BigUnionGuy
Got the T-Shirt
Without reading the SPD, does the plan have a minimum number of years of service ?
I would be surprised if there wasn't that.... and an age requirement, without a penalty.
-Bug-
Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
- Thread starter 728ups
- Start date
Without reading the SPD, does the plan have a minimum number of years of service ?
I would be surprised if there wasn't that.... and an age requirement, without a penalty.
-Bug-
10 point
Well-Known Member
Lol. I bet it's all on the document he got from his inquiry. No doubt there. He's a pretty intelligent guy so I'm sure that he (and for sure his wife
) did.
BigUnionGuy
Got the T-Shirt
The reason I ask is, some people don't know this until after the fact.
I know a driver that retired under the new UPS plan with 25 years @ 55 years of age.
If he would have waited 2 more years (age 57).... he would have received $500.00
more a month. And, he was getting dinged 6% a year until age 65.
-Bug-
I know a driver that retired under the new UPS plan with 25 years @ 55 years of age.
If he would have waited 2 more years (age 57).... he would have received $500.00
more a month. And, he was getting dinged 6% a year until age 65.
-Bug-
UpstateNYUPSer(Ret)
Well-Known Member
That is my current dilemma. I have the age part (55) but only have 28 years of service. I can retire on the 1st of July but will lose about 2/3 of my projected $5K/month if I do. (6% per year from age 65)
Lead Belly
BANNED
Tell I to the other know it all.
Lead Belly
BANNED
Ron Carey had sexual intercourse with the central states pension fund and TDU backed him.
10 point
Well-Known Member
I understood and appreciate that. For you to bring it up shows that you care about others welfare.
I'll mention it to him so that he'll be comprehensively informed before he bails out. Assumptions can come back to bite you for a long time. Thx!
UpstateNYUPSer(Ret)
Well-Known Member
I would hope that the representative from the pension office would fully explain the implications to anyone considering early retirement.
BigUnionGuy
Got the T-Shirt
RC was lead down the "primrose path" by his handlers. (TDU)
He wasn't smart enough to insulate himself, from these idiots.
The ironic part....
Most of the "TDU puppet masters" are still pulling the strings.
-Bug-
Mugarolla
Light 'em up!
For anyone after 1994, no.
Prior to 1994, yes. A 30 year max.
Maximum Years of Credited Service
If you have 600 hours of service in 1994 or later and the
effective date of your pension is on or after January 1,
1995, there is no maximum number of years of credited
service that is used in calculating your pension benefit.
Otherwise, a maximum of 30 years of credited service
is used.
If the 30-year maximum applies to you and you have
more than 30 years of credited service, the 30 years of
service that produce the highest benefit will be used to
calculate your pension.
Mugarolla
Light 'em up!
Early Retirement Reduction After 20 Years
of Service
If you have 1,200 hours of service which includes 600
hours of service in 1993 or later and a pension effective
date of January 1, 1994 or later, and you have 20 or more
years of credited service, the early retirement reduction
described above is made for each month you are younger
than age 62 on the effective date of your pension. If you
have 600 hours of service in 1999 or a later year and a
pension effective date on or after January 1, 2000, the
1,200 hours of service requirement does not apply.
Early Unreduced Retirement
Pension at Age 62
When you have reached age 62 and have 20 or more
years of credited service, you will qualify for the normal
benefit amount with no reduction because of your age,
provided you also meet certain hours of service
requirements detailed here:
If you have 600 hours of service in 1999 or a later year
and a pension effective date on or after January 1,
2000, you are eligible for an early unreduced pension
when you have reached age 62 and have 20 or more
years of credited service, including predecessor plan
vesting service.
Otherwise, you must have an effective date on or after
January 1, 1994 and at least 1,200 hours of service
that includes 600 hours of service earned in 1993 or
later. In this case, predecessor plan vesting service
may not be used in determining your eligibility for the
unreduced pension.
30 and Out Pension
The 30 and Out pension provides an unreduced pension
benefit payable at any age. It is essentially an early
retirement pension with no reduction for age. The basic
requirement for the 30 and Out pension is 30 years of
credited service, at any age. However, there are also hours
of service requirements for 30 and Out, detailed here:
If you have 600 hours of service in 1999 or a later year
and a pension effective date on or after January 1,
2000, and 30 years of credited service, including
predecessor plan vesting service, you are eligible for
the 30 and Out pension.
Otherwise you must have an effective date on or after
January 1, 1996 and at least 1,200 hours of service
that includes 600 hours of service earned in 1995 or
later. In this case, predecessor plan vesting service
may not be used in determining your eligibility for the
unreduced pension.
Lead Belly
BANNED
Ron Carey increasing it to 3000 across the board will have ever lasting effects on generations. Just because upsers got 3,000 didn't mean everyone could. He screwed EVERYONE. My buddies dad retired in 1999 with the bulk of his years in Jones Transfer. You ever hear of them? Did they pay their withdrawal liability? Nope nope nope. He has collected 612,000 so far because of Ron Carey. Wow. How do you give that to orphans and then ask for a give back? I don't think it was allowed by law until the omnibus passed in 2014 in the wee hours of the night. Thanks Ron Carey.RC was lead down the "primrose path" by his handlers. (TDU)
He wasn't smart enough to insulate himself, from these idiots.
The ironic part....
Most of the "TDU puppet masters" are still pulling the strings.
-Bug-
BigUnionGuy
Got the T-Shirt
Bubblehead
My Senior Picture
Ron Carey is dead, and vacated the presidency in 1998.
Assuming that decision in 1997 was the fatal flaw, it's now May of 2016.
Let's talk about what has been done since to "right the ship", for all Teamsters, not just UPSers.
623 TRUTHER
Member
the bloated egos have had control for many years,,,, what has been done for me? NADA
the change is coming!! all time low in moral in the teamsters currently!
the change is coming!! all time low in moral in the teamsters currently!
10 point
Well-Known Member
I asked you the question earlier...
Are you going to write the CS Fund a $1000+ check every month when you retire since the increase was "irresponsible" in your past statements or are you going to be complicit to raping (you know, sexual intercoursing) the fund too?
You mad bro?
Lead Belly
BANNED
Anhourover it's good to see you back.
Lead Belly
BANNED
He knew what would happen down the road and he didn't care. Once he raised those pensions for the orphans or members who had partial employment he knew it could never go back. He did it anyway. What did he care because he inherited 1,9 million in ups stock.
Bubblehead
My Senior Picture
BigUnionGuy
Got the T-Shirt
The first step Central States took....
Was to reduce the accrual rate from 2% to 1%.
And, that was in 2003.
Don't you remember that ?
-Bug-
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