Part time pension information

Discussion in 'UPS Discussions' started by dannyboy, Jan 31, 2006.

  1. dannyboy

    dannyboy From the promised LAND

    For all of you part time UPS lifers a note to make your day.

    Just got a real nice letter from UPS stating that for my almost 5 years part time service, I get $196.67 payable at age 65, your normal retirement age.

    I would guess that for the most part, the company really does not intend to pay out much to the part time workforce in retirement benefits.

    Wonder why part timers are not allowed to retire at 55 like current management for UPS are allowed to.
     
  2. toonertoo

    toonertoo Most Awesome Dog Staff Member

    Danny, was your part time/ management or hourly? I have 2 union and six mgmt. I was just wondering if I could retire before I reach 70 or so.
     
  3. dannyboy

    dannyboy From the promised LAND

    Mine was hourly. I dont understand how the company can allow the management team to retire at 55 if they have enough time, but yet hourly have to wait until 65?

    d
     
  4. faded jeans

    faded jeans just a member

    Have 13 years pt. Throw away years. Don't count at all.
     
  5. scratch

    scratch Least Best Moderator Staff Member

    Danny,
    How does this effect somebody in my case, since I believe you are in Tennessee and covered under the Southern Regional portion of Central States like I am. I worked part-time for eight years and have been a credit of 6.75 years. I have twenty-two years vested full-time as a driver in Central States. I thought we had something called a "Reciprocal Agreement" or something like that that somehow combined these years. I believe that we would get a Pension check from UPS and another one from Central States although I don't know at what age I would be elligible. I'm forty seven now, am wondering if I have to work "forty and out" to get $2700.00 a month from Central States.:confused:1
     
  6. dannyboy

    dannyboy From the promised LAND

    While I am in Tennessee, we are the two centers that are in the Atlantic area. We get 3500 for 30 years and out.

    The way the recip agreement is applied here is that say you worked 34 years for ups, 9 part time and 25 full time.

    You have two options, take your 25 full time and retire with 2700 a month, then wait until you turn 65 to draw your part time pension from UPS.

    Or you can count your part time years in with your full time. This is done by taking the 3500 , divide by 34 (total years), then multiply by 25 (total full time years) giving you 2573.52, then adding the $55 a month part timers get times 9 years part time, or 495. for a total of 3,068.52 a month. So in this case if the driver were fairly young, it would pay him to take the years part time in the recip agreement.

    In my case, it worked out that I was able to buy out what I needed for all my full time years, so I got the full 3500 (before buy down, taxes and insurance) and did not need to dip into the part time credit.

    Funny, I thought it was supposed to be $55 a month for each year of part time which in my case should be $275 a month. Where they came up with $196.67 I dont know.

    hope this helps. I dont know if central states is anywhere close to this model.

    d
     
  7. laborer

    laborer New Member

    The way our Reciprocal Agreement has been explained by the local is that your years will be combined to get your total years of service. An example would be, 10 yrs part time and 20 yrs full time would add up to a 30 yr pension. UPS would pay 1/3 of a 30 yr PT pension and Central States would pay 2/3 of a 30 yr FT pension.

    I found the following addresses to check on your pension at Teamster.net.

    CS:
    James G. Harmon
    Pension Processing Dept.
    9377 W Higgins Rd.
    Rosemont, IL 60018-4938

    UPS:
    Carla McDonald
    Pension Plan
    Glenlake Parkway, NE
    Atlanta, GA 30328
    (404) 828-4036

    Here's a sample letter our local gave us to send to inquire about our pension plans:

    To whom it may concern,
    I am a participant in this pension plan. Please inform me of what accrued benefit I am entitled to as of present, including any partial pension benefit owed under the reciprocity agreement between Central States and the UPS pension plan.
    Also, please provide me with an explanation of how the partial or combined pension benefit is determined under the reciprocity agreement.
     
  8. pretender

    pretender Active Member

    Danny--I have a similar amount of part time years as you (4.58333); and the benefit I was quoted was $182.33--Which sounds about right. However, I was also told that I could receive $114.73 under the 30 year Reciprocal Agreement.

    The formula is your number of part time years divided by 30, and then multiplied by $751.
     
  9. pretender

    pretender Active Member

    I should clarify--I can receive $114.73 right now, at the age of 50, as opposed to $182.33 at the age of 65.

