pension for package drivers?

[ExupserNaples]

Tooner, I know right where you are at. I grew up in Warren, but left in 1988. Best thing I ever did was leave that cesspool. There are two positives there though.
1. You can buy a decent house for 80K (except it will be worth 70K in a few years.
2. Hot Dog Shoppe.

 

[30andout]

How do you start at 16?? Also, I always heard the pension credits don't start until you are 21.

35 years ago you could start at 16, how times have changed. UPS didn't even service the entire US then.

 

[helenofcalifornia]

Don't forget when the Union quotes you what you have earned for your monthly pension, that taxes will be taken out. They quote you the gross amount, not the net.

 

[scratch]

35 years ago you could start at 16, how times have changed. UPS didn't even service the entire US then.

30andout, I feel your pain, I was seventeen back in 1975 when I started.

This is about the UPS Pension for Part Timers from back then. Like I have posted a dozen times, I worked PT from Oct '75 to April '84, then I went into FT Package. Recently, I sent a written request to Corp about my Part Time UPS Pension that I earned under a "Reciprocal Agreement" with Central States. I earned 8.25 years PT service credit and will get $206.25 per month based on my thirty years of Combined Service Credit between the two plans. I have to be 65 years old to get the full amount.

The Formula:
(UPS Pension Plan Service Credit) / 30 Years) X (30-Year Service Pension Benefit)= UPS Pension Plan partial service pension payable monthly as a Single Life Only Annuity

Calculation:
(8.25) Years UPS Pension Plan Service Credit) / 30 Years) X ($751) = $206.25

So I will get about 25 bucks a month for every year that I worked Part Time. Right now, that puts me at about $2750 a month when I am in my early sixties. I hope this new proposed Teamster UPS Pension Plan will be better than that.

 

[brownmonster]

Scratch, did it take you nine years to go into driving?

 

[scratch]

Scratch, did it take you nine years to go into driving?

It took me eight years. I had to wait four years before I was old enough, meaning twenty-one. Back then the Seniority lists were longer, I was twenty-three when I went on first bid. I touched a traffic sign with my mirror with On Car Supe on last training day, was sent back to the Hub. So I had to wait and try again. Today at my Hub, we have a guy that was hired as a Preloader. On his first week on the job, he was asked if he wanted to sign a Cover Driver Bid, and he was in Driving School the next week and went straight to Cover Driving.

 

[30andout]

30andout, I feel your pain, I was seventeen back in 1975 when I started.

This is about the UPS Pension for Part Timers from back then. Like I have posted a dozen times, I worked PT from Oct '75 to April '84, then I went into FT Package. Recently, I sent a written request to Corp about my Part Time UPS Pension that I earned under a "Reciprocal Agreement" with Central States. I earned 8.25 years PT service credit and will get $206.25 per month based on my thirty years of Combined Service Credit between the two plans. I have to be 65 years old to get the full amount.

The Formula:
(UPS Pension Plan Service Credit) / 30 Years) X (30-Year Service Pension Benefit)= UPS Pension Plan partial service pension payable monthly as a Single Life Only Annuity

Calculation:
(8.25) Years UPS Pension Plan Service Credit) / 30 Years) X ($751) = $206.25

So I will get about 25 bucks a month for every year that I worked Part Time. Right now, that puts me at about $2750 a month when I am in my early sixties. I hope this new proposed Teamster UPS Pension Plan will be better than that.

I have been FULLTIME since 1975 and still have 12 to go.

 

[disneyworld]

I have been FULLTIME since 1975 and still have 12 to go.

Holy crap-Are you serious????????? Are you going to be buried in that position-you know, the one with your hands around your ankles. I feel your pain!!!!!!!!

 

[bailey2227]

Wow, UPS has excellent pensions. I am 27 yrs old, and I am really thinking about making a career at UPS.

 

[HazMatMan]

I have been FULLTIME since 1975 and still have 12 to go.

You have 32 years FULLTIME?? Why do you have another 12 to go???

 

[30andout]

You have 32 years FULLTIME?? Why do you have another 12 to go???

Current age for full pension w/central states is 64. Or is it 62, that makes it only 10 more.1

 

[scratch]

Current age for full pension w/central states is 64. Or is it 62, that makes it only 10 more.1

In CS where I am, you have to be 62 to draw the full amount. I believe that you are referring that you will have to work that long because of the penalties involved with trying to retire before then. While I have been saving and investing some, I don't have enough that I could just retire now and live off that until I turn 62. Even if you could draw full pension now, it wouldn't be the same amount of money. In my case, $2700 a month isn't the same as clearing $4500 a month like I am doing now. By the time someone retires, you hope your mortgage and other bills are paid off so that you don't need as much to live on.

 

[HazMatMan]

Current age for full pension w/central states is 64. Or is it 62, that makes it only 10 more.1

You guys don't have 30 and out regardless of age???? or 25 full-time years at age 55????

 

[helenofcalifornia]

Or "age plus years of service = 80" which means full pension?

 

[30andout]

In CS where I am, you have to be 62 to draw the full amount. I believe that you are referring that you will have to work that long because of the penalties involved with trying to retire before then. While I have been saving and investing some, I don't have enough that I could just retire now and live off that until I turn 62. Even if you could draw full pension now, it wouldn't be the same amount of money. In my case, $2700 a month isn't the same as clearing $4500 a month like I am doing now. By the time someone retires, you hope your mortgage and other bills are paid off so that you don't need as much to live on.

Ya I'm pretty well covered but don't forget thats with no medical.

 

[Desert Wolf]

I am researching UPS... What would the retirement pension be (approx.) if a 40 year old started now... Could a person retire at 60? with a decent retirement....



BTW... I already know about the physical demands of the occupation... I am currently with FEDUP.... I mean FEDEX... Been here 13 plus years..Their retirement SUCKS.... In fact, most things do over here do...

Thanks for any advice...

 

[VTBrown]

The grass is always greener on the other side.

You'll get higher wages and lose just about everywhere else.
Decide whats important to you.

Think there will be a pension in 20 years? Betting your retirement on it is foolish.

 

[brownflash]

anyone heard anything about the changes that will be made to the new pension plan?

 

[Coldworld]

anyone know of anyone retiring from west coast pension and howmuch they are making per month.

 

[crystal_ball]

I can only hope that the current CS language that forbids you to work at just about any other job and keep collecting pension benefits is thrown out.

Closing the gap between the paltry CS and the others up north will be the main issue IMO.

These 2 items are really the only ways someone can retire comfortably under the CS work area. The cost of living here in Florida is going up to the point now where retirees are moving to other areas. Homeowners insurance and property taxes are the big squeeze right now in the Sunshine state. Checked my CS pension calculator online and 57 seems to be the majic age for me now. I need to last 10 more years.

Im assuming these will be addressed in the suppliment.