UPS Retirement Plan Question

[upandcomer]

Since none of the management in my building seems to know I am asking everyone else.

I was hired AFTER January 1st 2008.

I received my UPS Retirement Plan statement in the mail today.

I thought employees hired after 01/01/08 were only eligible for the 401(k) (UPS Savings Plan).

This would imply that we still are part of the UPS Retirement Plan but we get a defined benefit each year that is portable if we leave the company.

Is that the case, am I accruing a defined benefit plan as well as being eligible for the UPS Savings Plan? If so, I just found out I am significantly richer than I thought I was! Could be a great day!

 

[FracusBrown]

Since none of the management in my building seems to know I am asking everyone else.

I was hired AFTER January 1st 2008.

I received my UPS Retirement Plan statement in the mail today.

I thought employees hired after 01/01/08 were only eligible for the 401(k) (UPS Savings Plan).

This would imply that we still are part of the UPS Retirement Plan but we get a defined benefit each year that is portable if we leave the company.

Is that the case, am I accruing a defined benefit plan as well as being eligible for the UPS Savings Plan? If so, I just found out I am significantly richer than I thought I was! Could be a great day!

What does your statement say? Don't get too excited. The value of the benefit plan is not much.

 

[upandcomer]

What does your statement say? Don't get too excited. The value of the benefit plan is not much.

Well the amount on it is different than the amount in my 401(k), but the information is very basic. Shows my pay, plus my pay credit percentage, plus my PAF balance for the end of each year I had been an employee. Then it says if I leave UPS before I retire the PAF balance is the amount I can take with me. The value of the plan is quite a bit when you find out you are getting an additional 5% in retirement that you didn't know you had. It basically doubled the the value of my retirement account...hahaha.

 

[deleted9]

Since none of the management in my building seems to know I am asking everyone else.

I was hired AFTER January 1st 2008.

I received my UPS Retirement Plan statement in the mail today.

I thought employees hired after 01/01/08 were only eligible for the 401(k) (UPS Savings Plan).

This would imply that we still are part of the UPS Retirement Plan but we get a defined benefit each year that is portable if we leave the company.

Is that the case, am I accruing a defined benefit plan as well as being eligible for the UPS Savings Plan? If so, I just found out I am significantly richer than I thought I was! Could be a great day!

After 2 years i do not think rich would be the appropriate word, but good for you

 

[deleted9]

Well the amount on it is different than the amount in my 401(k), but the information is very basic. Shows my pay, plus my pay credit percentage, plus my PAF balance for the end of each year I had been an employee. Then it says if I leave UPS before I retire the PAF balance is the amount I can take with me. The value of the plan is quite a bit when you find out you are getting an additional 5% in retirement that you didn't know you had. It basically doubled the the value of my retirement account...hahaha.

if your retirement account is 0 and you double it is still 0

 

[upandcomer]

After 2 years i do not think rich would be the appropriate word, but good for you

Good attempt at a flame, but you still fail.

Saying I am rich, and that I am richer are completely different.

Keep trying though!

 

[UPS Lifer]

The best person to go to for an answer is your HR manager. Don't go to a supervisor. Get your answer directly from a manager. If you just started in 2008, you could be in for many changes down the road. Those who are in particular plans now may be grandfathered and folks who are younger and relatively new will be experiencing the change. You should consider managing your own retirement fund and hope the rest is an extra benefit when you retire. For example, I never have counted on Social Security to live. If I get it great, if not, it won't change the way I do things right now.

Another example - I was grandfathered in when I retired. There were 5 different formulas that would fit my benefit package and I get the one that paid the highest pension. My HR manager had to study up (to explain it) on the one that fit me because only one other person fit that scenario. You will not know your exact number until you are real close to retiring.

 

[cgover01]

Since none of the management in my building seems to know I am asking everyone else.

I was hired AFTER January 1st 2008.

I received my UPS Retirement Plan statement in the mail today.

I thought employees hired after 01/01/08 were only eligible for the 401(k) (UPS Savings Plan).

This would imply that we still are part of the UPS Retirement Plan but we get a defined benefit each year that is portable if we leave the company.

Is that the case, am I accruing a defined benefit plan as well as being eligible for the UPS Savings Plan? If so, I just found out I am significantly richer than I thought I was! Could be a great day!

 

[cgover01]

i dont think you accrue anything until you have 5 years in with UPS but i could be wrong

 

[UpstateNYUPSer(Ret)]

i dont think you accrue anything until you have 5 years in with UPS but i could be wrong

You are not vested until you have 5 years in; however, you start accruing from day one.

 

[JonFrum]

Check your Summary Plan Description (SPD). It should all be explained there.

You are in the UPS Retirement Plan, but only as a new Portable Account Formula (PAF) participant.

You can go here to download the full Form-5500 Annual Financial Report of the UPS Retirement Plan . . .
http://www.efast.dol.gov/portal/app/disseminate?execution=e1s1

Just enter UPS RETIREMENT in the PLAN NAME field and click on SEARCH.

Then check the DOWNLOAD box next to the UPS Retirement Plan

And click on the "BATCH FULL FILINGS" button.

A big ZIP file will download with lots of financial and other information.

- - -
Read:
ATTACHMENT TO 2009 FORM 5500, SCHEDULE SB
UPS RETIREMENT PLAN
EIN: 95-1732075
PN: 001
Schedule SB, Part V — Summary of Plan Provisions
Portable Account Formula (PAF) Participants