Lets say....

Discussion in 'UPS Retirement Topics' started by Ghost in the Darkness, Mar 24, 2016.

  1. Ghost in the Darkness

    Ghost in the Darkness Active Member

    Say you put in 30 years as a FT driver and had 7 years as a PT prior to going FT. Would you get both pensions or does it cut off at 30 and you would just get the FT pension... (not that there will be any pension left to get anyway).
     
  2. oldngray

    oldngray nowhere special

    You would get 2 pension checks. One for FT and one for PT years.
     
  3. upschuck

    upschuck Avatar bet gone wrong

    I believe I got a buddy who gets 3 checks, PT, union FT, and UPS FT. Don't remember who it was, maybe I read it on here.
     
  4. onestoptogo

    onestoptogo Member

    It actually depends where you worked. The western conference has the part-time and full-time in the same pension fund.
     
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  5. Coldworld

    Coldworld Well-Known Member

    Is this the reason why the pension is in the green and funded by almost 92%...all of those part-timers leaving after a year???
     
  6. hondo

    hondo promoted to mediocrity

    I don't think it's that simple. It certainly helps; but, the 2 other Teamster MEPFs that I know has part-timers, did not fare so well (New England & Upstate NY).
     
  7. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    While the pension contributions of those PTers who do not stay until they are vested (5 years) remain in the fund, they make a negligible difference.

    Our pension fund is about 46% funded and we are anticipating cuts of about 20% for actives, 35% for UPS retirees and up to 50% for orphan retirees.
     
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  8. Coldworld

    Coldworld Well-Known Member

    And you guys continue to receive a full year towards your pension after only 1000 hours worked ??
     
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Yes and that needs to change.
     
  10. Coldworld

    Coldworld Well-Known Member

    Why wasn't that changed years ago... Western conference is 2080 hours....are there other pensions that you know of that have 1000 hours for a full year pension credit??
     
  11. Does that mean western can't get full year pension credit if they take even just one dead day? Since ups doesn't contribute to the pension on overtime hours.
     
  12. Coldworld

    Coldworld Well-Known Member

    I don't think so...usually if you are working a minimum of 45 hours a week you should be well above 2080... You can still take dead days..
     
  13. You're right about working well above 2080 hours, but there would max of 2080 paid into the pension on your behalf since they don't pay into the pension on overtime. Any straight time hours you don't work, wouldn't be paid into the pension and put you below that 2080. I'm not sure if I am saying that in a way that it even makes sense.
     
  14. PT Car Washer

    PT Car Washer Well-Known Member

    Do vacation weeks and Holiday's count toward the 2080 hours?
     
  15. onestoptogo

    onestoptogo Member

    The regular hours and overtime hours all count until you get to 2080. This basically means your yearly pension contributions are done by October. The advantage to this if you are off for awhile you can make up for the lost hours with overtime hours later. They pay around $11 hour into the fund so over$20,000 is contributed if you work 2080 hours. With the dismal accrual rate of 1.2% it amounts to slightly over $200 dollars a month for life for each year worked.
     
  16. onestoptogo

    onestoptogo Member

    All compensatable hours count towards the 2080 hours.
     
  17. MC4YOU2

    MC4YOU2 Yep, not wearing brown anymore

    You max out each year at 2080 hours, (in the Western Conference) meaning the contributions stop there annually, however your 2 yearly points are based on your birthday and your annual eligibility date.
    Your accrued points, of which you need at least 80, are what determines your retirement date, while your accrued contributions determine your monthly retirement check size.
     
  18. brownmonster

    brownmonster Man of Great Wisdom

    That would be 6 grand at 30 years. Dismal to the tune of almost double my pension.
     
  19. onestoptogo

    onestoptogo Member

    If I had all the money UPS has contributed to my pension plan and just invested myself I would be a muti millionaire. $20,000 a year is a lot. The fund is getting stronger and stronger because they are taking in a boatload of money and paying out a very small percent.
     
  20. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    We only have to work 1 day a month....only local in the country like that though.