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Part-time Pension from UPS part-time pension

Discussion in 'UPS Union Issues' started by steward71, Apr 12, 2011.

  1. steward71

    steward71 Active Member

    We have someone in our HUB that has been part time for over 15 years and she has left due to finding a another job. She has asked me if part-timers can cash out the part-time pension plan. We are not covered by the teamsters part-time pension plan but by the UPS part-time pension plan in our area. I did help someone with this issue 8 years ago and they were able to cash out the plan then. HR is giving her the run around and the local is no help. She has called the 1800 # for part-timers but cannot get anyone, I have told her to write the plan and ask. Just wanted to ask this here. thanks for the help.
  2. FAVREFAN

    FAVREFAN Member

    Whoever told you they "cashed out" their plan is full of b.s. No such thing. Your friend will be able to draw on her pension when she reaches full retirement age according to U.P.S. I'm not sure what that is currently. She should have stayed another 10 years, she could have then started drawing from it right away with the "25 and out" at a reduced amount. Dumb move, work 2 jobs for ten more years, many of us do it. I guess if she is older it's not that bad, she'll get it soon, but if she is young, I would have hung on 'till 25 years.
  3. steward71

    steward71 Active Member

    She saw been working two jobs and is has been with UPS for 9 years part time. The job she has been working full time is given her a step up with much more pay. I was wrong about her time at UPS she has been there 9 years. I did call the 1800# and she can get a cash out if you have been there for less then 10 years which was stated to me from the UPS Pension #. If you have been there over 10 then no you can't. If you see in my post I did help someone with the cash out 8 years ago, I should know I married this man and he did get the cash out he got the check. I did not know if the policy has changed that is the reason I posted this. She was getting the run around and simply wanted help.
  4. menotyou

    menotyou bella amicizia

    Glad you could help her. In our area, they changed all the pension rules because it was underfunded. No more cashing out for anything. No more disability pensions, either. 30 and minimum 55 to go. NYS.
  5. steward71

    steward71 Active Member

    Form what I understand the part-time pension from UPS for part-time is not under and is at around 90%. Now from what I have been told the part-time teamster fund is under as well. CS is taking a hit for Yellow and Roadway they are now telling anyone who's is at age after Sept of this year they may have to take a 26% cut. I have a feeling many are going to have to do this. My pension with the state of Va is under and the gov is wanting for all employees to give 5% of pay to make up the money. I have no issue with this. I would do this in a heart beat if that means saving my pension at my Full time job. i would do this as well at UPS if it means to save my pension.
  6. FAVREFAN

    FAVREFAN Member

    Wow. I stand corrected. Consider yourself lucky to be in the area you're in. I've been with the company almost 20 years....there has never been any "cash out here"........never. But that's how things are at UPS.....vastly different pensions, contracts and rules depending on where you are in the country.
  7. FAVREFAN

    FAVREFAN Member

    Just curious....what does 9 years part-time cash out equal?
  8. FAVREFAN

    FAVREFAN Member

    Sure that wasn't the old "Thrift plan" or his 401(k)?
  9. steward71

    steward71 Active Member

    No it is the UPS Part time Pension not the Part time teamsters plan that some part timers are under. I just found out someone else in my HUB who left 6 years ago and then another who left 7.5 years ago left and both good rehire are now back at UPS. I ran into to both of them and asked them if them the very same questioned and they both stated it was the pension plan not the old Thrift plan or 401K. I agian called and asked again and told the same thing at the pension number. I did ask what the pay out would be she gave me a ex. of 8 years after taxes it could be around $5000. That includes taxes and some kind of other % for withdrawal or cash out.
  10. nikimuscle

    nikimuscle New Member

    Do you have the 800 number? I'd like to call and look into this.
  11. steward71

    steward71 Active Member

    Get it from upsers.com under benfits it will give you the number and you will have to call you may be hold for 20min. also you get update about any pension chages that have been done in the last year. just got mine and it clearly states in the paper work that if you have less then 5 years then you can cash out. I will go home tonight and find the number then i will reposted the number.
  12. FAVREFAN

    FAVREFAN Member

    Yeah, but in this thread the times of employment have been 6, 7.5, 9 and 15 years. So anyone can ask for a "cash out" at anytime? Just surprised, never heard of that.
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