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Future Mgmt Retirees - What U may not know!
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<blockquote data-quote="2soon4me" data-source="post: 191993" data-attributes="member: 4509"><p>UPS does not buy teamster pensions and Teamsters will not release money that has been collected for purpose of pensions. At this time, a management person you can leave with full retirement benifits at 55. BUT depending on your union time it will affect your pension payout. You have to provide a letter from the union stating the number of credits and what the pension would be worth if you retired today. Remenber since you probably haven't got in over 20 years at the union job there will be no payout until you hit 65 yr old. What the UPS Retirement comm. does with this dollar amount is run it through some "formulas". This formula will reduce your UPS Pension depending in the number of years you were in the teamsters. Mine was reduced about $300 for 16 years with the teamsters. When I am 65 my UPS Pension will be reduced by whatever the teamster payout is and I will get two checks, one from the union and one from the company. The total of the two checks will equal the original pension from UPS. This is because of the multi employee pension plans. Life would be easier if the teamsters would just release the money (its mine) to the UPS retirement fund. That will never happen. Bottom line I an losing approx $300 a month because of muli-employer pension plan. I gues in 1973 I worked for the teamsters. I thought I work for UPS.</p></blockquote><p></p>
[QUOTE="2soon4me, post: 191993, member: 4509"] UPS does not buy teamster pensions and Teamsters will not release money that has been collected for purpose of pensions. At this time, a management person you can leave with full retirement benifits at 55. BUT depending on your union time it will affect your pension payout. You have to provide a letter from the union stating the number of credits and what the pension would be worth if you retired today. Remenber since you probably haven't got in over 20 years at the union job there will be no payout until you hit 65 yr old. What the UPS Retirement comm. does with this dollar amount is run it through some "formulas". This formula will reduce your UPS Pension depending in the number of years you were in the teamsters. Mine was reduced about $300 for 16 years with the teamsters. When I am 65 my UPS Pension will be reduced by whatever the teamster payout is and I will get two checks, one from the union and one from the company. The total of the two checks will equal the original pension from UPS. This is because of the multi employee pension plans. Life would be easier if the teamsters would just release the money (its mine) to the UPS retirement fund. That will never happen. Bottom line I an losing approx $300 a month because of muli-employer pension plan. I gues in 1973 I worked for the teamsters. I thought I work for UPS. [/QUOTE]
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