Question For Western Conference Pension Teamsters ?

Discussion in 'UPS Discussions' started by anonymous6, Nov 17, 2012.

  1. anonymous6

    anonymous6 Guest

    i was told that i have to have 25 years service for my pension amount to be locked in and not subject to changes. i can retire at 22 years and be at peer 80.

    i wanted to ask you people before i call the pension office and put a gun to my head.
     
  2. Leftinbuilding

    Leftinbuilding Active Member

    It is age plus years of service. They must equal at least 80 years. At least that was the formula when I retired 2009. My advice? Unless you have something definite lined up to do after retirement, work as long as you can. There is a comfort in knowing you can walk any time you want to. Hard as it is to believe, retirement can be over-rated. Though we live well on my pension and investments, there is not a lot of "play" money and that can get frustrating. And to take on another job...well that ties you down and I guarantee you won't be getting 9 weeks vacation. If you have to work to get "play" money, then you won't get to "play" because of work. I know this sound ridiculous to those of you still working. But I sometimes wish I had listened when I got this same advice. FWIW
     
    Last edited: Nov 17, 2012
  3. Dracula

    Dracula Package Car is cake compared to this...

  4. anonymous6

    anonymous6 Guest

    i had an interview with the pension guy in july and he told me i could retire at peer 80 . i understand that but ididn't know it may be necessary to have the pension amt locked in after 25 years of service. i guess i can call or email that guy in san fran.

    thanks
     
  5. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

  6. soberups

    soberups Pees in the brown Koolaid

    PEER 80 is only available for those with a minimum of 25 years of service. Sorry if this isnt what you want to hear.
     
  7. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    That makes lots of sense and is wise advice.
     
  8. If you have less than 25 years of contributory service, you must work at least 1,000 covered hours under your PEER pension agreement in the 24-month period ending just before your pension effective date, or
    If you have 25 or more years of contributory service, you can meet the 1,000-hour requirement if you have PEER lock-in protection. (See PEER Lock-in Protection).

    PEER LOCK-IN PROTECTION
    Your Plan includes a lock-in feature that helps you protect your eligibility under the Program for Enhanced Early Retirement (PEER). With this feature, you can lock in your PEER coverage once you have 25 or more years of contributory service.

    If you complete 25 years of contributory service, you can lock in your PEER coverage by working at least 1,000 covered hours under your PEER pension agreement during any 24-month period that ends on or after your 25th year of contributory service.

    This lock-in protection means that even if your covered employment stops for any reason, you can take PEER retirement once you have the required PEER points to retire under your PEER level.
     
  9. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I hate to point out the obvious to you but all of this information was in the link I provided.