with combined pt and full time years? So far I Have 18 part time and 6 full time years. US Midwest region local 705.
So when you turn 65 your pension changes?I work in the Central's IBT/UPS Pension area so really don't have the current information in the 705 plan which is separate. I do believe that your part years (18) are combined with your full time years (6) according to how many hours you worked in a vested year. My estimate is (12) years for your part time years that is added to your (6) years as a full timer. I believe PEER 80 on the west does the same formula, In the Central and Southern full time years are counted separate from our part time years under the company controlled (UPS Pension Plan) for our monetary benefit.
30 and out is the norm now, it was 25 many moons ago, ask for a SPD from your union, they should provide that pretty easily. Your pension plan is controlled by both the company and the union. Those under PEER 80 and the west coast areas are (MONETARY CONTRIBUTION PLANS) and are maintained by the Teamsters and is and will always be the top of the food chain as far as benefits go...standard pension for a 30 year any age retiree currently is over 6,000 a month, yours will be similar to those in the IBT/UPS plan should be about 3,900 a month.
It looks like you got about another (12) years to go. Another factor is age and eligibility for your Retiree's Health and Welfare package which you will lose when you turn age 65 and qualify for Medicare. This is not a sprint but a marathon for everybody now, next contract in 2023 will be all about Pensions. I totally expect for the company to try to get out of the (UPS Pension Plan) for part timers for those in the Central and Southern much like they did in Management's Plan, considering just how much turn over there is with our part time workforce. It takes 5 continual years to be vested in order to collect at your retirement age, people are not hanging around enough to qualify then why bother in maintaining the associated cost of a defined benefit plan.
Nationwide every Pension Plan is formulated differently accordingly to what area of the country you fall under hence the confusion over this issue. Weekly Individual Monetary contributions going into these plans are in the Master Article 34..(DEFINED PENSION) plans are not subject to weekly monetary contributions, but are paid at the end of the year to cover the promised retiree benefits in that plan..(You are in a defined benefit plan and your only improvements will be by collective bargaining in 2023...)
Big issue with the 2021 Teamster's election so choose wisely...
That calculator admits it only estimates. Might be in the ballpark but often off by a few dollars. Too many differences between plans to have a one answer fits all.There is a great pension calculator at the UPS employee portal that is extremely accurate. You can project out all kind of different retirement scenarios. All your vested time is available to view as well, FT and PT. I had both types of work history . I Retired in Nov. 2019. Its really a great tool.