when I reach retirement age, but how would it be calculated?

 

[browndevil]

I got an interesting twist:

I was a pt union employee for 11 years and a ft administrative employee for 7 years. I'm sure I am entitled to something when I reach retirement age, but how would it be calculated?

Contact the local union you worked under

 

[bears2]

i thought even if yopu retired with 30-32-33-35 years service pesnion if you were under the age of 62 years old you took a 6% penalty for every year your under 62. so at 55 years old you would get a small fraction of the 30 year pension.Its all set up to keep us working.

i doubt anyone telling you details of what you would get is thumbing through a book.i would like to think they have some idea of what they are talking about.i called our local union about the full-time pension details an they had no idea about any of it. you would think a huge local like we have would have some idea of the rules an guidlines so they could help you with a problem.

 

[tardus]

Bears2: The pension for union part time employees allows for retirement "at any age" with 30 or more years of service credit. You are correct that it is difficult to get an accurate answer to basic pension questions. This month the corporate UPS office sent me a pamplet on the pension that was dated 1997!

 

[hope2retire]

I am also looking for someone who has retired with over 30 years of PT. I submitted 2 estimates a few years ago. One was for 30 and one was for 31.5 years. The papers calculated $55 per year but then subtracted an early retirement factor thus quoting $1650 for each estimate. My co-workers said that was wrong. I am at 33.5 years am not sure I can or want to make 35 years. I have been calculating living with $55 times 34 years. Who wants to work until 65!

 

[hope2retire]

Hey gang,
Has anyone recently retired with between 30 and 35 years of Part-time service credit from UPS? I requested a pension profile, and UPS claims that I can receive no "bump up" in pension between 30 and 35 years. They claim that for 32 years of service I can only receive the 30 year pension. But the contract states that there is a $55 credit for EACH year of service. Has anyone else had this same problem?
Thanks,
Tardus

Hello Tardus, I too submitted a pension inquiry a few years ago and the 31st year quoted the $55 x 32 but subtracted an amount for below (normal retirement) and the amount was the same as the 30 year. The union book says nothing about year 32-34 or a deduction for retirement before age 65. Who is going to be able to do the work at UPS in their 60's?

I have a sinking feeling the pension is like a game show--we made it to the 30 year level and now 5 more questions. If we quit before 35 we go back to the 30 year level. And what about medical insurance. Do we have to be 55 before we can get retiree insurance?

I have a call into our Union rep and the local HR office. No return call yet. I sent an email to Atlanta (UPS retirement office who forwarded it to a retirement counsler)and they will send me a letter within 30 days. I will pass on what I learn.

 

[Re-Raise]

Hello Tardus, I too submitted a pension inquiry a few years ago and the 31st year quoted the $55 x 32 but subtracted an amount for below (normal retirement) and the amount was the same as the 30 year.

I don't think Tardus will be responding since his post was made 3 years ago. Others here may be interested in what you find out.

 

[JonFrum]

The official place to get pension plan answers about the UPS Pension Plan is from the Plan Document, which should be available from the Plan Administrator. The Summary Plan Description (SPD) is a plain-English version of the Plan Document and should have been sent to each covered participant. Be sure to see if a Summary Of Material Modifications is also available. That will contain any recent plan admendments.

It appears (if I'm reading the Form-5500 right) that there are two types of pensions: A REGULAR PENSION and a SERVICE PENSION. The Service Pension is the one you get after passing the 25 or 30 or 35 year milestones at any age. There is no additional amount for the inbetween years.

The Regular Pension is payable at NORMAL RETIREMENT AGE, which is 65. This pension is $55 times every year of pension credit you earned up through 2007. Plus $60 times every pension credit year you earned in 2008 and thereafter. If you want this pension earlier than age 65, your earned amount is reduced by 6% per year.

You have to be age 21 to join the Plan, and 35 years of pension credit is the maximum you can accrue, so a 35 year career would put you at age 56 or so. If you wanted to retire, at 56 or 57 or so, you would take quite a hit from the 6% Early Retirement Reduction for each of the years before age 65. As a practical matter the Service Pension milestones would give you a higher benefit, because you get which ever gives you the highest benefit.

Various UPS policies make it very difficult to collect a pension from this plan. Only 3,002 retired UPSers were actually collecting a monthly pension check from this Plan in 2009. That's pitiful.

The 2009 Form-5500 of the UPS PENSION PLAN is available at the Dept. of Labor website. . .
http://www.efast.dol.gov/portal/app/disseminate?execution=e1s1
Schedule SB gives a summary of the Plan Features.

Just enter United Parcel Service in the Sponsor Name field and click Search.
From the list of UPS plans, check the box next to the UPS PENSION PLAN
Click the Batch Full Filings button to download the entire Annual Report.
(IF Internet Explorer blocks you, as it does me, you have to override and repeat your request.)
Have a destination folder ready to download to..

 

[FAVREFAN]

The official place to get pension plan answers about the UPS Pension Plan is from the Plan Document, which should be available from the Plan Administrator. The Summary Plan Description (SPD) is a plain-English version of the Plan Document and should have been sent to each covered participant. Be sure to see if a Summary Of Material Modifications is also available. That will contain any recent plan admendments.

It appears (if I'm reading the Form-5500 right) that there are two types of pensions: A REGULAR PENSION and a SERVICE PENSION. The Service Pension is the one you get after passing the 25 or 30 or 35 year milestones at any age. There is no additional amount for the inbetween years.

The Regular Pension is payable at NORMAL RETIREMENT AGE, which is 65. This pension is $55 times every year of pension credit you earned up through 2007. Plus $60 times every pension credit year you earned in 2008 and thereafter. If you want this pension earlier than age 65, your earned amount is reduced by 6% per year.

You have to be age 21 to join the Plan, and 35 years of pension credit is the maximum you can accrue, so a 35 year career would put you at age 56 or so. If you wanted to retire, at 56 or 57 or so, you would take quite a hit from the 6% Early Retirement Reduction for each of the years before age 65. As a practical matter the Service Pension milestones would give you a higher benefit, because you get which ever gives you the highest benefit.

Various UPS policies make it very difficult to collect a pension from this plan. Only 3,002 retired UPSers were actually collecting a monthly pension check from this Plan in 2009. That's pitiful.

The 2009 Form-5500 of the UPS PENSION PLAN is available at the Dept. of Labor website. . .
http://www.efast.dol.gov/portal/app/disseminate?execution=e1s1
Schedule SB gives a summary of the Plan Features.

Just enter United Parcel Service in the Sponsor Name field and click Search.
From the list of UPS plans, check the box next to the UPS PENSION PLAN
Click the Batch Full Filings button to download the entire Annual Report.
(IF Internet Explorer blocks you, as it does me, you have to override and repeat your request.)
Have a destination folder ready to download to..

Wow. That's some great info. Thanks. I'm getting up there in years. Thanks for distinguishing the difference in the 2 pensions. I'm shooting for the 30 year service pension at any age then.
Does anybody know what the current age is to get the health insurance after retiring with 30 years and pensio for part-time now? It was 50 years old with 30 years service on the old contract but I've heard it might be 52 or 55 years old with 30 years service now. Thanks again for the good info on this topic.