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

Discussion in 'UPS Retirement Topics' started by margaritaville, Jun 10, 2014.

  1. margaritaville

    margaritaville Active 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: Jun 10, 2014
  2. cosmo1

    cosmo1 Just another internet hooligan.

    Money for nothing.










    But, you still have to pay for chicks.
     
  3. hondo

    hondo promoted to mediocrity

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

    UpstateNYUPSer Very proud grandfather.

    If your total pension were $5K or less you would receive a lump sum. If not, you will receive a very, very small monthly check starting when you turn 65.
     
  5. margaritaville

    margaritaville Active 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.
     
  6. hondo

    hondo promoted to mediocrity

    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: Jun 10, 2014
  7. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    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.
     
  8. cosmo1

    cosmo1 Just another internet hooligan.

    Hindi??
     
  9. Crazy Diamond

    Crazy Diamond Robot Extraordinaire

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


    Sent using a Potato
     
  10. keit51

    keit51 New Member

     
  11. keit51

    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?