Discussion in 'UPS Retirement Topics' started by Ups008, Jul 18, 2018.
I plan to retire as a PT. Is the new contract just a locked monthly rate with certain years in?
What new pension?
The new contract sorry.
You work 500 hours in a year, that year counts toward your peer 80. To reach peer 80 it is age plus number of years you worked at least 500 hours. You can lock in the peer 80 after 25 years of participation. Your benefit amount is calculated based on how much money UPS pays into the pension on your behalf. I don't know what the hour per year cap that UPS has to pay in for part timers is, but it is a max of 2080 hrs for full time. So people who take a lot of request off days don't generally earn as much in their pension.
The contract generally addresses how much UPS pays in per hour for each member. It doesn't usually effect how the plan is administered, as it is administered by a third party trust. Though, from my understanding, a member of the union and a member from UPS management sit on the board of trustees, but I might be mistaken about that.
Also, you should have a separate benefit account that UPS pays into for you. Something like Pacific Coast Benefits Trust. Keep an eye out for the statement.
Contact them to receive your proposed benefit statement. I received a statement every year.
I'm a 22.3 with 9 years part time and 13 full-time I'd like to retire at 56 57 can I get rehired as a part time employee to get 5 more years and another vested pt pension. Probably not
There are no fixed benefit amounts, you need to refer to your yearly pension statement to see your current benefit amount. As a part timer, you wont be under peer80, you will be peer84.
When your years of service at UPS plus your age equals 84, you can retire with an unreduced benefit, no minimum age requirement.
To calculate your years of service, you must keep in mind that you must have worked a minimum number of hours (im not sure what that number is) for that year to count towards your peer84.
I didn't realize part timers were peer 84. However if you go full time you convert to peer 80, and all years in which you worked 500 hours or more will count towards your years of service.
If you retire before 65, you cannot collect a pension while working for either another employer covered by the Western Conference of Teamsters, or any other suspendable employment. Suspendable employment is work similar to what we do at UPS. This means no UPS management, no FedEx, possibly no shipping clerk somewhere, etc...certainly no part time UPS. Suspendable employment is determined by the union, you fill out a form annually stating if and where you are working. If they find you are working in suspendable employment, your pension will be suspended.
Part timers are PEER84.
sure you can work for another employer but you have to limit your hours before being penalized. those hours are posted here somewhere. up to 62 I think it is 60 hours per month . 62-65 I think it is 80 hours per month . ( call them to make sure )
and as you mentioned , you can work as many hours as you want outside your trade or conference.
Sorry, you are correct. Forgot about that part. Since the hours are so minimal, I just dismissed the idea. Going to look up the hours.
The pension board determines what is suspendable, not the union. Your best bet is to fill out the form to get permission to take a particular job. They will tell you yes or no. Once you get it in writing you are solid.
Here it is right from the WCT pension application. Sorry, forgot about the hours restrictions.
I simply used the term union as a general term. The pension board is more specific, yes. Although, my pension direct deposit simply states, "Teamsters."
Yeah, I just figured I could save someone the step of calling their local just to be told to call the trust.
For more info (if you don't google so good): Frequently Asked Questions | The Western Conference of Teamsters Pension Trust
I did that to drive a school bus and it took 3 months to get a reply. BTW , they allowed that.
Thanks for posting the hours part. I almost took the school bus driver job but changed my mind. I'm having too much fun to get tied down to another schedule.
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