Retirement - Part-time yrs. + Full-time yrs < What U Think (UPS/IBT Plan)

FAVREFAN

Well-Known Member
I believe that the company is intentionally keeping the employees with a split pension (with both part-time and full-time years) in the dark regarding their pension payment. Many employees who are approaching retirement with 30 years combined part-time and full-time years incorrectly think that they will be paid $55/year of part time service if they retire with 30 combined years at any age. But for those part-time years they will receive $55/year less 6% for every year they are under age 65. The exception would be anyone who reached one of the milestones: 25 years of part receiving $45/year; 30 or 35 years receiving $55/year.
And this is exactly what I have been trying to say although Tardus, worded it much more eloquently. This is exactly how it is in my local.
 

FAVREFAN

Well-Known Member
The company is not keeping people in the dark both plan books are available to read.

The 6% reduction is only for the accrued benefit if taken before normal retirement age.

If your combined service credit (part time and full time years) hit the 25/30/35 marks you qualify for partial service pension that is unreduced at any age.

My previous post if form the UPS/IBT site and explains it clearly.
Are you Central States Saintrick?
Its seems clear that there is some special differences with how the UPS Pension Plan is paid out there.
I mean, people are still posting that 30 years p.t. there is $751 still.

Can we agree to disagree here? I will accept that your payout is the way your payout will be. But I ask that you accept that things are different here for me in my local. I am sure about how my payout is. It is exactly like the way Tardus's payout would be. Not sure where his local is. We can combine years of service to equal 25/30/35 to be able to retire. Full-time pension would not be reduced 6% each year under 65 but the seperate part-time pension provided by the company would be.
It's all good, I believe you and that what you state is true for your local/area. But it's different here.
Go back to the very first poster's post. I'm just backing him up. Ask him where he got his info.
 

CaptainObvious

Well-Known Member
Same here.
. In the western conference the contract says part time and full time employees of the bargaining unit shall be paid for each hour for which compensation was paid up to a maximum of 2080 hours per calendar year. It doesn't Say anything about part time maxing out at 1040 hours...I believe in the west if you worked 2080 part time you do get a full pension point for that year....

You only have to work 500 covered hours in WCT to receive a full year of pension credit regardless of being part time or full time. You'll just be a lot happier that you worked MORE than that when it comes time to retire.
 

UpstateNYUPSer(Ret)

Well-Known Member
You only have to work 500 covered hours in WCT to receive a full year of pension credit regardless of being part time or full time. You'll just be a lot happier that you worked MORE than that when it comes time to retire.

We had a retiree a few years back who ended up working 6 months past her projected retirement date as she had taken a few too many "dead days".
 

badpal

Well-Known Member
Are you Central States Saintrick?
Its seems clear that there is some special differences with how the UPS Pension Plan is paid out there.
I mean, people are still posting that 30 years p.t. there is $751 still.

Can we agree to disagree here? I will accept that your payout is the way your payout will be. But I ask that you accept that things are different here for me in my local. I am sure about how my payout is. It is exactly like the way Tardus's payout would be. Not sure where his local is. We can combine years of service to equal 25/30/35 to be able to retire. Full-time pension would not be reduced 6% each year under 65 but the seperate part-time pension provided by the company would be.
It's all good, I believe you and that what you state is true for your local/area. But it's different here.
Go back to the very first poster's post. I'm just backing him up. Ask him where he got his info.
And is your normal retirement date 65 anymore if your born after 1960. seems like there is a formula that raises it?
 

saintrick

Well-Known Member
Are you Central States Saintrick?
Its seems clear that there is some special differences with how the UPS Pension Plan is paid out there.
I mean, people are still posting that 30 years p.t. there is $751 still.

Can we agree to disagree here? I will accept that your payout is the way your payout will be. But I ask that you accept that things are different here for me in my local. I am sure about how my payout is. It is exactly like the way Tardus's payout would be. Not sure where his local is. We can combine years of service to equal 25/30/35 to be able to retire. Full-time pension would not be reduced 6% each year under 65 but the seperate part-time pension provided by the company would be.
It's all good, I believe you and that what you state is true for your local/area. But it's different here.
Go back to the very first poster's post. I'm just backing him up. Ask him where he got his info.

