I'm checking to see if anyone else was as suprised as I was to learn that my service years prior to age 21 do not count towards my pension... Not even 1/2 credit. I confirmed this with by BA and with HR. I want to get the word out to try to get this on the contract proposals to get it changed.
No Pension Credit for service prior to 21 years of age
- Thread starter milkman
- Start date
Please check with you BA Tuesday morning. I have checked with my BA and my HR department, both confirmed. I have 32 years of service but only 30 years on my pension because I have 2 years before age 21. It use to be age 25. I want to get this on the contract proposals to lower to age 18. A lot of fellow employees are in the same position as I am. I'm in central states.
Chnandler Bong
Well-Known Member
So does this mean that the company doesn't make pension contributions for employees until they are age 21? I would like to think that if the company is indeed making contributions to the fund for 18-20 year old hourly employees, then those same employees should receive the benefits when the time comes....
I have about 20 months until I turn 55 and I can get my pension. But what ticks me off is that I recently found out that you have to be 57 before you can get health insurance fron Central States. That throws a big wrench in my plans, I hope the next contract fixes that. I think UPS would be better off letting me retire and replace me with a youngster who can run at half price until full progression and not have so many vacations. I did get credit for the part time pension from when I was 17-21, I was over 21 before I hit full time.
I'm 51, I have 32 years of service, they are telling me that I am not getting credit towards pension for my 2 parttime years before I was 21, and they told me you have to be 55 years of age to get your insurance when you retire. I too am in central states. But if it is like everyone else I talk to no one seems to get the same answers from the company or the union. I too would love to get out of the way for a youngster sooner rather than later.
You are in the same boat as me. If you have five years vested part time, you will get a separate check at "normal retirement age", which I believe is currently 65. I will get an extra $430 a month for eight years. The part time pension is run by UPS and not the IBT. It stinks being under three different pension plans while working for the same company. My info about getting Central States insurance at 57 came from a feeder driver who lives on my area and retired earlier this year.
Milkman: You'll have a very difficult time changing the provisions of the UPS Pension Plan. UPSers, full-time and part-time, all across the country, not just in your area, have been voting "Yes" on your plan's horrible provisions for many years.
Menotyou: They can't expell the pension plan administration. The Plan is run exclusively by UPS. All Trustees are UPS people, not Teamsters. The Teamsters' only conection is that they negotiate a few paragraphs in Article 34 that allow a portion of UPS part-timers to participate in UPS' fund.
Chnandler Bong: Would it surprise you to know that according to the Fund's 2009 Form-5500, UPS contributed ZERO dollars to the fund in 2008? It's not just the under 21 employees they save on. So few employees ever collect, and those that do collect so little, that the Fund is very inexpensive to finance.
Scratch: Is it possible your credits for years before age 21 are as the result of a seperate Reciprocal Agreement between the UPS Pension Plan and your other plan? The UPS Pension Plan alone seems to say you have to be age 21.
- - - -
The most Pension Credit Years you can possibly earn is 35. So if someone began working at age 17 and worked part-time until the "Normal Retirement Age" of 65, they would have worked 48 brutal years, but 13 of them would be for nothing (at least as far as earning Pension Credits go.)
It seems you can collect as early as age 50 if you have ten years of Vesting Credit. The amount collected would be drastically reduced however.
Menotyou: They can't expell the pension plan administration. The Plan is run exclusively by UPS. All Trustees are UPS people, not Teamsters. The Teamsters' only conection is that they negotiate a few paragraphs in Article 34 that allow a portion of UPS part-timers to participate in UPS' fund.
Chnandler Bong: Would it surprise you to know that according to the Fund's 2009 Form-5500, UPS contributed ZERO dollars to the fund in 2008? It's not just the under 21 employees they save on. So few employees ever collect, and those that do collect so little, that the Fund is very inexpensive to finance.
Scratch: Is it possible your credits for years before age 21 are as the result of a seperate Reciprocal Agreement between the UPS Pension Plan and your other plan? The UPS Pension Plan alone seems to say you have to be age 21.
- - - -
The most Pension Credit Years you can possibly earn is 35. So if someone began working at age 17 and worked part-time until the "Normal Retirement Age" of 65, they would have worked 48 brutal years, but 13 of them would be for nothing (at least as far as earning Pension Credits go.)
It seems you can collect as early as age 50 if you have ten years of Vesting Credit. The amount collected would be drastically reduced however.
Similar threads
