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Future Mgmt Retirees - What U may not know!
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<blockquote data-quote="2soon4me" data-source="post: 192001" data-attributes="member: 4509"><p>Teamsters will not release pension money paid to them. Unless you have 20 yrs, you have to work until 65 to collect your pension from the teamsters. I decided to go into management after 16 years with the union. I will recieve a reduced pension from UPS. When I am 65 my UPS pension will be reduced by whatever the teasmter pension is and I will get a check from the union too. The two checks added together equal the same dollar amount you were recieving. You must provide the retirement comm with a letter from the union stating credits and what the pension is worth when you are 65 years old. UPS takes those figures and runs them through some calculations. This is called being under a multi-employee pension plan. At this time we can retire as a management at 55. Since you are under a muliti-employer plan you will have a reduced pension, depending on the number of union years. If you really need to know write your union and get the letter. Send a copy with a pre-retirement estimate. HR should be able to help you with this. It takes about 2-3 weeks to get one back from Atlanta.</p></blockquote><p></p>
[QUOTE="2soon4me, post: 192001, member: 4509"] Teamsters will not release pension money paid to them. Unless you have 20 yrs, you have to work until 65 to collect your pension from the teamsters. I decided to go into management after 16 years with the union. I will recieve a reduced pension from UPS. When I am 65 my UPS pension will be reduced by whatever the teasmter pension is and I will get a check from the union too. The two checks added together equal the same dollar amount you were recieving. You must provide the retirement comm with a letter from the union stating credits and what the pension is worth when you are 65 years old. UPS takes those figures and runs them through some calculations. This is called being under a multi-employee pension plan. At this time we can retire as a management at 55. Since you are under a muliti-employer plan you will have a reduced pension, depending on the number of union years. If you really need to know write your union and get the letter. Send a copy with a pre-retirement estimate. HR should be able to help you with this. It takes about 2-3 weeks to get one back from Atlanta. [/QUOTE]
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