Death before Retirement ??

[Vette51]

What happens to your pension if you pass before you retire and have 25,30 etc years in ? Teamcare pays your life ins. , what about pension from ups ,is it lost money ??

 

[PT Car Washer]

What happens to your pension if you pass before you retire and have 25,30 etc years in ? Teamcare pays your life ins. , what about pension from ups ,is it lost money ??

Good question. I would assume your pension would go to your surviving spouse.

 

[Inthegame]

What happens to your pension if you pass before you retire and have 25,30 etc years in ? Teamcare pays your life ins. , what about pension from ups ,is it lost money ??

Read your SPD. Most pensions pay to surviving spouses or beneficiaries.

 

[rod]

In Central States it all depended on what option for payment you chose (at least back when the Teamsters ran the pension). I think (its been a long time) you could take a full pension and the wife would only get paid for five years after you died or you could take a reduced one and she would get your pension for life. I could be wrong but it was something like that.

 

[retiredTxfeeder]

In Central States it all depended on what option for payment you chose (at least back when the Teamsters ran the pension). I think (its been a long time) you could take a full pension and the wife would only get paid for five years after you died or you could take a reduced one and she would get your pension for life. I could be wrong but it was something like that.

It was that way when I retired in 2014. I think you had 3 different options.

 

[rod]

It was that way when I retired in 2014. I think you had 3 different options.

All I remember is that I took every dime I could get and the wife would be on her own after I died. (We did agree on that)

 

[Vette51]

I understand the co-survivorship option etc. When you retire, I am talking about if you pass away with 25-35 years in and still working. Can your family draw your partial pension immediately, wait til the surviving spouse is 62 or never get a dime of your pension. Central states area, but UPS pension fund.

 

[retiredTxfeeder]

All I remember is that I took every dime I could get and the wife would be on her own after I died. (We did agree on that)

That's what I wanted, too. But the wife got all butt-hurt, so we compromised. She will keep getting a check after I'm dead and gone.

 

[burrheadd]

I understand the co-survivorship option etc. When you retire, I am talking about if you pass away with 25-35 years in and still working. Can your family draw your partial pension immediately, wait til the surviving spouse is 62 or never get a dime of your pension. Central states area, but UPS pension fund.

 

[rod]

That's what I wanted, too. But the wife got all butt-hurt, so we compromised. She will keep getting a check after I'm dead and gone.

Mine will have to rely on her next husband. (just kidding) -------The Queen will be well taken care of .

 

[retiredTxfeeder]

Mine will have to rely on her next husband. (just kidding) -------The Queen will be well taken care of .

I'm going to show her! I'm going to live to a ripe old age.

 

[Shiftless]

What happens to your pension if you pass before you retire and have 25,30 etc years in ? Teamcare pays your life ins. , what about pension from ups ,is it lost money ??

Where are you located?
I retired from Western States. Teamsters provide the monetary side of retirement and UPS provides the healthcare.

This may be wrong or changed it's how I always heard it back in the day? To "RETIRE" means you have met all the terms and conditions in your area to retire. If you leave before retirement that is separation and you get a withdrawal card to stay in good standing so you can collect the teamster retirement that use different requirements. If you die before you meet the contractual retirement qualifications or age for teamster eligibility for retirement it's Gone!
I chose not to test the early death option.

 

[olroadbeech]

but he's asking BEFORE you retire with 25 0r 30 years in. if you haven't met the peer requirements then his spouse would get nothing , right?

what if he had met the requirements and wasn't retired before he passed? could his spouse file for a survivor pension?

this must happen sometimes. good question.

 

[Vette51]

but he's asking BEFORE you retire with 25 0r 30 years in. if you haven't met the peer requirements then his spouse would get nothing , right?

what if he had met the requirements and wasn't retired before he passed? could his spouse file for a survivor pension?

this must happen sometimes. good question.

It's just happened in our area. A member with 25 plus years passed away at age 54. So we are all curious what benefits his or our family's would receive in the same situation.

 

[Shiftless]

It's just happened in our area. A member with 25 plus years passed away at age 54. So we are all curious what benefits his or our family's would receive in the same situation.

Do you have the peer 80 program. If he could have already retired I would imagine if they offer survivor benefits in his retirement pkg his beneficiary would be entitled.

 

[Shiftless]

In the western states you are offered different options when you retire. My beneficiary will continue after my death to receive a reduced pension payment.

That means when I opted for this to happen from day one when I retired I took less per month to make this part of our retirement plan.

 

[Inthegame]

In my union pension plan if a participant dies while active, the plan assumes the party "retired" on the day they died and pays survivor benefits accordingly. Many plans have similar language.

 

[UpstateNYUPSer(Ret)]

That's what I wanted, too. But the wife got all butt-hurt, so we compromised. She will keep getting a check after I'm dead and gone.

Had you considered taking your full pension and then using part of that to pay for a life insurance policy for your spouse?

 

[UpstateNYUPSer(Ret)]

In my union pension plan if a participant dies while active, the plan assumes the party "retired" on the day they died and pays survivor benefits accordingly. Many plans have similar language.

If the member in question meets all of the eligibility criteria this would be the right thing to do for the widow/widower.

 

[olroadbeech]

Had you considered taking your full pension and then using part of that to pay for a life insurance policy for your spouse?

in the west, you get 300 dollars less a month if you opt for survivor benefits which is 60% of your pension payment. i guess you could buy a lot of life insurance with that. could that 300 buy the same amount of insurance to produce say $2400 a month ( assuming 4 grand on your pension ) for the rest of her/his life? interesting question.

also if your spouse dies before you , your pension payment gets bumped back up that 300 dollars a month.