Can union employees who are terminated start drawing retirement benefits?

Discussion in 'UPS Retirement Topics' started by Vette51, Dec 26, 2011.

  1. Vette51

    Vette51 New Member

    central states,ups/ft pension plan... I dont plan on it but the subject i have heard plently so i wanted to know the answer.. 25+ years of service credit if you were fired could you go ahead and draw a reduced pension?

    i know the 55 age limit but i was told, and not sure its true ,that as long as u had 25 in you could retire at any age you just couldnt get insurance unless u were 55 years old..being fired could be a different story..Thanks for replying in advance.
  2. scratch

    scratch Least Best Moderator Staff Member

    My understanding is that you can only draw your full credit at 55 and you have to be 57 to get CS Health Insurance. If you try to draw early you get penalized 6% per year. The fact that you were fired while vested shouldn't matter. I'm sure somebody recently retired or about to should be able to give better info, I am still several years away from it myself.
  3. Monkey Butt

    Monkey Butt Dark Prince of Double Standards Staff Member

    Several years away from 55 or 57?
  4. scratch

    scratch Least Best Moderator Staff Member

    I turned 53 last May, I'm waiting on being able to get health insurance. I am currently thinking 40 and out, I doubt the next contract will improve the situation any.
  5. Vette51

    Vette51 New Member

    I am puzzled !!!..If your 53 years old and waiting for health ins why would you stay at ups for 40 years? I assume you started when you were young if you can hang out for 40 years ..40 would put me at 60,but Contract/God willing im leaving at 57 with 37 years in.
  6. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    As I recall Scratch started at 17 which would put him at 57 when he hits his 40. You answered your own question--he is waiting for the health insurance.

    I will be 58 when I get my 30 and that will be enough for me.
  7. Vette51

    Vette51 New Member

    You are correct i answered my own question.Thanks for the reply
  8. rocket man

    rocket man Well-Known Member

    gee every local has a retirment club employees who are retired BUT IM SURE YOU are aware of that?
    ALL THE UNION FUNCTIONS you have been to over the years . SO tell us why you have to ask on this site? id like to no?
  9. hembone

    hembone New Member

    You're eligible for health insurance at 55. It is 200.00 per month for you or 400.00 for you and your wife. If you have 25 to 29 years in you need to be 57 to collect your full amount. It is on page 219 of the Atlantic Area Supplement.

    This is for the service pension.

    35 years, any age, $3500 month

    30 or more years, any age, $3000 plus $100/yr of service for years over 30 up to $3500

    25 years, any age up to 57, $2000

    25 years, 57 or older, $2500 plus $100/yr of service for years over 25 up to $3500 maximum

    These are all monthly amounts. Hope this helps.
  10. Vette51

    Vette51 New Member

    Oops! .. other details... I am central states and partial pension I guess u call it.. At 57 I would be 13 years part time and 24 years full time.
  11. hembone

    hembone New Member

    Post #9 was for the new UPS/IBT Pension only.
  12. satellitedriver

    satellitedriver Moderator Staff Member