Can you retire 30 and out..Local 705

Discussion in 'UPS Retirement Topics' started by ibleedbrown, Feb 16, 2020.

  1. ibleedbrown

    ibleedbrown Active Member

    with combined pt and full time years? So far I Have 18 part time and 6 full time years. US Midwest region local 705.
     
  2. DELACROIX

    DELACROIX In the Spirit of Honore' Daumier

    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...
     
    • Informative Informative x 1
    • List
  3. Staydryitsraining

    Staydryitsraining Well-Known Member

    So when you turn 65 your pension changes?
     
  4. rod

    rod #1 on Upstates "list"

    Mine didn’t- been the same got 18+ years. Retired at 53
     
  5. upschuck

    upschuck Well-Known Member

    Just changes who is paying. Before 65, ups pays all, after 65, ups pays part, CS pays their part, that totals what ups paid prior to when you turned 65.
     
  6. Poop Head

    Poop Head Lovin' every minute of it!

    I heard the Teamsters invite guys out for a big yacht party on their 65th birthday..
     
  7. DumbTruckDriver

    DumbTruckDriver Allergic to cardboard.

    Where they present you with a pair of swimming shoes to show their appreciation...8576A50C-36D3-44DD-A748-3EB329411F71.jpeg
     
    • Funny Funny x 6
    • Winner Winner x 1
    • List
  8. clean hairy

    clean hairy Well-Known Member

    As I understand it, in the Southern, there would be a check for the 18 of part time, and a seperate check for the 12 of full time.
    Not certain if this is correct?
     
  9. 542thruNthru

    542thruNthru Well-Known Member

    Can a mod change his title. Add "Local 705" to it. They have their own contract and I believe pension as well.

    @cosmo1
    @barnyard

    I don't think he'd mind.
     
  10. Brown echo

    Brown echo If u are not alive than for sure truth is not real

    YES,
     
  11. Mr. Marshall

    Mr. Marshall Member

    Without knowing your rules the answer is probably yes, but you aren't likely to be happy with the pension amount as there are pretty severe penalties for only having 12 years of full-time (unless you started when you are older). If that is your goal I would be maxing out your 401k and a seperate roth for you and your spouse (if you have one). Go to the pension calculator on upsers.com and play around with it.
     
  12. Brown echo

    Brown echo If u are not alive than for sure truth is not real

    IF you're over 50 and being working 5,10,15,20,25,30,+ and still working at ups yes you can retire an anytime, Now if your 50 or over 55 with 15 or 20 with a 401k and retire today from UPS you will get back 65% if you're lucky.
     
  13. Brown echo

    Brown echo If u are not alive than for sure truth is not real

    18 partime [​IMG] you will collect at 59 or 60
     
  14. Brown echo

    Brown echo If u are not alive than for sure truth is not real

    1,080 dollars a month'' about''Partime[​IMG]
     
    Last edited: Feb 16, 2020
  15. rod

    rod #1 on Upstates "list"

    Complete with strippers
     
  16. Brown echo

    Brown echo If u are not alive than for sure truth is not real

    if you' are 59 and retire, at 77 years old you will at 100% collecting your part-time pension
     
  17. Indecisi0n

    Indecisi0n Well-Known Member

    @rod s boots have more time than you. Keep moving greenhorn.
     
  18. upschuck

    upschuck Well-Known Member

    Holy crap, you're a mind reader, too?
     
  19. Galaxy45MP

    Galaxy45MP Manic Depressive Member

    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.
     
  20. oldngray

    oldngray nowhere special

    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.