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UPS Retirement Topics
Can you retire 30 and out..Local 705
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<blockquote data-quote="hondo" data-source="post: 4394971" data-attributes="member: 8661"><p><span style="color: #b30000"><strong><u>!!Local 705 only!!</u></strong></span></p><p></p><p>[USER=35818]@ibleedbrown[/USER]: From what I've heard, yes, the L705 pension fund (for your FT service) will add up your PT & FT years. However, you <u><em><strong>won't</strong></em></u> get the 30 year FT pension $ amount, just what you've accrued (earned) from the company fund for your PT, and the Local's fund for FT. Link to L705 Fund office:<a href="https://local705funds.org/" target="_blank"><span style="color: #ff0000">Home</span></a> (if you register online you can get statements & some calculators/planning tools). Important tips: you need 50 weeks of FT contributions (basically every week you get a paycheck for hours worked or vacation) per year to get the full $108/month multiplier for that year of service, any year with less than 50 weeks is pro-rated down. It takes 5 years FT to become vested in the L705 fund; after 10 years FT, you would be eligible for a disability pension if needed. <em><span style="color: #b30000">Edit: the website says 15 years for disability pension, I distinctly remember reading 10 years in my plan summary; maybe a superior benefit for UPSers?</span></em></p><p></p><p>Note to long time L705 PT: apparently a change in one of the last contracts makes it extremely beneficial to go FT for a short time (perhaps as little as making seniority-40 days worked) after your 25/30/35 years of PT. I'm told you would then be eligible for retiree health insurance from the FT fund (you would otherwise not be covered under your PT only retirement package). Definitely look into it if you're looking to retire before becoming eligible for Medicare.</p></blockquote><p></p>
[QUOTE="hondo, post: 4394971, member: 8661"] [COLOR=#b30000][B][U]!!Local 705 only!![/U][/B][/COLOR] [USER=35818]@ibleedbrown[/USER]: From what I've heard, yes, the L705 pension fund (for your FT service) will add up your PT & FT years. However, you [U][I][B]won't[/B][/I][/U] get the 30 year FT pension $ amount, just what you've accrued (earned) from the company fund for your PT, and the Local's fund for FT. Link to L705 Fund office:[URL='https://local705funds.org/'][COLOR=#ff0000]Home[/COLOR][/URL] (if you register online you can get statements & some calculators/planning tools). Important tips: you need 50 weeks of FT contributions (basically every week you get a paycheck for hours worked or vacation) per year to get the full $108/month multiplier for that year of service, any year with less than 50 weeks is pro-rated down. It takes 5 years FT to become vested in the L705 fund; after 10 years FT, you would be eligible for a disability pension if needed. [I][COLOR=#b30000]Edit: the website says 15 years for disability pension, I distinctly remember reading 10 years in my plan summary; maybe a superior benefit for UPSers?[/COLOR][/I] Note to long time L705 PT: apparently a change in one of the last contracts makes it extremely beneficial to go FT for a short time (perhaps as little as making seniority-40 days worked) after your 25/30/35 years of PT. I'm told you would then be eligible for retiree health insurance from the FT fund (you would otherwise not be covered under your PT only retirement package). Definitely look into it if you're looking to retire before becoming eligible for Medicare. [/QUOTE]
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