25 and out----I am SO confused----

[newfups]

I know that the answer to my question will depend on my local, etc., but here goes.

Part-timer, 28 years, age 53. Local is telling me I can go out prior to Dec. 31, 2013, and my H & W will stay under the UPS H & W plan for retirees (which will have some changes, I understand that.) I understand that as a part-timer, I will be covered under the UPS retiree plan for part-timers. (That's the way it works in this district anyway.) I have sent in the paperwork for a retirement estimate of monthly payment.

Perhaps I haven't asked my BA nor UPS HR my basic question succinctly enough (or they proceed with a prepared pat answer without really hearing my concern.)

Under my current scenario, at 28 years, age 53, am I entitled to H & W benefits AND monthly retirement payment IMMEDIATELY--Jan. 1, 2014?

The phrase "25 and out" is evidently "lingo" that actually isn't stated "as is" in the current nor TA. I always thought it meant, do 25 and I'm outta here and health covered and paid----that was years ago when thoughts of retirement were on the far distant horizon. Now that it's coming down to the wire, I'm just looking for clarification.

​I'll continue to try and clarify with my local folks, but I'd appreciate any answers you experienced folks here can provide. Thanks so much---

 

[oldngray]

In some locals there is a years of service pension where you can retire at any age with enough years, but varies between locals. Call your local and ask them. If you can get a 25 years of service part time pension it will suck. About $25 per month for each year of credit.

 

[newfups]

OUCH, but thanks, I needed that! I will definitely still inquire about a "years of service pension."

 

[Jones]

25 and out at any age will get you $1,125.00/mo under the current plan and yes that should start immediately. You have 28 years so you should get $1,260.00/mo ($45/mo for each additional year).
I'm pretty sure you have to be 55 to qualify for the retiree health insurance though.

 

[newfups]

Thanks, that is exactly what I'm attempting to clarify. without health coverage it really becomes a moot point.

 

[oldngray]

25 and out at any age will get you $1,125.00/mo under the current plan and yes that should start immediately. You have 28 years so you should get $1,260.00/mo ($45/mo for each additional year).
I'm pretty sure you have to be 55 to qualify for the retiree health insurance though.

$45 per month if you are near 65, otherwise it gets reduced (7% I think but don't remember for certain) for each year younger you are, so if he is 53 he will get more from the service pension calculation which is $25. Its really complicated and there is more than one formula involved. And if you call HR most of the time they will give you incorrect information.

 

[Jones]

$45 per month if you are near 65, otherwise it gets reduced (7% I think but don't remember for certain) for each year younger you are, so if he is 53 he will get more from the service pension calculation which is $25. Its really complicated and there is more than one formula involved. And if you call HR most of the time they will give you incorrect information.

That might be an older contract, the current one tops out at $60/mo per year worked and the reductions start from there. The number I gave for 25 and out at any age is straight from the language in article 34.

 

[oldngray]

That might be an older contract, the current one tops out at $60/mo per year worked and the reductions start from there. The number I gave for 25 and out at any age is straight from the language in article 34.

I retired under the current contract (Oct 2011) and had 8 years of credit as a part timer and that is what I got. And the numbers you will see usually won't be 100% correct. 5 months after I retired UPS finally figured out they owed me $1.50 more per month which is just another example of how messed up HR is, as I said.

 

[Jones]

I retired under the current contract (Oct 2011) and had 8 years of credit as a part timer and that is what I got. And the numbers you will see usually won't be 100% correct. 5 months after I retired UPS finally figured out they owed me $1.50 more per month which is just another example of how messed up HR is, as I said.

I'm not doubting what you say, just going by language:

UPS Pension Plan for current or future part-time employees who are
participants will be increased solely for purposes of the monthly
accrued benefit, effective August 1, 2008 to sixty dollars ($60.00)
for each year of future Credited Service to a maximum of 35 years
of Credited Service. If a participant is in Covered Employment on
August 1, 2008, he/she shall receive the sixty dollars ($60.00) ben-
efit formula for the entire 2008 plan year.
The total monthly service pension benefit will be equal to the fol-
lowing provided the employee meets the Credited Service require-
ment.
$1,925 for retirement at any age after 35 years of part-time Credited Service
$1,650 for retirement at any age after 30 years of part-time Credited Service
$1,375 for retirement at age 60 with 25 years of part-time Credited Service
$1,125 for retirement at any age with 25 years of part-time Credited Service
(based on $45.00 per year of Credited Service)

 

[brownmonster]

Work part time for 25 years and retire at 53 years old with free health care. Pretty much the norm at most companies.