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Retirement - Part-time yrs. + Full-time yrs < What U Think (UPS/IBT Plan)
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<blockquote data-quote="InsideUPS" data-source="post: 1089143" data-attributes="member: 31414"><p><span style="font-size: 12px"><strong><em>Directly From the SPD - Page 21</em></strong></span></p><p><span style="font-size: 12px"><strong><em></em></strong></span></p><p><span style="font-size: 12px"><strong><em>Example for Part-time years + Full timeGrandfathered CSPF Participant Example 18 — Calculating Your 30-Year Partial Service Pension</em></strong></span></p><p><span style="font-size: 12px"><strong><em></em></strong></span></p><p><span style="font-size: 12px"><strong><em></em></strong></span></p><p><span style="font-size: 12px">Let’s assume that John, a Grandfathered CSPF Participant, was originally hired as a part-time UPS Teamster-represented</span></p><p><span style="font-size: 12px">employee and earned five years of service under the UPS Pension Plan. With this service, he is eligible for a Partial Service</span></p><p><span style="font-size: 12px">Pension because he has 30 years of Combined Service Credit, including 25 years of Service Pension Credit (based on his</span></p><p><span style="font-size: 12px">full-time service) and five years of part-time service under the UPS Pension Plan.</span></p><p><span style="font-size: 12px">John’s Partial Service Pension will be $2,500. His monthly UPS/IBT Plan benefit equals $2,500 because it is based on a</span></p><p><span style="font-size: 12px">pro-rata portion of the 30-Year Service Pension ($3,000 x 25/30). John will receive this benefit from a combination of the</span></p><p><span style="font-size: 12px">UPS/IBT Plan and the CSPF.</span></p><p><span style="font-size: 12px">John will also receive a Service Pension benefit of $125.17 from the UPS Pension Plan for his part-time service on a</span></p><p><span style="font-size: 12px">pro-rata basis. The 30-year service pension payable from the UPS Pension Plan is $751 ($751 x 5/30 equals $125.17).</span></p><p><span style="font-size: 12px">The benefit will come from three sources as the following illustrates.</span></p><p><span style="font-size: 12px"><strong>John’s monthly benefit payable from age 50 to 65 is $2,625.17.</strong></span></p><p><span style="font-size: 12px">UPS/IBT Plan monthly benefit: $2,500.00</span></p><p><span style="font-size: 12px">UPS Pension Plan monthly benefit: $125.17</span></p><p><span style="font-size: 12px">CSPF monthly benefit: + $0.00</span></p><p><span style="font-size: 12px"><strong>Total monthly benefit: $2,625.17</strong></span></p><p><span style="font-size: 12px"><strong></strong></span></p><p><span style="font-size: 12px"><strong></strong></span><strong><span style="font-size: 15px"><strong>John’s monthly benefit payable at age 65 and later is $2,625.17.</strong></span></strong></p><p><strong><span style="font-size: 15px">UPS/IBT Plan monthly benefit: $176.00</span></strong></p><p><strong><span style="font-size: 15px">UPS Pension Plan monthly benefit: $125.17</span></strong></p><p><strong><span style="font-size: 15px">CSPF monthly benefit: + $2,324.00</span></strong></p><p><strong><span style="font-size: 15px"><strong>Total monthly benefit: $2,625.17</strong></span></strong></p><p><strong></strong></p></blockquote><p></p>
[QUOTE="InsideUPS, post: 1089143, member: 31414"] [SIZE=3][B][I]Directly From the SPD - Page 21 Example for Part-time years + Full timeGrandfathered CSPF Participant Example 18 — Calculating Your 30-Year Partial Service Pension [/I][/B][/SIZE] [SIZE=3][/SIZE][SIZE=3]Let’s assume that John, a Grandfathered CSPF Participant, was originally hired as a part-time UPS Teamster-represented[/SIZE] [SIZE=3][/SIZE][SIZE=3]employee and earned five years of service under the UPS Pension Plan. With this service, he is eligible for a Partial Service[/SIZE] [SIZE=3][/SIZE][SIZE=3]Pension because he has 30 years of Combined Service Credit, including 25 years of Service Pension Credit (based on his[/SIZE] [SIZE=3][/SIZE][SIZE=3]full-time service) and five years of part-time service under the UPS Pension Plan.[/SIZE] [SIZE=3][/SIZE][SIZE=3]John’s Partial Service Pension will be $2,500. His monthly UPS/IBT Plan benefit equals $2,500 because it is based on a[/SIZE] [SIZE=3][/SIZE][SIZE=3]pro-rata portion of the 30-Year Service Pension ($3,000 x 25/30). John will receive this benefit from a combination of the[/SIZE] [SIZE=3][/SIZE][SIZE=3]UPS/IBT Plan and the CSPF.[/SIZE] [SIZE=3][/SIZE][SIZE=3]John will also receive a Service Pension benefit of $125.17 from the UPS Pension Plan for his part-time service on a[/SIZE] [SIZE=3][/SIZE][SIZE=3]pro-rata basis. The 30-year service pension payable from the UPS Pension Plan is $751 ($751 x 5/30 equals $125.17).[/SIZE] [SIZE=3][/SIZE][SIZE=3]The benefit will come from three sources as the following illustrates.[/SIZE] [SIZE=3][/SIZE][SIZE=3][B]John’s monthly benefit payable from age 50 to 65 is $2,625.17.[/B][/SIZE] [SIZE=3][/SIZE][SIZE=3]UPS/IBT Plan monthly benefit: $2,500.00[/SIZE] [SIZE=3][/SIZE][SIZE=3]UPS Pension Plan monthly benefit: $125.17[/SIZE] [SIZE=3][/SIZE][SIZE=3]CSPF monthly benefit: + $0.00[/SIZE] [SIZE=3][/SIZE][SIZE=3][B]Total monthly benefit: $2,625.17 [/B][/SIZE][B][SIZE=4][B]John’s monthly benefit payable at age 65 and later is $2,625.17.[/B][/SIZE] [SIZE=4][/SIZE][SIZE=4]UPS/IBT Plan monthly benefit: $176.00[/SIZE] [SIZE=4][/SIZE][SIZE=4]UPS Pension Plan monthly benefit: $125.17[/SIZE] [SIZE=4][/SIZE][SIZE=4]CSPF monthly benefit: + $2,324.00[/SIZE] [SIZE=4][/SIZE][SIZE=4][B]Total monthly benefit: $2,625.17[/B][/SIZE] [/B][SIZE=3][/SIZE] [/QUOTE]
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