Pension Question

Discussion in 'UPS Union Issues' started by FAVREFAN, May 17, 2012.

  1. FAVREFAN

    FAVREFAN Member

    If you are a long term part-timer and take a full-time 22.3 position, how does the pension work? I've been told 10 different things. Can I combine my part-time years and fulltime years to get 30 years and leave? And start collecting right then or can I combine them and then have to wait to "full-retirement age" of 65 to start collecting? Do they calculate $55 per year for the part-time years when adding the two together? Example 20 yrs p.t.(20 x $55 = $1,100) + 10 yrs f.t.(10 x $108 = $1,080) === $2,180? Thanks in advance.
     
  2. Sleeve_meet_Heart

    Sleeve_meet_Heart making the unreadable unreadabler

    varies. Here, you get credits based on hours.
    If you work PT for 5 years, 20 hours a week, you'll end up with 2.5 FT years credit. If you work FT hours as a PT'er, you are credited up to 1 year worth of pension credit.

    I worked 5 years part-time with 2.9 years pension credit. almost 11 years in, roughly 6 FT 22.3, with roughly 8.9 pension years.
     
  3. Inthegame

    Inthegame Well-Known Member

    As stated above, benefits vary in different plans. Talk to the plan administrator at both UPS and your local. In some Teamster plans, you'll get an unreduced benefit from the union plan when you attain 30 combined years. UPS, however, reduces under age 65. Your plan administrators will have the correct information available in the respective Summary Plan Descriptions (SPD's).
     
  4. FAVREFAN

    FAVREFAN Member

    Thanks. These are 2 new senarioes to the 10 I allready have heard. Thanks for the info on your areas and the info about the Summary Plan Descriptions.