    However, it is a moot point, because I am not eligible for insurance...
     
  10. browniehound

    browniehound Well-Known Member

    Danny, I believe that quote is of you leave the company right now, at age 64 you would recieve 184 a month. If you continue working that amount should increase every year you're with ups. Which brings up another point. For us younger guys (30's), do you really think the pension is going to be there in 25 years? With more people being retired (baby boomers) than working and people living longer pension plans and social security can't stay afloat anymore. We need to maximize our 401k and IRA savings and not count on recieving any pension. At least thats what i'm planning for. If some sort of pension or social security is there when I retire that will be great, but if not I have plenty of time to save and be a millionare without it.
     
  11. scratch

    scratch Least Best Moderator Staff Member

    Browniehound,

    Wise plan, if you are low in service years, plan and invest right now. Teamster Pension Plans and Social Security will be insufficient in years to come.
     
  12. dannyboy

    dannyboy From the promised LAND

    Brownie

    THat ws my post exactly. I am 51. If I elect to take the UPS retirement, it will be reduced dramatically. IF I wait till 65, not 64, then I get the full 196.67.

    Pretender, they are talking about stoping the newly retired from being able to get insurance coverage in the future. Look for more cuts to cover retirement.

    d
     
  13. trickpony1

    trickpony1 Well-Known Member

    Does anyone know if the street address for UPS shown in post number 7 is sufficient?
    I would think Glenlake Parkway, NE would be a very long street with many U.S. Mail recipients on it.
    Perhaps a number (example, 3233 Glenlake Parkway, NE) would assure that our letters get to Ms. McDonald.
    THANKS FOR THE INPUT.
     
  14. scratch

    scratch Least Best Moderator Staff Member

    Trick,

    The correct address is 55 Glenlake Pkwy. This is Corporate Headquarters, it is located on the Northside of Atlanta above I-285 and just West of Ga. HWY 400. My mother lives in that area, one Saturday morning I turned around at the front driveway to check it out. Nice looking building located in a wooded office park area.
     
    Last edited: Feb 5, 2006
  15. trickpony1

    trickpony1 Well-Known Member

    Thanks for the info.
    I worked 2 1/2 years as a preloader before going to pkg cars.
    I can't get a straight answer from anyone as to how those PT years convert into pension credit.
    Some say no credit. Some say 2 for 1. Some say the company blames the union and the union blames the company for no credit. Some say if my PT years were before a certain date then they don't count. And, finally, if I didn't work a certain number of hours in those years then they don't count (which doesn't require a shred of evidence since I didn't keep my check stubs 26 years ago).

    ....any excuse to keep from paying.
     
  16. toonertoo

    toonertoo Most Awesome Dog Staff Member

    I have had the same experience trying to find out what if any credit I get for 2 pt yrs and 6 pt mgmt, so I have a letter typed up and ready to send to both those addresses listed. I figure by the time I am 65, I might get an answer, Yeah haw.
     
  17. laborer

    laborer New Member

    Sorry about the incomplete add, when I copied it I didn't notice that it didn't have the entire address on it.

    The Southern Region Supplemental says that to receive 1yr of PT credit you need 750hrs or more, 501-749hrs earns 9 months and 375-500hrs gets you 6 months. I've been told that any years you work before the age of 21 will not be counted but I'm not sure if this is true or not. The contract states, "$55.00 times part-time Credited Service years subject to a maximum 35 years service limit."

    If you look in Article 34 sec1 (i) (1) of the National agreement you can see the PT pension info.
     
  18. mydad

    mydad Guest

    Re: retirement/pension information

    I fell upon this site researching information for my dad. If anyone could help me out, I would really appreciate it. My dad worked for UPS full time for almost 10 years (1965 to 1975). He had to leave 2 months before his 10 year annivesary. I am helping him with a letter to inquire about any benefits or pension, but I do not have a contact name at 55 Glenlake Parkway, NE. Does anyone have any information or advice for my situation?? I would appreciate any information that could help out my dad. Thanks for your time.
    Michele
     
  19. trickpony1

    trickpony1 Well-Known Member

    If your dad was a full time union hourly employee I would think any pension benefits would be through the teamster's. If this is the case,I would inquire at the local union hall.
     
  20. wildgoose

    wildgoose WILDGOOSE

    Looks like another success story for partimers and full timers under The company and central states and you wonder why we want a change ?