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Question regarding pensions.
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<blockquote data-quote="beentheredonethat" data-source="post: 538483" data-attributes="member: 4886"><p>I'm still at least 12+ years away to get a pension. (Assuming they don't enhance it!!). So I haven't looked into it in detail yet, since I assume it will change by the time I get to retire. </p><p> </p><p>The mgmt pension, counts your ft years (PT years are 1/2 FT year). It also looks at the best 5 of the last 7 years of yearly earnings and takes that avg. Then based on years of svc and avg salary it determines your retirment amount. Roughly from asking people close to retirement it's about 1/2 pay with about 30 - 35 years in. Also, you need minimums of 55 and minimums of 20 years of svc. Note, actual retirement is 65. (Years old). Most everyone talks about the early retirement which is 55 years old. For new mgmt folks the pension as it's known is gone. And new folks get basically the equivalent of extra money into a 401K type of mechanism. Retirment also covers health care to an extent. You'll get x dolars per year worked (different tier rates for before 1992 (or so) and after 92. This rate * years of svc is your total health care UPS will pay for. You will be liable for any remainder amount. </p><p> </p><p>That's about all I know. I'm sure it will change by the time I retire.</p></blockquote><p></p>
[QUOTE="beentheredonethat, post: 538483, member: 4886"] I'm still at least 12+ years away to get a pension. (Assuming they don't enhance it!!). So I haven't looked into it in detail yet, since I assume it will change by the time I get to retire. The mgmt pension, counts your ft years (PT years are 1/2 FT year). It also looks at the best 5 of the last 7 years of yearly earnings and takes that avg. Then based on years of svc and avg salary it determines your retirment amount. Roughly from asking people close to retirement it's about 1/2 pay with about 30 - 35 years in. Also, you need minimums of 55 and minimums of 20 years of svc. Note, actual retirement is 65. (Years old). Most everyone talks about the early retirement which is 55 years old. For new mgmt folks the pension as it's known is gone. And new folks get basically the equivalent of extra money into a 401K type of mechanism. Retirment also covers health care to an extent. You'll get x dolars per year worked (different tier rates for before 1992 (or so) and after 92. This rate * years of svc is your total health care UPS will pay for. You will be liable for any remainder amount. That's about all I know. I'm sure it will change by the time I retire. [/QUOTE]
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