Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Retirement Topics
Part Time Pension
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="DELACROIX" data-source="post: 3622876" data-attributes="member: 49065"><p>The Part time Pension formula is pathetic and has been for decades. Please do not accept that well it is only a part time position victim mentality, you are getting from both sides (company and union). </p><p></p><p>I worked part time and the vast majority of the long term full timers have also. The pay out for any time under the UPS Pension Plan is peanuts, formulated on when you left the plan, the 30 year benefit and reduced 6 percent for every year prior to age 65. </p><p></p><p>That should of been negotiated in this contract..at least show some improvements by reducing the 6 percent penalty to 3, similar to managements. "No"</p><p></p><p>Count those vested years past 35 years for pension credits and improved benefits "No"</p><p></p><p>Raise the formula to 70 dollars per vested year and have it count from the day you were hired in, not starting at 2008 (you only got a 50 dollars a month improvement), read the fine print.</p><p></p><p>For the full timers with vest time under the UPS Pension Plan, have those years count the same as the active part timers (like 70 dollars per vested year), the penalty of 6 reduced to 3 percent. Most of us have found out that those years are paying peanuts and count them as basically beer money when they actually retire. The trouble with that is that many of us who were part time were working close to full time hours annually and will not be compensated for actually working a "full time job".</p><p></p><p>I wish I can help you on this, but the cards are stacked against you. If you are 63 now with 18 credit hours in you will have to work another 7 years to collect that small 1625 dollar benefit (age 60 with 25 years). You can work smart and last till 70 1/2 and start collecting your retirement and continue to work at UPS (federal law), also you can start collecting your SS at age 66 and still work. These are just options to relieve the pain for this sell out contract..also medicare kicks in at 65 so your will not need to be paying that 300 dollars and month for you and your spouse. Sorry the system is rigged, most of us can tell you a horror story or two so you are not alone on this..Plan accordingly..</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 3622876, member: 49065"] The Part time Pension formula is pathetic and has been for decades. Please do not accept that well it is only a part time position victim mentality, you are getting from both sides (company and union). I worked part time and the vast majority of the long term full timers have also. The pay out for any time under the UPS Pension Plan is peanuts, formulated on when you left the plan, the 30 year benefit and reduced 6 percent for every year prior to age 65. That should of been negotiated in this contract..at least show some improvements by reducing the 6 percent penalty to 3, similar to managements. "No" Count those vested years past 35 years for pension credits and improved benefits "No" Raise the formula to 70 dollars per vested year and have it count from the day you were hired in, not starting at 2008 (you only got a 50 dollars a month improvement), read the fine print. For the full timers with vest time under the UPS Pension Plan, have those years count the same as the active part timers (like 70 dollars per vested year), the penalty of 6 reduced to 3 percent. Most of us have found out that those years are paying peanuts and count them as basically beer money when they actually retire. The trouble with that is that many of us who were part time were working close to full time hours annually and will not be compensated for actually working a "full time job". I wish I can help you on this, but the cards are stacked against you. If you are 63 now with 18 credit hours in you will have to work another 7 years to collect that small 1625 dollar benefit (age 60 with 25 years). You can work smart and last till 70 1/2 and start collecting your retirement and continue to work at UPS (federal law), also you can start collecting your SS at age 66 and still work. These are just options to relieve the pain for this sell out contract..also medicare kicks in at 65 so your will not need to be paying that 300 dollars and month for you and your spouse. Sorry the system is rigged, most of us can tell you a horror story or two so you are not alone on this..Plan accordingly.. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Retirement Topics
Part Time Pension
Top