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Anyone retire with over 30 yrs. Part time?
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<blockquote data-quote="gandydancer" data-source="post: 427559" data-attributes="member: 9310"><p>NM <strong>Article 34 </strong>Health & Welfare and Pension</p><p>Section 1 Health & Welfare and Pension Provisions</p><p> </p><p>...</p><p>i) UPS Part-time Pension Plan</p><p>(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</p><p>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.</p><p>FOR EXAMPLE, the The total monthly service pension benefit will be equal to the following provided the employee meets the Credited Service requirement.</p><p>$1,925 for retirement at any age after 35 years of part-time Credited Service</p><p>$1,650 for retirement at any age after 30 years of part-time Credited Service</p><p>$1,375 for retirement at age 60 with 25 years of part-time Credited Service</p><p>$1,125 for retirement at any age with 25 years of part-time Credited Service</p><p>(based on $45.00 per year of Credited Service)</p><p>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.</p><p>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..."</p><p> </p><p>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?</p></blockquote><p></p>
[QUOTE="gandydancer, post: 427559, member: 9310"] NM [B]Article 34 [/B]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? [/QUOTE]
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Anyone retire with over 30 yrs. Part time?
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