Combined service pension???????

Discussion in 'UPS Retirement Topics' started by Ruralbrownman, Dec 1, 2006.

  1. Ruralbrownman

    Ruralbrownman New Member

    Has anyone heard of a combined service pension. Our HR guy was in our building the day after Thanksgiving and told us about this. It sounds like it takes your part-time years and combines them with your driving years when counting years of service. We are looking into to see exactly what it is. Does anyone know , is the money the same or how does it work?
  2. rod

    rod retired and happy

    I have heard about it but didn't pay any attention to it. I was only a part timer for 3 months so it didn't affect me. Correct me if I am wrong but doesn't 1 year of part time work count as 1/2 year toward retirement qualifications?
  3. 30andout

    30andout New Member

    I was fulltime clerk for 14 yrs and driver for 20 and they won't combine those years.:crying:
  4. Just Lurking

    Just Lurking Member

    CS is the only plan that has a reciprocal agreement with UPS plan. The only statement that I have heard anyone talk about was 5 yr. PT / 25 yr. FT. It was better than no reciprocal agreement but not better than a straight 30 yr. FT pension.
  5. Ruralbrownman

    Ruralbrownman New Member

    I am not in CS but we received a response from corporate that says we also have this agreement. We talked to the hall and they deny that any agreement exists. We have alot of drivers that have 6,7 or 8 years of part-time work and are really interested in finding out if this true or not.
  6. Ruralbrownman

    Ruralbrownman New Member

    I am not in CS but we received a response from corporate that says we also have this agreement. We talked to the hall and they deny that any agreement exists. We have alot of drivers that have 6,7 or 8 years of part-time work and are really interested in finding out if this true or not.
  7. Keepingthemhonest

    Keepingthemhonest Bring'n sexy back

    I believe you are credited half the years of service after attaining 21 for parttime work when advancing to fulltime, different supplements may have different clauses
  8. Load Stand

    Load Stand Guest

    It's called a recipricol common.....UPS Pension Plan shares data with local teamster Plans to develop a total amount of credit years
  9. Valued Customer

    Valued Customer New Member

    It is my understanding ( I might be wrong) that Thirty years is 30 years. Thus if you are part time 15 years part time you get 15 yr part-time pension contribution and then 15 yr full time contrition to you pension.

    I can also see the logic in my assumption of this being wrong. If this is wrong ...but I do not understand how they can take years from you. I can understand money pension wise but not years....

    I have a co-worker that has been part time 18 years ; and if a full time inside comes up he might consider it..but he like everyone else is leery about the pension . I hope we can find a clear answer ....what do you guys think ???
  10. mpeedy

    mpeedy Member

    In southern california your part-time service is cut in half and credited to your full time pension. I worked part-time for 8 years and have driven for 7. I have 11 years toward my full time pension and it counts on the feeder list/vacation time. I was given a new adjusted start date too, 4 years back from the time I started full time driving.
  11. As I recall in the strike shorted season, the company was offering to count p/t years as f/t years of service towards the 30 and out, as part of their bid to take over the pension. Then the union said they would do the same thing to take the issue off the table. The benefit was assumed to be there until the pension crashed, at least in the central states. (Although the union could not have afforded to do it anyway and it was an empty promise). The union had been able to promise anything they want with the pensions without regard for whether they can afford it or not, which has contributed to the whole pension mess.
  12. scratch

    scratch Least Best Moderator Staff Member

    I am in Centrel States and we don't have a "Combined Service Pension", it is a "reciprocal agreement". I have 6.75 years credit for my eight years of Part-time with a UPS Pension and almost twenty three years credit in Central States as a full-time driver. I will get two separate checks at retirement age, the way CS is going, my UPS check will probably be bigger!:bored:
  13. DorkHead

    DorkHead Active Member

    Where I am, all years count towards your 30. PT and FT. However, the ammount contributed during PT is one half that of FT. So, I have 4 yrs. PT and 18 yrs. FT. 8 yrs to go with a pension of roughly 5900.00 per month.
  14. Cezanne

    Cezanne New Member

    Isn't it really apathic why nobody knows how their pension is credited and the monetary benefit they would be eligible for with 30 years service. Some retirees make close to 6,000 dollars and others are lucky to get 2,000 with the same amount of years with union representation. Again try to get a straight answer from the people who show know and you will get smoke with no accountability.

    Here is the scoop on how the central states and UPS pension plan works with their combined credits and monetary benefits:

    a. There is a reciprocal agreement between the plans that combines your service (part time and full time years).

    b. Your part time years are added to your full time years as full vested years if you work more than 750 hours in a full year. For example if you work 10 years part time and 20 years full time you can retire with 30 years credit.

    c. The monetary formula with your part time years under the company plan (UPS pension plan) is based on a percentage of how much a thirty year benefit would be at the time you left the plan. For example 10 years equal 1/3 of roughly 1,000, your benefit from that plan would be about 333 a month. Trouble is that the plan only pays that 333 at normal retirement age of 65, if you retire earlier than that the amount is reduced six percent for every year before age 65. People wishing to retire at 55 will find that those 10 years would be reduced by 60

    d. The part time monetary benefit is added to the monetary benefit with your years under the union's central states plan to get your total retirement payment. Under the central states plan the years before 2004 are averaged with 100 dollars per credit year, after 2004 I believe is formulated to about 85 dollars per year.

    Now with anybody who has alot of years under the company plan in the central states area (most of the first and second year combo positions) do the math and most will discover that they could afford to retire earlier than 65. That means most of them will have to work over 40 years to retire with any reasonable pension benefit, and it will never reach those fellow union members who started out full time (example: 20 years part time = $750 a month/20 years full time = 2000, total with 40 years combined service would be 2750 at age 65 only). All this is subject to change on how well the central states fund performs, the 100 dollar per service year quoted is giving it's best face.

    Also remember that your health and welfare on retirement is fair game at any time, in other words they could raise your monthy charges for coverage even if you retire. Can everybody see how both the company and union are pushing up the retirement age to counter the costs associated with covering their retirees. At age 62 you are automatically covered under the Medicare system, in most circumstances you lose any company or union medical coverages.

    Good news is that most of the corporations and companies who are cutting their benefit plans are losing money, that cannot be said with UPS, the money is there. Who controls these funds is going to be the real battle:cool:
  15. 30andout

    30andout New Member

    Also know, there is a UPS "Pension Plan" and UPS "Retirement Plan" of which the retirement plan has NO reciprocal agreement with central states.