Anyone retire with over 30 yrs. Part time?

JonFrum

Member
Wow. That's some great info. Thanks. I'm getting up there in years. Thanks for distinguishing the difference in the 2 pensions. I'm shooting for the 30 year service pension at any age then.
Does anybody know what the current age is to get the health insurance after retiring with 30 years and pensio for part-time now? It was 50 years old with 30 years service on the old contract but I've heard it might be 52 or 55 years old with 30 years service now. Thanks again for the good info on this topic.
UPSers are covered by over two dozen pension plans and a much larger number of Health & Welfare plans. But if you are under the H&W plan mentioned in Article 34, then it looks like you might be eligible at age 55.

ARTICLE 34. HEALTH & WELFARE AND PENSION
Section 1. Health & Welfare and Pension Provisions
(k) Part-time Retiree Coverage

(1) Effective August 1, 2002 the Employer will provide health insurance coverage to all part-time employees, not covered by a Union plan, who retire on or after that date.

(2) To be eligible for the coverage, the part-time employee must:
(i) not be eligible for Medicare;
(ii) meet the same age and service requirements as that of a full-time employee in the same Supplement, Rider or Addendum and at a minimum, be at least fifty-five (55) years of age with a minimum of twenty-five (25) years of part-time service as defined in the UPS Pension Plan;
(iii) be covered as an active employee by a UPS-administered health care plan for part-time employees at the time of retirement and;
(iv) not a part-time employee because of a voluntary bid to part-time status in the five (5) years prior to retirement.

(3) A retiree’s legal spouse is also eligible for coverage if he or she is not eligible for Medicare and is under age sixty-five (65).

(4) Coverage and benefit levels shall be as specified in the Summary Plan Description.

(5) Eligibility for coverage for retiree and spouse begins on the first (1st) day after the employee’s active coverage ends.

(6) The retired part-time employee will be required to make a contribution equal to the amount required by a retired full-time employee in the same Local Union. If there is no established rate the contribution will be two hundred dollars ($200.00) per month.
 

Babagounj

Strength through joy
Watertown Mass.
Back in May our oldest p/t retired, almost 41 years.
He was greatly surprised at the amount of his pension, which was reduced by close to $800 for taking the add your wife option.
He was also a retired school teacher , so his medical was also taken care of.

I have over 30 years pension credit with 35 years of service, but still under the min age of 57. And according to my pension plan website , http://www.nettipf.com/ , If I were to retire today I would get about $ 2600. If I wait until 64 it jumps to over $5100.
That works out to be more than I make now.
 

JonFrum

Member
Watertown Mass.
Back in May our oldest p/t retired, almost 41 years.
He was greatly surprised at the amount of his pension, which was reduced by close to $800 for taking the add your wife option.
He was also a retired school teacher , so his medical was also taken care of.

I have over 30 years pension credit with 35 years of service, but still under the min age of 57. And according to my pension plan website , http://www.nettipf.com/ , If I were to retire today I would get about $ 2600. If I wait until 64 it jumps to over $5100.
That works out to be more than I make now.
I'm in the New England fund as well. I'll soon be 58 years old. I was part-time for over 23 years, then full-time since I took the first available Article 22.3 job. I have over 30 years' Pension Credit, and over 36 years of combined Company Seniority. The Pension Calcultor says if I retired today I'd get over $3800 a month. If I waited until our plan's Normal Retirement Age of 64, I'd get $5,060 a month. The "now" figure increases about $16 with each month I work. The "age 64" figure increases about $21 with each additional month. You get more than me at 64 probably because age 64 is further away for you, and money will be worth less by then.

The New England plan has a part-time pension for (today's) part-timers who don't work many hours. It's easier to get a year's Pension Credit, but only pays half the amounts of a full-timer's pension. However any part-timer who works (or worked, in the good old days) longer hours can qualify on the full-timer's scale as Baba Gounj and I have.

I think you can retire at age 55 on a Regular Early Retirement pension, but have to wait at least until age 57 for a Special Service pension.
 
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