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Future Mgmt Retirees - What U may not know!
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<blockquote data-quote="UPS Lifer" data-source="post: 191677" data-attributes="member: 9789"><p>Most of us have been planning on retirement for a long time. However when it gets close...what do you really know and what gets lost in the confusion of all the paperwork.</p><p></p><p>I have recently retired and feel an obligation to inform those that may be under the same impression as me about retirement and the Teamsters Pension you may or may not have become vested in.</p><p></p><p>If you have anything to add...Please share it with people so that others don't go through what we went through.</p><p></p><p>My biggest issue was with the Teamster Pension. </p><p>First of all - i don't have one! But I was under the impression that if I did have one it would be paid in addition to the pension that I receive as a manamgement person. I was never told anything different.</p><p></p><p>When I was going through my final paperwork, I found a clause that showed monies being pulled from my mgmt pension. I was told that these were estimated funds that are being pulled out (approx. $70 / year for all the years I was a Teamster. (I was Teamster for 5 years). </p><p></p><p>I had called the Teamsters to find out what my pension would be and they told me that I had nothing vested. NOW, I find out that I have to prove that I do not have a pension. I called the Teamsters back and asked for proof. They told me it would take up to 12 weeks. I was retiring in 6 weeks! So, I had to wait until I got my "official" denial from the union before the UPS Pension would refund my monies that were held out. I still have yet to see the money but pay day is not for a couple of days....Will see what happens!</p></blockquote><p></p>
[QUOTE="UPS Lifer, post: 191677, member: 9789"] Most of us have been planning on retirement for a long time. However when it gets close...what do you really know and what gets lost in the confusion of all the paperwork. I have recently retired and feel an obligation to inform those that may be under the same impression as me about retirement and the Teamsters Pension you may or may not have become vested in. If you have anything to add...Please share it with people so that others don't go through what we went through. My biggest issue was with the Teamster Pension. First of all - i don't have one! But I was under the impression that if I did have one it would be paid in addition to the pension that I receive as a manamgement person. I was never told anything different. When I was going through my final paperwork, I found a clause that showed monies being pulled from my mgmt pension. I was told that these were estimated funds that are being pulled out (approx. $70 / year for all the years I was a Teamster. (I was Teamster for 5 years). I had called the Teamsters to find out what my pension would be and they told me that I had nothing vested. NOW, I find out that I have to prove that I do not have a pension. I called the Teamsters back and asked for proof. They told me it would take up to 12 weeks. I was retiring in 6 weeks! So, I had to wait until I got my "official" denial from the union before the UPS Pension would refund my monies that were held out. I still have yet to see the money but pay day is not for a couple of days....Will see what happens! [/QUOTE]
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