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Management Retirement Denied
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<blockquote data-quote="beentheredonethat" data-source="post: 2371193" data-attributes="member: 4886"><p>I actually knew this person. He was a nice guy. He wasn't married and he had four adult kids. With UPS management, there are basically 4 types of pension options. Option 1, is you get 100% of what you should get at retirement (based on age, years of work, average salary etc). Option 2 is you get less then 100% of what you earned, but in event of your death, your spouse get 50% of that amount until she dies. Option 3, is you get even less then option 2, but in event of your death, your spouse continues to receive the same amount until their death. Option 4 is you get less then 100%, but in event of your death, your estate\beneficiaries keep getting your pension check for a total of 10 years (from the date of retirement). There may be another option of between 50/100% for spouse. In any event, if a mgmt person has a spouse they default to the option 2 and you can change it. If a person is not married, option 1 is the default. He chose option 4 but since he didn't retire yet, the default option kicked in, which for him being single was option 1 and nothing went to beneficiary. I told my wife, if I am dying and am still working and 55 or above, keep me alive until I can "officially retire" then make sure we choose the 100% option (Option 3) so she has the most money possible. (Then pull the plug on me). I agree what UPS did was awful. What is unknown is what did HR say and what did they know at time.</p></blockquote><p></p>
[QUOTE="beentheredonethat, post: 2371193, member: 4886"] I actually knew this person. He was a nice guy. He wasn't married and he had four adult kids. With UPS management, there are basically 4 types of pension options. Option 1, is you get 100% of what you should get at retirement (based on age, years of work, average salary etc). Option 2 is you get less then 100% of what you earned, but in event of your death, your spouse get 50% of that amount until she dies. Option 3, is you get even less then option 2, but in event of your death, your spouse continues to receive the same amount until their death. Option 4 is you get less then 100%, but in event of your death, your estate\beneficiaries keep getting your pension check for a total of 10 years (from the date of retirement). There may be another option of between 50/100% for spouse. In any event, if a mgmt person has a spouse they default to the option 2 and you can change it. If a person is not married, option 1 is the default. He chose option 4 but since he didn't retire yet, the default option kicked in, which for him being single was option 1 and nothing went to beneficiary. I told my wife, if I am dying and am still working and 55 or above, keep me alive until I can "officially retire" then make sure we choose the 100% option (Option 3) so she has the most money possible. (Then pull the plug on me). I agree what UPS did was awful. What is unknown is what did HR say and what did they know at time. [/QUOTE]
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