Can someone help me understand what a pension is once and for all?

margaritaville

Well-Known Member
I get my little pension things in the mail every once in awhile and i dont understand what im reading?

Im only part time but my contributions jump all over the place because i ground help constantly. From like 500-1500 a month in contributions.

But say my total accured annual benefit as a part time employee is around 10k for 65. Does that mean i get 10k a year at 65 for the rest of my life? Or do i just get a one time payment of 10k when i retire. Pretty huge difference and im just trying to understand it.
 
Last edited:

hondo

promoted to mediocrity
First things first. Do you know if you are in the company's pension plan, or a Teamster pension plan?
 

margaritaville

Well-Known Member
So unless i switch full time it will just be a crappy amount even if i make 60k a year part time? I just see a lot of numbers but its hard to understand.
 

hondo

promoted to mediocrity
So unless i switch full time it will just be a crappy amount even if i make 60k a year part time? I just see a lot of numbers but its hard to understand.
It depends on if you are part time in the company plan or part time in a Teamster plan.
Some areas (I believe New England, Upstate New York, & Western supplements) you are already in the same pension plan that you would be in as full time.
 
Last edited:

UpstateNYUPSer(Ret)

Well-Known Member
So unless i switch full time it will just be a crappy amount even if i make 60k a year part time? I just see a lot of numbers but its hard to understand.

There should be a phone number somewhere on that annual statement---they can answer any and every question you may have. If there isn't, call your union local ---they most certainly can walk you through it or direct to someone who can.

Hindi is right---you need to figure out which plan you are in first.
 

Harry Manback

Robot Extraordinaire

My friend, please you can be checking your spelling.
ImageUploadedByBrownCafe1402444103.440452.jpg



Sent using a Potato
 

keit51

New Member
It depends on if you are part time in the company plan or part time in a Teamster plan.
Some areas (I believe New England, Upstate New York, & Western supplements) you are already in the same pension plan that you would be in as full time.
 

keit51

New Member
Okay so I am a full-time freight driver with a UPS pension plan - not union - and I am also trying to figure out how to calculate what my pension would be. UPSERS is useless! Do you have any suggestions on how I can get some figures?
 
Top