Minimum notice to retirement committee

Discussion in 'UPS Retirement Topics' started by Packmule, Dec 27, 2014.

  1. Packmule

    Packmule Well-Known Member

    Still debating whether to stick around for two more years or hang it up this thanksgiving.
    Anyone know what the minimum amount of time I need to give the committee in order to facilitate a smooth transition if I decide to bail?
     
  2. oldngray

    oldngray nowhere special

    30 days.
     
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  3. Packmule

    Packmule Well-Known Member

    Thx. A ten day forecast might be the deciding factor!
     
  4. Our pension committee,has several meetings a year. not sure how frequent..Good luck,hope you can get out,when you want.
     
  5. oldngray

    oldngray nowhere special

    UPS won't even let you turn in paperwork more than 90 days in advance. Then they won't do anything until about that 30 day window. So when mistakes are made (which usually happens) you have to get them corrected after you retire. They act like every person is the first person to retire and are clueless (or intentionally make things more difficult than necessary). I had nothing to say to anyone locally. It all went through Atlanta who notified my center. I would have liked to have everything done early for a smooth transition but that is not how UPS wants it to be.
     
  6. The one thing that I do know,for sure. If you have any part time years,that are pension eligible,you must give atleast 90 days notice to collect.

    No retroactive.
     
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  7. Packmule

    Packmule Well-Known Member

    F
    iv years.
     
  8. Packmule

    Packmule Well-Known Member

  9. From the retirees I talked to,they give you a big deduction,on your part time pension. If you take it before age 65.
     
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    Last edited: Dec 27, 2014
  10. oldngray

    oldngray nowhere special

    The pension is figured a couple of different ways and one way you do get less depending on your age but years of service you don't. For the part time pension you could get more if you are close to 65 but it decreases with age so if you are closer to 55 you get more figuring it the other way (years of service).
     
  11. Packmule

    Packmule Well-Known Member

    Wondering how accurate Pension Planner is.
     
  12. Yes It Is very confusing,from the retirees I talked to.
     
  13. oldngray

    oldngray nowhere special

    It is only an "estimate". Even UPS admits that. UPS insisted mine was correct but then made a correction a month after I retired then another almost 5 months later. UPS has 5 months to correct errors then you are stuck with those numbers. That calculator does give you a close estimate but not exact.
     
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  14. Mike hunt

    Mike hunt Guest

    What is a pension committee and what would they have to decide on your pension? I've never heard of this.
     
  15. Packmule

    Packmule Well-Known Member

    They are the people you contact when you want to retire.
     
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  16. You need to ask yourself,a whole pile of questions. Might be worth yout time,to paya financial advisor, for an hour or two of his time.

    Can you afford to retire? Can your body take It,another year.

    How much more pension would you get,working another year?

    How much would that raise your social security?

    What kind of shape,is your pension plan in?

    Do you want a part time job,when you retire?

    How much can you "safely" withdraw from your 401k?

    Healthcare? life insurance?

    Many other questios. Sorry not trying to make it hard on you.
     
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  17. Packmule

    Packmule Well-Known Member

    Yeah I think about all those things every day. I'm a plan B for my plan C kind of guy. It would definitely be worth about 300 a month to stick around till 2017. But I will be at 37 years and 56 years old this May.
    Body still chugging along ok, but I'm just so sick of living like this every winter.
    Wife and kids want me out before anything stupid happens.
    I'd be thrilled to stock shelves in a local store for a few years till SS kicks in. Just won't be wondering every stop if this is the one that'll cost me my job anyway.
     
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  18. Make an appointment,with an advisor. not a bank or an Insurance guy. it is a big step,do it correctly. once you are retired,you cant go back.
     
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  19. Packmule

    Packmule Well-Known Member

    Thx. I will have to do that.
     
  20. Best of luck to you. I really mean that. Just dont jump without a life preserver