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Brown Cafe UPS Forum
UPS Union Issues
3rd Vote
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<blockquote data-quote="O/C" data-source="post: 1285010" data-attributes="member: 52228"><p>Bug, we already have a reciprocity agreement in place with combining union and non-union pension benefits but each plan has set formula's. Your part time years are this amount, reduced currently at six percent per year prior to age 65, the benefit amount is a percentage of your years credited and the amount of a 30 year pension "at the time you leave that plan". Your full time years are less complicated to understand (100 or plus) dollars per credit years, subject to reduction prior to normal retirement age of 65.</p><p></p><p>They add the two together when you are ready to retire and that will be your monetary benefits.</p><p></p><p>The 22.3s knew they would be under a different pension plan, but most believed that their time as a part timer would carry over into the IBT/UPS service pension. Did not read the fine print.</p><p></p><p>With the union having to maintain our Health and Welfare benefits and the stress that covering non-contributing pensioners, I am beginning to see why any prospect for early retirement is slowly eroding away. It is a game of attrition now, expect to be working into the 60's. </p><p></p><p>If your are lucky and have good genes, work past 70 1/2 and start collecting your full pension with your paycheck. I know at least one guy who did it in my local.</p></blockquote><p></p>
[QUOTE="O/C, post: 1285010, member: 52228"] Bug, we already have a reciprocity agreement in place with combining union and non-union pension benefits but each plan has set formula's. Your part time years are this amount, reduced currently at six percent per year prior to age 65, the benefit amount is a percentage of your years credited and the amount of a 30 year pension "at the time you leave that plan". Your full time years are less complicated to understand (100 or plus) dollars per credit years, subject to reduction prior to normal retirement age of 65. They add the two together when you are ready to retire and that will be your monetary benefits. The 22.3s knew they would be under a different pension plan, but most believed that their time as a part timer would carry over into the IBT/UPS service pension. Did not read the fine print. With the union having to maintain our Health and Welfare benefits and the stress that covering non-contributing pensioners, I am beginning to see why any prospect for early retirement is slowly eroding away. It is a game of attrition now, expect to be working into the 60's. If your are lucky and have good genes, work past 70 1/2 and start collecting your full pension with your paycheck. I know at least one guy who did it in my local. [/QUOTE]
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