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Brown Cafe UPS Forum
UPS Retirement Topics
Im not Tyler Binder but I need your help.
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<blockquote data-quote="Red Headed Stranger" data-source="post: 5991718" data-attributes="member: 90351"><p>As long as you were over 21 years of age, according to the contract, it says part-time employees will receive 1 year of credited service for 750 or more paid hours in a year (Article 34). If you attain 375 paid hours, you will receive a 1/2 year pension credit. If your paid hours are over 375 but less than 750, you'll receive 3/4 year pension credit. Paragraph 7 of Article 34 also mentions "The Pension Plan will also be amended to reduce the number of hours of service required to earn a vesting year from 750 to 375. This paragraph does not change how benefit service is accrued." So according to what is mentioned above, it is likely you did make your 5 vesting years as long as you worked a minimum of 375 hours in 2015, 2016, 2017, 2018, and 2019. Your actual benefit would be based upon the number of hours worked in each of those years. The pension booklet I received (August 1, 2018 edition) says if your Accrued Benefit is $5,000 or less, you will receive a lump sum distribution of your benefit. If they give you the option since it is greater than $5,000, I would tell them you elect to have it held by the company until you are 65 years of age. I hope this helps!</p></blockquote><p></p>
[QUOTE="Red Headed Stranger, post: 5991718, member: 90351"] As long as you were over 21 years of age, according to the contract, it says part-time employees will receive 1 year of credited service for 750 or more paid hours in a year (Article 34). If you attain 375 paid hours, you will receive a 1/2 year pension credit. If your paid hours are over 375 but less than 750, you'll receive 3/4 year pension credit. Paragraph 7 of Article 34 also mentions "The Pension Plan will also be amended to reduce the number of hours of service required to earn a vesting year from 750 to 375. This paragraph does not change how benefit service is accrued." So according to what is mentioned above, it is likely you did make your 5 vesting years as long as you worked a minimum of 375 hours in 2015, 2016, 2017, 2018, and 2019. Your actual benefit would be based upon the number of hours worked in each of those years. The pension booklet I received (August 1, 2018 edition) says if your Accrued Benefit is $5,000 or less, you will receive a lump sum distribution of your benefit. If they give you the option since it is greater than $5,000, I would tell them you elect to have it held by the company until you are 65 years of age. I hope this helps! [/QUOTE]
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Im not Tyler Binder but I need your help.
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