Can union employees who are terminated start drawing retirement benefits?

Vette51

Well-Known Member
central states,ups/ft pension plan... I dont plan on it but the subject i have heard plently so i wanted to know the answer.. 25+ years of service credit if you were fired could you go ahead and draw a reduced pension?

i know the 55 age limit but i was told, and not sure its true ,that as long as u had 25 in you could retire at any age you just couldnt get insurance unless u were 55 years old..being fired could be a different story..Thanks for replying in advance.
 

scratch

Least Best Moderator
Staff member
My understanding is that you can only draw your full credit at 55 and you have to be 57 to get CS Health Insurance. If you try to draw early you get penalized 6% per year. The fact that you were fired while vested shouldn't matter. I'm sure somebody recently retired or about to should be able to give better info, I am still several years away from it myself.
 

Catatonic

Nine Lives
My understanding is that you can only draw your full credit at 55 and you have to be 57 to get CS Health Insurance. If you try to draw early you get penalized 6% per year. The fact that you were fired while vested shouldn't matter. I'm sure somebody recently retired or about to should be able to give better info, I am still several years away from it myself.

Several years away from 55 or 57?
 

Vette51

Well-Known Member
I turned 53 last May, I'm waiting on being able to get health insurance. I am currently thinking 40 and out, I doubt the next contract will improve the situation any.

I am puzzled !!!..If your 53 years old and waiting for health ins why would you stay at ups for 40 years? I assume you started when you were young if you can hang out for 40 years ..40 would put me at 60,but Contract/God willing im leaving at 57 with 37 years in.
 

UpstateNYUPSer(Ret)

Well-Known Member
I am puzzled !!!..If your 53 years old and waiting for health ins why would you stay at ups for 40 years? I assume you started when you were young if you can hang out for 40 years ..40 would put me at 60,but Contract/God willing im leaving at 57 with 37 years in.

As I recall Scratch started at 17 which would put him at 57 when he hits his 40. You answered your own question--he is waiting for the health insurance.

I will be 58 when I get my 30 and that will be enough for me.
 

rocket man

Well-Known Member
central states,ups/ft pension plan... I dont plan on it but the subject i have heard plently so i wanted to know the answer.. 25+ years of service credit if you were fired could you go ahead and draw a reduced pension?

i know the 55 age limit but i was told, and not sure its true ,that as long as u had 25 in you could retire at any age you just couldnt get insurance unless u were 55 years old..being fired could be a different story..Thanks for replying in advance.
gee every local has a retirment club employees who are retired BUT IM SURE YOU are aware of that?
ALL THE UNION FUNCTIONS you have been to over the years . SO tell us why you have to ask on this site? id like to no?
 

hembone

Well-Known Member
I turned 53 last May, I'm waiting on being able to get health insurance. I am currently thinking 40 and out, I doubt the next contract will improve the situation any.
You're eligible for health insurance at 55. It is 200.00 per month for you or 400.00 for you and your wife. If you have 25 to 29 years in you need to be 57 to collect your full amount. It is on page 219 of the Atlantic Area Supplement.

This is for the service pension.

35 years, any age, $3500 month

30 or more years, any age, $3000 plus $100/yr of service for years over 30 up to $3500

25 years, any age up to 57, $2000

25 years, 57 or older, $2500 plus $100/yr of service for years over 25 up to $3500 maximum

These are all monthly amounts. Hope this helps.
 

Vette51

Well-Known Member
Oops! .. other details... I am central states and partial pension I guess u call it.. At 57 I would be 13 years part time and 24 years full time.
 

satellitedriver

Moderator
You're eligible for health insurance at 55. It is 200.00 per month for you or 400.00 for you and your wife. If you have 25 to 29 years in you need to be 57 to collect your full amount. It is on page 219 of the Atlantic Area Supplement.

This is for the service pension.
Under the Central States retirement plan Health insurance will cost you-(rounded figure)-$800.00 a month at the age of 57.
Per the Central States web site.
Each year the monthly cost declines with the age you retire at.
Bad news is it not the same insurance coverage you get while you work and UPS pays the premium.
No vision/ no dental coverage. Limited prescription coverage.
Basic 20/80% major medical coverage with a $150,000 max yearly limit.
Gee thanks, CS.


35 years, any age, $3500 month

30 or more years, any age, $3000 plus $100/yr of service for years over 30 up to $3500

25 years, any age up to 57, $2000

25 years, 57 or older, $2500 plus $100/yr of service for years over 25 up to $3500 maximum

These are all monthly amounts. Hope this helps.
 
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