Part Time Pension Statement

[scratch]

I was pleasantly surprised yesterday to receive a pension statement in the mail regarding my part time pension plan. This is the first time that I have received anything, my yearly benefit statements never mentioned it. I was thinking that the company was just going to ignore it and try to negotiate it away, it is part of a previous reciprocal agreement from several contracts back.

I started working part time in Oct, 1975 as a 17 year old just starting his Senior year in high school. I went full time into package driving April 1984, so my part time pension plan service credit is for 8.25 years. My monthly accrued benefit will be $330, unfortunately I can't draw any of it until my normal retirement age of 65 years. While its not a large amount, it will help a little since I also have 23 years in Central States before UPS paid to get out of it.

 

[Nimnim]

I got this too, nice since I wasn't expecting anything. 5 years credit for $285 a month.

On the front it says:

Your Accrued Benefit is a Single Life Only Annuity based on your years of Service Credit, and is payable monthly for your lifetime beginning at your Normal Retirement Date.

On the back it says:

Normal Retirement Date is the first day of the month on, or the next following, the date you reach age 65 and have completed five years of Vesting Credit. If earlier, the fifth anniversary of your participation in the Plan will be used instead of the five years of Vesting Credit.

 

[scratch]

Why can't you draw from it until you are 65? The contract clearly states that 30 years at "Any Age".

This is the UPS Pension Plan thats for part timers. I am actually vested in three different pension plans. The UPS plan for part timers, 23 years in Central States as a full time Package Driver, and in the new IBT/UPS Pension Plan when the company paid Central States to get out of it. There has been a great bit of confusion how employees like myself stand pension wise. It would be nice if we could go to one place and find out exactly where we are as far as figuring when we can retire. Everybody I ask has a different understanding. Everybody thought that the new IBT/UPS Pension Plan included part time years, that seems to be the way it was sold to us. It turns out that is not the case, it only counts our full time years. I was hoping to retire on my 55th birthday, but it looks like I will have to go another year or two if I want my full 30 year pension. The part time pension I won't get till I turn 65. Of course like any of our benefits, it depends on where you are and what contract and pension plan you fall under.

 

[PT Stewie]

Why can't you draw from it until you are 65? The contract clearly states that 30 years at "Any Age".

The company sent out a disc about two months ago with a complete explaination of the pt plan.It should answer your questions . It was very comprehensive explaining when and how much. All the people I work with recieved one and I believe if you are vested you should have gotten it. If not maybe you can ask your HR department. There are substancial negative multipliers for collecting early.

 

[scratch]

Wow PT Stewie, I find your above statement interesting. We never got a CD explaining anything. A few years back my Local, (728), urged us to write a letter to Corporate asking about the reciprocal agreement. I got a letter back stating how many years I had vested and how much it would be worth (actually a little less). Like I said in my first post, this was never listed on my annual benefit statement. I wish I could get this pension with my full time pension, I would consider retiring a little earlier than my present thinking. Its frustrating from my perspective to have worked 35 years, but I get heavily penalized if I want to retire early.

 

[fred5456]

I am aware of the fact you can retire from UPS at age 55 and draw the UPS pension.

 

[UpstateNYUPSer(Ret)]

How is it we both joined at the same time and I have nearly 12,000 posts while this is your first one?

 

[Anonymous 10]

How is it we both joined at the same time and I have nearly 12,000 posts while this is your first one?

Maybe one of you has a little bit more of a social life than he other.

 

[UpstateNYUPSer(Ret)]

Maybe one of you has a little bit more of a social life than he other.

No, that can't be it...

 

[Nimnim]

No, that can't be it...

Then perhaps it's an innate desire to respond to everything despite topic cohesion.

Or it could be a narcissistic thing where you read everything you post and like the sound of your own voice in your head.

Actually, now I'm wondering about the possibility of getting someone to read each post aloud and post the recording here so we can listen instead of read. Yeah, that sounds like a good way for someone to kill time and get a high post count.

 

[Eugene Floyd]

I also recently received my pt pension statement. My vested years seem low compared to the number of years I have worked for UPS. I was laid off alot when I started and also had a workers comp. where I missed some work.

Who can I contact to get a yearly breakdown of my hours worked per year. There was no telephone number or contact information on the statement.

Thanks

 

[JonFrum]

UPS PENSION PLAN
UNITED PARCEL SERVICE OF AMERICA, INC.
C/O TAX DEPARTMENT
55 GLENLAKE PARKWAY
ATLANTA GA 30328-3474
Telephone number: 404-828-8818
---
Also see . . .

ARTICLE 34. HEALTH & WELFARE AND PENSION
Section 1. Health & Welfare and Pension Provisions
(i) UPS Part-time Pension Plan

. . . in the various Contracts you worked under, for the rules for getting Vested, and for earning Pension Credit.

And see the Plan Document.

Apparently any years worked before age 21 don't count!!!

 

[Nimnim]

Apparently any years worked before age 21 don't count!!!

Man am I glad I didn't start working at UPS til I was 21 then.

Also on the paper it says it's a record as of December 31, 2009 so that can account for a small discrepancy in time.

 

[moreluck]

Goodbye tension....Hello Pension !!

 

[PT Stewie]

9 years 2 months not that I am counting

 

[scratch]

Apparently any years worked before age 21 don't count!!!

Not so in my case, I was seventeen when I started and I got credit for the first three and a half years.

 

[JonFrum]

Not so in my case, I was seventeen when I started and I got credit for the first three and a half years.

I hope you're right. I don't have access to the Plan Documents.

I'm going by:

ARTICLE 34. HEALTH & WELFARE AND PENSION
Section 1. Health & Welfare and Pension Provisions
(i) UPS Part-time Pension Plan
(5) Effective August 1, 2002, the Employer will grant additional years of Credited Service in accordance with the terms of the Plan to all full-time and part-time employees on the payroll on August 1, 2002, who worked for UPS after they were twenty-one (21) but were denied Credited Service solely because the UPS Pension Plan required that an employee be age twenty-five (25) or older to participate in the UPS Pension Plan.

 

[gdoggy]

I have 4yrs 3mnths part-time service starting in 1985,fulltimesince Sep 89.Will my part time credit be comebined with my
full time @ one half a year credit for each part time year or two separate checks?

 

[tardus]

I am pleased that the part-time pension plan update was finally sent out on CD. I did complain to the Dept. of Labor that UPS was not meeting the reporting requirements a few years ago. The Dept. of Labor requires that companies send an updated plan out every few years and when there are any changes to the plan. There is a good reason for that, of course, so that you will know the details of your own pension plan. Current UPS full timers who also worked under the company's part-time pension plan can receive the part-time pension before age 65, but unfortunately the company is requiring a 6% percentage reduction of the benefit for every year you are under 65.

 

[tardus]

Here is the applicable Federal requirements for pension reporting: Title 29, Chapter 18, Subchapter 1, Subtitle B, Part 1, Section 1022 (a) "A summary plan description of any employee benefit plan shall be furnished to participants and beneficiaries," and this summary plan, "shall be sufficiently accurate and comprehensive to reasonably apprise such participants and beneficiaries of their rights and obligations under the plan." Section 1002 (b) further states that, "The administrator shall furnish to each participant, and each beneficiary receiving benefits under the plan, every fifth year after the plan becomes subject to this part an updated summary plan description described in section 1022 of this title which integrates all plan amendments made within such five-year period..."