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Brown Cafe UPS Forum
UPS Retirement Topics
Partial Service Pension
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<blockquote data-quote="DELACROIX" data-source="post: 4592376" data-attributes="member: 49065"><p>I believe that the IBT/UPS and the UPS Pension plans have a 6 % penalty for every year prior to the normal retirement age of 65.</p><p></p><p>They are separate plans and when you retire you will get two checks from both according to how many service years that you worked in each one. They count your vested years for an early retirement, so you can officially retire after 30 years, but your monetary monthly benefit depends on just how many years P/T and friend/T...When you reach 65 you will be getting 3 checks..one from the IBT/UPS, one from The UPS Pension Plan and one from Central States (God Willing)...they will just reduce you IBT/UPS benefit by the amount of years you have vested under the Central....It should add up the same....</p><p></p><p>I do not believe that the 6 % penalty is exempt with both plans once you hit 30 years of combined service, it would be great if it was true....</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 4592376, member: 49065"] I believe that the IBT/UPS and the UPS Pension plans have a 6 % penalty for every year prior to the normal retirement age of 65. They are separate plans and when you retire you will get two checks from both according to how many service years that you worked in each one. They count your vested years for an early retirement, so you can officially retire after 30 years, but your monetary monthly benefit depends on just how many years P/T and friend/T...When you reach 65 you will be getting 3 checks..one from the IBT/UPS, one from The UPS Pension Plan and one from Central States (God Willing)...they will just reduce you IBT/UPS benefit by the amount of years you have vested under the Central....It should add up the same.... I do not believe that the 6 % penalty is exempt with both plans once you hit 30 years of combined service, it would be great if it was true.... [/QUOTE]
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