I am not saying that you are wrong. I am just telling you how I understand the plan to work according to the summary plan books for both the UPS pension plan(part-time) and the UPS/IBT full time pension plan.

I feel that you are misinformed which is the subject of this thread. Could I be wrong? Of course.
Does 705 have a agreement that changes the part time plan? Local 705 is stated on the cover of the plan book as being included.

The $751 is from an example in the plan book. It is the pt rate that would be applicable in the example.
The part time rates in effect right now are in the National Master agreement.

I am in a central states building, but that only changes who the payment comes from and not how it is calculated.

The following are from the UPS plan book(part-time) and are what I base my position on.
From page 3
Service Benefit
A Service Benefit is a retirement benefit that is payable
at any age if you complete at least 25 years of
Combined Service Credit.
From page 4
Service Benefit
You may retire at any age if you have at least 25 years of
Combined Service Credit.
From page 5
Note: If you do not have the required number of years of
Service Credit to be eligible for a Service Benefit but your
years of Combined Service Credit are at least equal to the
required number of years of Service Credit, you may elect
to receive a portion of the Service Benefit. The portion of
the benefit will equal:
1) the applicable Service Benefit
times
2) a fraction (the numerator of which is your years of
Service Credit and the denominator of which is 25, 30 or
35, as applicable).


Of course we can disagree. No problem here.
 

FAVREFAN

Well-Known Member
And is your normal retirement date 65 anymore if your born after 1960. seems like there is a formula that raises it?
You have to be careful not to mix up what the normal retirement date for the country vs company are. Unrelated. My full retirement age with UPS is 65, with the government it is 67.
 

FAVREFAN

Well-Known Member
I am not saying that you are wrong. I am just telling you how I understand the plan to work according to the summary plan books for both the UPS pension plan(part-time) and the UPS/IBT full time pension plan.

I feel that you are misinformed which is the subject of this thread. Could I be wrong? Of course.
Does 705 have a agreement that changes the part time plan? Local 705 is stated on the cover of the plan book as being included.

The $751 is from an example in the plan book. It is the pt rate that would be applicable in the example.
The part time rates in effect right now are in the National Master agreement.

I am in a central states building, but that only changes who the payment comes from and not how it is calculated.

The following are from the UPS plan book(part-time) and are what I base my position on.
From page 3
Service Benefit
A Service Benefit is a retirement benefit that is payable
at any age if you complete at least 25 years of
Combined Service Credit.
From page 4
Service Benefit
You may retire at any age if you have at least 25 years of
Combined Service Credit.
From page 5
Note: If you do not have the required number of years of
Service Credit to be eligible for a Service Benefit but your
years of Combined Service Credit are at least equal to the
required number of years of Service Credit, you may elect
to receive a portion of the Service Benefit. The portion of
the benefit will equal:
1) the applicable Service Benefit
times
2) a fraction (the numerator of which is your years of
Service Credit and the denominator of which is 25, 30 or
35, as applicable).


Of course we can disagree. No problem here.
Sorry you're in the central states.
I guess I am lucky.
 

CaptainObvious

Well-Known Member
You only have to work 500 covered hours in WCT to receive a full year of pension credit regardless of being part time or full time. You'll just be a lot happier that you worked MORE than that when it comes time to retire.

Where did you get this from...

From the Plan Summary Booklet on the WCTPT web page.
http://wctpension.org/participants/plan_summary/recent_cover.html
 

frateshkr

Active Member
Could all be a moot point for those in the central states plan. The director Thomas Nyhan was quoted in the wall st journal on apr. 5 as saying the Fund would be insolvent in 12 years, sooner if more employers fled. That kicks those in central states down from 3500 or 3000 a month to 1100.....as long as the PBGC remains solvent but the govt can keep printing money to fund them i reckon.
 
Top