after July 1 of 2011,i believe it WILL be age 57 unless u submit paper work to retire before that date(something about the plan's critical status in Central states). I was told they would combine part time and full time credit at the rate of 2 years part time equals 1 year full time.Others say when the time comes u will find out that isn't true in Central States. They should have 1 site we can all go to to get a straight answer.Maybe if someone has an address we can all write to requesting they do this we could all write to them.I've neither heard or received anything about a CD explaining anything about part time pension credit.
Part Time Pension Statement
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whitefishsandpoint
New Member
Hey everyone,
I am a part-time loader in Kalispell, MT and have been with UPS just shy of 4yrs. I fortunately have a great paying full-time job and would really like to quit UPS but my dad (who has been driving for UPS for 24yrs) insists I stay on at least until I am vested after 5yrs to draw from the pension plan.
My question is - how can I figure out what my monthly draw will be after 5yrs of employment? I'm not sure if it will be worth it.
I am a part-time loader in Kalispell, MT and have been with UPS just shy of 4yrs. I fortunately have a great paying full-time job and would really like to quit UPS but my dad (who has been driving for UPS for 24yrs) insists I stay on at least until I am vested after 5yrs to draw from the pension plan.
My question is - how can I figure out what my monthly draw will be after 5yrs of employment? I'm not sure if it will be worth it.
UpstateNYUPSer(Ret)
Well-Known Member
It probably won't be but you may as well stay another year to keep the old man happy (and off your back).
Are you covered by the Western Conference of Teamsters Pension Plan? If so, visit their website . . .
https://web.archive.org/web/20130127205742/http://www.wctpension.org/
See how many years of Vesting you already have, (probably four), and how many more months you need to make five. If you only need 500 hours in 2011, you won't have to work the entire year.
Your monthly pension will probably be payable when you reach Normal Retirement Age, which is usually age 65. Your monthly check will be the sum of the five monthly accrual rates for the five years you worked.
Your modest benefit amount will be calculated at the end of 2011, but the value (purchasing power) of your dollar amount will be ravaged by Inflation between now and age 65. As you live into your seventies and eighties and beyond, your small, fixed monthly benefit amount will buy even less and less.
If you're close to achieving Vested Status, you should try to keep working until you get Vested.
It may be that vacation, sick days, option days, etc. count as hours worked, so you may be closer to 5-Year Vesting than you think.
downtime8763
Well-Known Member
I started with the company on march 5th 1974 after turning 18 in Feb.as I had to be 18 to work the night sort and wash/spot pkg cars.Started full time in 1978.I retired March 1 this year,took early retirement(had over 30 full time) and draw $129 from pt and $3,200 UPS/IBT (central states).Under this contract and retirement package when I turn 65 Central States is to kick in about $1.700 of the 3.200,however if CC plan is unable to UPS plan is to make up the difference.This retirement doesn't look as good as some but after over 36yrs( circle of honor in 2003),I was ready to move on .I took a 223 job , enjoyed it and worked well with my management team until my last day.All I can say to younger employees is hang in there,do your job the best you can and try to let the little things roll off your back. the pis is what I do in my spare time with my friends.
hope2retire
Member
Do you know a PT employee who has retired? How much did they receive. I work in a small center. I recently turned 54 and have 33.5 years of service. The estimates I received all say payable at my normal retirement date which is another 11 years. I have read for years the annual report showing 30 years at any age. Nowhere did it state deductions will be made if you are not 65 years at retirement.
Hannibal55
New Member
I am an x-UPSer and worked 24 yrs pt pre-load. I separated w/ UPS in 2006 due to becoming disabled. I haven't received a Pension Plan statement since 2007, and have written UPS at 55 Glen Lake PK to ensure that I am still on file. They don't answer. Help!!!!
Coldworld
60 months and counting
I believe in the west coat pension you can take your part time years and cut them in half to = full time pension contributions. I also know some folks who have 10 years part time and when they reach their 20 years ft driving they will retire since they will officially be at 80 and out...now the monthly payout will be a little less since they arent splitting their pt years but this is an option for some who dont want to work here for 40 years.
northron77
Member
It's a long story having to do with a work injury I dealt with for 15 years that I ended up having to have 2 knee replacements done in a matter of 10 months on same knee ending my career. For reasons I chose to retire (26 yrs) early but had I of known things were going to happen to my pension after the fact I would have played my cards different. Maybe I still can, who knows......
