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 Union Issues
pension-part time years count as what?
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="Cezanne" data-source="post: 258204" data-attributes="member: 5104"><p>For anybody who worked as a part timer in the Central States area those years are covered under the company controlled fund (UPS Pension Plan). I believe that in the Western Conference and New England pension funds those part time years were under Teamster controlled trusts. Which from my understanding are paid the same as a full timer per Article 34 master (weekly hourly monetary contributions), so the more hours you worked as a part timer the more money and vesting hours goes into your pension benefit formula. </p><p> </p><p>Currently under the Central States fund pension benefits from the company controlled part time years are based on how many years in have; for example if you have 10 years of part time service that equals 1/3 of a standard thirty year pension benefit at the time you left that plan to go into full time service under Central States. The UPS Pension Plan about 10 years ago was paying about 1,000 a month for a thirty year pension, so you would get about 350 for those 10 years as a part timer. The real problem is that those years with the UPS Pension Plan are subject to a 6 percent penalty for every year prior to age 65, so that 350 would be reduced drastically. That monetary benefit as a part timer is then added to the monetary benefit under Central States (full time) at the time to give you what you can retire with. </p><p> </p><p>I imagine that this would bring up the obvious question. Why did Article 34 master lanuage exclude contributions for the Central States part time years?<img src="/community/styles/default/xenforo/smilies/group1/confused1.gif" class="smilie" loading="lazy" alt=":confused:" title="Confused :confused:" data-shortname=":confused:" />1</p></blockquote><p></p>
[QUOTE="Cezanne, post: 258204, member: 5104"] For anybody who worked as a part timer in the Central States area those years are covered under the company controlled fund (UPS Pension Plan). I believe that in the Western Conference and New England pension funds those part time years were under Teamster controlled trusts. Which from my understanding are paid the same as a full timer per Article 34 master (weekly hourly monetary contributions), so the more hours you worked as a part timer the more money and vesting hours goes into your pension benefit formula. Currently under the Central States fund pension benefits from the company controlled part time years are based on how many years in have; for example if you have 10 years of part time service that equals 1/3 of a standard thirty year pension benefit at the time you left that plan to go into full time service under Central States. The UPS Pension Plan about 10 years ago was paying about 1,000 a month for a thirty year pension, so you would get about 350 for those 10 years as a part timer. The real problem is that those years with the UPS Pension Plan are subject to a 6 percent penalty for every year prior to age 65, so that 350 would be reduced drastically. That monetary benefit as a part timer is then added to the monetary benefit under Central States (full time) at the time to give you what you can retire with. I imagine that this would bring up the obvious question. Why did Article 34 master lanuage exclude contributions for the Central States part time years?:confused1 [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Union Issues
pension-part time years count as what?
Top