cant find the answer

Discussion in 'UPS Union Issues' started by Ouch, Sep 19, 2013.

  1. Ouch

    Ouch Well-Known Member

    Ive looked everywhere in the southern and cant find this. Does your spouce get any of your pension if you pass away. Say you retire then 2 years down the road you pass away would your wife receive anything.
     
  2. PiedmontSteward

    PiedmontSteward RTW-4-Less

    I think you can opt to take various spousal benefit options you can elect to take during retirement, ie. benefits continue for a longer period for your spouse if you pass away, but your monthly benefit is slightly reduced.. this wouldn't be in your supplement, it would be in the Summary Plan Document.
     
  3. Wally

    Wally Hailing from Parts Unknown.

    You should get details from HR because every plan is different.

    Our plan has different options that vary in spouse surviver payout. Generally, guaranteed payout means smaller monthly checks.
     
  4. Ouch

    Ouch Well-Known Member

    Hey thanks a bunch for the help. Im a little ashamed im a steward and didnt know the answer to that. First time ive ever been asked that question though. Thanks again.
     
  5. oldupsman

    oldupsman Well-Known Member

    Instead of taking a reduced monthly benefit, take the full monthly benefit and then buy yourself life insurance.
    Much better option.
     
  6. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    ​Only if you are in good health with no chronic diseases or history of in your family.
     
  7. pretender

    pretender Active Member

    If you are in the UPS/IBT plan, you have two options for spousal benefits (70% and 50%) at a reduced monthly benefit. I agree with purchasing an insurance policy and taking the full monthly benefit. It should also be noted that you are guaranteed 60 months of payments at the full amount.
     
  8. Funfact

    Funfact Well-Known Member

    No matter how healthy you are the older you get the more expensive it gets as the chances of you dying go up quite a bit.
     
  9. Wally

    Wally Hailing from Parts Unknown.

    Life insurance is expensive as age increases. How far out would you go?
     
  10. didyousheetit

    didyousheetit Active Member

    just remember spouse has to sign off on not being on the pension. Not sure how many would like that idea
     
  11. Inthegame

    Inthegame Well-Known Member

    Not to nitpick but I believe you meant your surviving beneficiary is guaranteed 60 months. If you pass, you won't be needing pension payments...
     
  12. pretender

    pretender Active Member

    Thanks--That is what I meant to say.
     
  13. upschuck

    upschuck Avatar bet gone wrong

    I've gotten onto upsers.com and gone to the retirement calculator, and it well tell you what you are due to get at a specified date and with spousal coverage. I have found that to be helpful. You do need to make an account though.