Pension for Part Timers

Discussion in 'UPS Retirement Topics' started by GeorgeWBiscuit, May 29, 2012.

  1. GeorgeWBiscuit

    GeorgeWBiscuit New Member

    I got hired in 9/2011 as a PT Package Handler. Would I have been under the contract that allowed vesting in the pension after 5 years? A friend of mine has been there over 10 years and he said once he gets to retirement age, he'd get a certain amount each month. He also told me you're vested after 5 years in the pension, but then again, that may have been different when he was hired 10 years ago. How would I get this information?
     
  2. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    You are vested after 5 years. If you leave before you fulfill the requirements for a full pension you would have to wait until normal retirement age (65) to begin to receive your pension.
     
  3. GeorgeWBiscuit

    GeorgeWBiscuit New Member

    so I'm guessing the requirements for a full pension would be a certain amount of time at UPS before you can retire? Like 20 years or something? So theoretically, if I work 5 years and quit, then at age 65 I'd get something from UPS. Where can I go to see what I get monthly after however many years of service?
     
  4. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Do you know what pension plan you fall under?

    Yes, in order to get a full pension on the day you retire you would have to work a minimum of years and/or be a minimum age. Mine is 30 years and 55 years of age. If you do not fulfill either of these requirements you would start receiving your reduced pension when you turn 65.
     
  5. GeorgeWBiscuit

    GeorgeWBiscuit New Member

    I'm not aware of what plan I'm under. How would I find that out?
     
  6. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Talk to your co-workers.
     
  7. GeorgeWBiscuit

    GeorgeWBiscuit New Member

    They have no idea either. None of the people I talk to have any idea what contract they're under. These are young kids that aren't even thinking about this kind of stuff.
     
  8. PT Stewie

    PT Stewie "Big Fella"

    Please read the contract listed in the labor fourm. UPS funds the amount it is $60.00 per month x number of years service from 2008 on $55.00 per month past service thru 2007 based on working 750 hrs per year for a full pension credit.pro rated for less hours. payable @ 65
     
  9. PT Stewie

    PT Stewie "Big Fella"

    Pension maxes out @ 35 yrs penalties for taking money prior to 65 unless you have 25 in
     
    Last edited: May 30, 2012
  10. hope2retire

    hope2retire New Member

    Are you Union? Look in your book. Union doesn' know either because PT pension is from UPS. Or contact your local HR department (they won't/can't tell you anything) but they have a form they will forward to corporate in Atlanta that will give you an estimate. Here in Central States---UPS control PT pension is :
    $1925 at any age w/35 credited service, 1650 at any age w/30 years, 1375 at age 60 w/25 years, 1125 at any age w/25 years. Single Life only, (deductions for 10-guarantee payments and more deductions for paying spouse upon your death). Check insurance--may have to be certain age to buy retiree insurance.
     
  11. PT Stewie

    PT Stewie "Big Fella"

    I am intimate with the facts and fiqures regarding the part time pension where I am concerned. Not only that I have a CD sent from UPS.:wink2: