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Retirement - Part-time yrs. + Full-time yrs < What U Think (UPS/IBT Plan)
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<blockquote data-quote="Ms.PacMan" data-source="post: 1088797" data-attributes="member: 4656"><p>We're talking about The UPS/IBT Central States pension. Are you in Central States? </p><p></p><p>The 10/14/2041 would put you at 48 years, 3 months, 3 days. So I'm assuming they are estimating that you would work long enough to get the minimum 25 years full-time. But you can retire with 25 years of combined service credit at a greatly reduced amount based on age. </p><p></p><p>Like oldngray said - it's complicated and there are too many variables for each individual to guess. </p><p></p><p>The old pension was an "and out" - the new pension takes into consideration the "and out" years and contributory years based on hours worked in a calendar year (1801) after 2008. Then it figures the pension both ways and gives you whichever is greater + any part time monies - reduced by a 1/2% per month for every month you are under 65 for the contributory service credit amount. All subject to changes each contract. Ugh.</p><p></p><p>Also any pension monies earned before 2008 will be paid 100% by the old CSF (Central States multiemployer fund) when you turn age 65. If they are bankrupt then you will be paid a % by PBGC. (Rant - Combine this with the $495/mo for health care and we may all be eating cat food.)</p><p></p><p>The contributory pension is greater than the "an out" pension amount so the more years you have after 2008, the more likely your pension will be higher and you won't have to worry as much about the old CSF going bankrupt.</p></blockquote><p></p>
[QUOTE="Ms.PacMan, post: 1088797, member: 4656"] We're talking about The UPS/IBT Central States pension. Are you in Central States? The 10/14/2041 would put you at 48 years, 3 months, 3 days. So I'm assuming they are estimating that you would work long enough to get the minimum 25 years full-time. But you can retire with 25 years of combined service credit at a greatly reduced amount based on age. Like oldngray said - it's complicated and there are too many variables for each individual to guess. The old pension was an "and out" - the new pension takes into consideration the "and out" years and contributory years based on hours worked in a calendar year (1801) after 2008. Then it figures the pension both ways and gives you whichever is greater + any part time monies - reduced by a 1/2% per month for every month you are under 65 for the contributory service credit amount. All subject to changes each contract. Ugh. Also any pension monies earned before 2008 will be paid 100% by the old CSF (Central States multiemployer fund) when you turn age 65. If they are bankrupt then you will be paid a % by PBGC. (Rant - Combine this with the $495/mo for health care and we may all be eating cat food.) The contributory pension is greater than the "an out" pension amount so the more years you have after 2008, the more likely your pension will be higher and you won't have to worry as much about the old CSF going bankrupt. [/QUOTE]
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Retirement - Part-time yrs. + Full-time yrs < What U Think (UPS/IBT Plan)
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