Cezanne, I found out the hard way on this: I planned to retire at age 55 with 33 years of service. (You don't receive the health care if you retire before age 55.) To my astonishment, you can receive the service benefit retirement for 25, 30, or 35 years of service at any age, but if you want to retire with other years of service (in between those years) the reductions that you mention apply. In my case, with 33 years of service they gave me the choice of receiving the 30 year service benefit or a 33 year pension with the entire 33 years reduced by 6% per year for every year under age 65. The result is that if you retire under the age of 65, there is no "bump" up in the retirement benefit for the years in between 30 and 35 years of service. If you are under age 65 and retire with 34-1/2 years of service, you will still receive only the 30 year service pension benefit.
Also the increase to $60 per month per year of service, included in the last contract, does not apply if you are under age 65 and applying for one of the service benefit retirements for 25, 30 or 35 years of service.
There is so much confusion on the issue that I made a written request to the UPS Retirement Dept. in Atlanta for a copy of the Teamsters/UPS pension "Reciprocity Agreements". Although the agreements exist in writing, they refused to give them to me because I have no full time years to reciprocate. I would strongly urge someone on this forum to request these agreements from the UPS Atlanta Retirement Department so that we can see whether these agreements also depend upon you being age 65 at retirement to receive the full benefit.