Pension Qualfications

[804 member]

What are the exact qualifications for the pension for each year for a part timer and for a full timer. I always heard that part timers need 750 hours/year but where is that written, it's not in the contract. Also I heard that the 750 is actual hours worked, not vacation, sick or personal days and not overtime hours.

Someone please clearify this and if you can tell me where to research this.

 

[Coldworld]

Jonfrum...we need your help here....

 

[menotyou]

It has to be in the contract.

 

[mamirk69]

page 218

 

[mamirk69]

A full time employee must work 1801 hours to receive their full pension anything less than 1801 hours there is a formula to be used in calculating their pension based on the hours worked.

 

[UpstateNYUPSer(Ret)]

A full time employee must work 1801 hours to receive their full pension anything less than 1801 hours there is a formula to be used in calculating their pension based on the hours worked.

This is the key. You do not get credit for sick/personal/optional days or for vacations. You also do not get credit for any time added to your paid day to make your guarantee. In other words, if you only work 6.87 hours and have 1.13 added to make your 8 hour guarantee, you do not get credit for the 1.13. You do not get credit for "dead days". We have had a few drivers who were surprised to find out that they were not going to be able to retire when they thought they were as they didn't have enough pension hours.

 

[Babagounj]

My pension is through the local, where it didn't matter if you were full or part time, it is all based on number of hours credited.
I learned years ago that by working six days a week ( twilight & air driver ) that all one had to do is a steady 35 hrs a week to achieve a full years credit of 1800 hrs = 1 full years pension credit. { I also worked on Sat air during my vacation weeks }. Some years were lean only getting 10 or 11 months credit.
As of this year I have made 30 years pension credit, but I'm too young to qualify for min age retirement.
Should I stick it out until age 64 , I'll have over 38 yrs credit.

 

[wkmac]

My pension is through the local, where it didn't matter if you were full or part time, it is all based on number of hours credited.
I learned years ago that by working six days a week ( twilight & air driver ) that all one had to do is a steady 35 hrs a week to achieve a full years credit of 1800 hrs = 1 full years pension credit. { I also worked on Sat air during my vacation weeks }. Some years were lean only getting 10 or 11 months credit.
As of this year I have made 30 years pension credit, but I'm too young to qualify for min age retirement.
Should I stick it out until age 64 , I'll have over 38 yrs credit.

Learn about the difference between a service pension and an accrued pension to determine the monetary benefit of staying till 64. I've got my 30 years and can go now but I want to continue to work so for the moment I'm staying with the thought in mind that I will get more but if I happen to hit milestone age of 62 and then 65, the economic benefits of an accrued pension verses a service pension are worth considering. In my case, here's a brief breakdown of what I discovered in my case.

If I leave now:
$3000 per month, minus survivor benefit for wife, minus insurance premium, minus state and federal income tax. Somewhere around $2k takehome

Leave at 62:
$4400 per month, minus survivor benefit for wife, minus taxes. Somewhere between $3500 and $4k take home and closer to $3500 I would think

Leave at 65:
Right at $4900 per month, minus taxes

Each person would have to look at their situation, how they feel both mentally and physically and then go from there. For the moment, I want to continue working so why not stay where I am with all the vacation, seniority, benefits but I have been talking to some folks about doing my dream job so you never know. My dream job in retirement? Driving one of these



And yes, I'm dead serious!

 

[bklynupser]

In local 804 you only need 1600 full time hours for the year of credit

 

[hembone]

Learn about the difference between a service pension and an accrued pension to determine the monetary benefit of staying till 64. I've got my 30 years and can go now but I want to continue to work so for the moment I'm staying with the thought in mind that I will get more but if I happen to hit milestone age of 62 and then 65, the economic benefits of an accrued pension verses a service pension are worth considering. In my case, here's a brief breakdown of what I discovered in my case.

If I leave now:
$3000 per month, minus survivor benefit for wife, minus insurance premium, minus state and federal income tax. Somewhere around $2k takehome

Leave at 62:
$4400 per month, minus survivor benefit for wife, minus taxes. Somewhere between $3500 and $4k take home and closer to $3500 I would think

Leave at 65:
Right at $4900 per month, minus taxes

Each person would have to look at their situation, how they feel both mentally and physically and then go from there. For the moment, I want to continue working so why not stay where I am with all the vacation, seniority, benefits but I have been talking to some folks about doing my dream job so you never know. My dream job in retirement? Driving one of these

View attachment 5963

And yes, I'm dead serious!

Keep in mind on a service pension that after 30 years you get an extra $100 a month for every full time year until 35 years.

 

[UpstateNYUPSer(Ret)]

Keep in mind on a service pension that after 30 years you get an extra $100 a month for every full time year until 35 years.

(Not worth it.)

 

[mamirk69]

Learn about the difference between a service pension and an accrued pension to determine the monetary benefit of staying till 64. I've got my 30 years and can go now but I want to continue to work so for the moment I'm staying with the thought in mind that I will get more but if I happen to hit milestone age of 62 and then 65, the economic benefits of an accrued pension verses a service pension are worth considering. In my case, here's a brief breakdown of what I discovered in my case.

If I leave now:
$3000 per month, minus survivor benefit for wife, minus insurance premium, minus state and federal income tax. Somewhere around $2k takehome

Leave at 62:
$4400 per month, minus survivor benefit for wife, minus taxes. Somewhere between $3500 and $4k take home and closer to $3500 I would think

Leave at 65:
Right at $4900 per month, minus taxes

Each person would have to look at their situation, how they feel both mentally and physically and then go from there. For the moment, I want to continue working so why not stay where I am with all the vacation, seniority, benefits but I have been talking to some folks about doing my dream job so you never know. My dream job in retirement? Driving one of these

View attachment 5963

And yes, I'm dead serious!

Each pension is going to be different depending upon what region and who controls the plan. In my case I am in the IBT/UPS plan formerly known as Central States. My numbers are way different than yours on actuals and accruals. Part time years that I have accrued would be a seperate check from my full time years as explained by the union hall. Mind you my part time years was always under the UPS plan and if I am not mistaken I think all part timers are under the UPS plan.