THat has been the bone of dispair for many. In the 70's it was sold to us that for each 2 years you work as a part timer, that counted as one year full time. THat is even though you worked 40+ hours a week, because you were classified part time, that is all the credit you would get. And if you retire before you get 25 years in, maybe it does. But now that you have 25 years in full time and 6 years in part time, you find out that it was less than true. You only have 25 years of full time service, and your retirement is 2750 and the part time years UPS will cover when you turn 55. They will pay $55 a month per year of service. Work 2 more years, and you retire with 2950 from the teamsters right now and 330 when you hit 55.
Now where this gets screwy is this
At 25 years full time you draw 2750 a month right now if you want, with UPS kicking in 330 when you hit 55.
But the way it was promised was that with 25 years in full time, and 6 part time, you would have the equivelent of 28 years full time. In 2 more years you would retire with 30 years full time and draw 4 grand from the teamsters right now. THat is $1050 dollars different untill you hit 55 at which time the difference drops to 720 a month short.
THat difference would add up to $268,800 dollars by the time you hit 75. So what part timers were promised back then and what we are geting now, well you see the numbers.
Well Danny You have told me more than the people who get paid to tell us these answers IE human services. If you've got 31 yrs in God... or someone blesses you!!!! I just want to get an answer so I can start counting the days or yrs or whatever, just to see some light at the end of the tunnel. What they told me was I would get 2 yrs toward service but only half the money for my 2 pt years and no one knew what i would get for my 6 yrs of PT mgmt., which was a real learning experience, if nothing else. They have me very confused, but I am just a youngster.
UPSACE, trust me I am not wishing my youth away, and I actually am not a youngster only in mind...I have 19 yrs today, just trying to see what counts and what doesnt!
Oneyouserve, I dont understand the company pension vs. union pension, if I have 11 fulltime yrs, and 2 pt years in Union, and I left tomorrow, would I get anything when old enough to retire, or do you have to have 25 or 30 yrs!
My husband is a Full-time clerk in the Raleigh Hub since November 1970. In UPS Retirement Plan from 1971 to 1987. 1987, placed in Teamster Pension Plan.
17 Yrs Non-union - UPS Retirement Plan
15 Yrs Union - Teamster Pension Plan
(32 Yrs total this year)
Time in UPS Retirement Plan does not count with Union. Basically, a new hire in 1987 as far as pension benefits.
There IS a reciprocal agreement between UPS Pension Plan and Teamsters Pension Plan; however, there is NOT a reciprocal between UPS Retirement Plan and Teamsters Pension Plan.
In 5 years eligible for:
20-year Teamster Pension with Med Cov
17-year UPS Retirement Plan at 1987 rate, $32 per month times the 17 years non union.
57 yrs old and 37 years hard labor
THAT'S WHAT BROWN CAN DO FOR YOU.
According to the Summary Plan Description until 1987 all clerical employees, part and full time were in UPS Retirement Plan.
I encourage anyone of any age to find out what you are working for. It took UPS & the Union 12 years to come to the same conclusion I had after many hours going through my Retirement and Pension Books. Read your books and if you don't understand, call or write them, but make sure you get your answers in writing.
Susan, thats exactly what I meant when I said by the time they figure it out I will be 95, I wasnt being all that sarcastic. No one has the ability to sit down and go through it with the employees, with years of service split between company and teamster, and tell them what they have toward retirement, or even tell us who to contact, in my case they arent even recognizing my 2 yr pt teamster work on my benefit statement, and have been trying for 2 yrs to get that corrected. thanks for the info. Based on what you say your husband is getting, I would guess that is why they avoid it.
All you have to do is write your local HR department - they can get the info for you.
It will take some time, but it won't be years - probably a couple of months. There are 360,000 UPS employees, and just a few people in Corporate that do this calculation. Give them a break!
Our pension may not be the highest in the world, but you have to understand that UPS has been trying to educate the workforce over the last few years about their total compensation. That includes 401k and the stock purchase plan. Those who listened (I did) and started putting money away will not suffer monetarily in their retirement years.
Thanks for the info, I did talk to someone who was the head of HR in my area, and he said he would get right back to me on it, 2 months ago, so I guess a letter would be the next step. I am not downing UPS, just needing info and having a hard time getting it. But I get lots of help here. I have found that going to corporate usually gets your questions answered faster. But I hate to go to the top when there are people in each area paid to do a job, and I dont think they have to adhere to such strict rules as the hourly. Or their performance is measured differently. I am from an outlying center, and although I get mailings on the 401 K which I am in, we dont get the luxuries of having real poeple who are tuned into the financial wizardry come to give us any advice. Most I know get it here.
I have 14 years in full time clerk and 17 years in as a driver. UPS will pay a small pension when I reach 55 but I was told, when I started to drive, that all retirement years would count. Now that its time they wont honor what they said and I still have 13 to get my 30.