Pension Plan for P/T Sups?

[jimangus]

I was a pt sup for 14 years and need to know if I have any pension benefits due my at my retirement age? I recall getting a packet with a formula on how to figure this but have lost it during our last move. Can anyone help me on this matter? I'm not talking about my 401k or stocks if that helps. Thanks for any help-clueless in Cleveland.:confused1

What is the Retirement for pt sups? and is it true that you can get a retirerment after 10yrs? when you hit the right age. i too would like info on this.

[toonertoo]

jmangus I am in your district and I havent found out yet either. I have an adrress
Carla McDonald
Pension PLan
Glenlake Pkwy NE
Atlanta Ga 30328
They are suppose to be able to tell us what if anything we will get from the company pension upon retirement.

[Cezanne]

Your part time years under the UPS Retirement Plan of 14 years is vested till normal retirement age of 65. If you plan to collect before 65, you will be penalized 5 or 6 percent per year before age 65, so if you want to start collecting at age 55 that amount will be reduced 60 percent. Believe that people are vested when they work 5 years, those who leave employment usually require a lump sump. Send a letter to Atlanta asking for info, ask for the benefits under the UPS Retirement Plan instead of the UPS Pension Plan, the first one is for management or non union employees only, for the most part. Can figure on getting about 800 if you start collecting at 65, and that is subject to change at any time.

From my understanding if you had stayed at UPS for 30 years, your part time years are added on to any full time years as full vested years for a very good retirement. It is based on your best 5 years, collecting about half your salary, pretty good incentive to climb that ladder

[quote=Cezanne]Your part time years under the UPS Retirement Plan of 14 years is vested till normal retirement age of 65. If you plan to collect before 65, you will be penalized 5 or 6 percent per year before age 65, so if you want to start collecting at age 55 that amount will be reduced 60 percent. QUOTE]

I wonder if that would be negotiable? I'm a p/t preloader. I'm 58 years old with 24 years service. I would retire next year with 25 if I didn't have to wait until I'm 65 to collect full retirement benefits.

I'm treated well but I know they would like to replace me with somebody younger and faster for 1/3 of what they pay me. I'm making over $25 per hour now. It seems UPS would be money ahead to retire me with full benefits next year and not wait until I'm 65 years old.

[over9five]

"It seems UPS would be money ahead to retire me with full benefits next year..."

Dude, they're banking on you dying before you collect.

When I retire with 30 years, I will have 26 years with the union and 4 as a part tim sup. Does anyone know if my pension will be adjusted? Or will I have to make up those 4 years that I was a p/t sup?

[smf0605]

[quote=wondering;92175]

Originally Posted by Cezanne

Your part time years under the UPS Retirement Plan of 14 years is vested till normal retirement age of 65. If you plan to collect before 65, you will be penalized 5 or 6 percent per year before age 65, so if you want to start collecting at age 55 that amount will be reduced 60 percent. QUOTE]

I wonder if that would be negotiable? I'm a p/t preloader. I'm 58 years old with 24 years service. I would retire next year with 25 if I didn't have to wait until I'm 65 to collect full retirement benefits.

I'm treated well but I know they would like to replace me with somebody younger and faster for 1/3 of what they pay me. I'm making over $25 per hour now. It seems UPS would be money ahead to retire me with full benefits next year and not wait until I'm 65 years old.

Yes, you can retire as early as 55 with no reduction if you have at least 25 years of service.

[smf0605]

Originally Posted by visitor

When I retire with 30 years, I will have 26 years with the union and 4 as a part tim sup. Does anyone know if my pension will be adjusted? Or will I have to make up those 4 years that I was a p/t sup?

The union actually owes you those 4 years. Because there was no break in service (you went from union to non-union and stayed with the same company) UPS will count those 4 years, and you get 30 years from UPS; but there is a slight reduction for what the union owes you. You can retire as early as 55, (with a slight reduction for those 4 years) for the life of your pension. At the age when you can collect that 4 year pension from the Union, (usually 62) you will continue to collect your UPS pension and you will collect your total 4 year pension from the union. Generally the union will pay about $50 for each part time year or $100 for each full time year.

[smf0605]

Originally Posted by visitor

When I retire with 30 years, I will have 26 years with the union and 4 as a part tim sup. Does anyone know if my pension will be adjusted? Or will I have to make up those 4 years that I was a p/t sup?

Sorry, I read this wrong. But the same holds true, except the other way around. UPS will owe you for those 4 years and the union should recognize them as well.

[paidslave]

Originally Posted by smf0605

Sorry, I read this wrong. But the same holds true, except the other way around. UPS will owe you for those 4 years and the union should recognize them as well.

Don't think the Union recognizes 4 years of non-union work.....They may recognize it but good luck getting any money since none was put in!