helenofcalifornia
Well-Known Member
Our preload work experience counts towards the same pension out here in Northern California. Just don't get the same monetary credit you would as a full timer. Never heard of a bonus out here either.
is there any chance of 25 and out at any age next contract?
- Thread starter themidnightoil
- Start date
hondo
promoted to mediocrity
The last time I looked (just to give some general info to a 22.3 who had some obviously bad info), instead of the lump sum bonus, a retiree can opt to increase their monthly benefit.
http://www.tdu.org/pension-comparison
Caveat: the L705 XX-and-out, with lump sum $XXk matches what I've seen posted on letterhead on union bulletin boards, I don't recall seeing the option to increase the monthly benefit. It may have also been there, I just don't remember. I've never seen the L710 info. posted. I have no reason to doubt the veracity of this third party's (TDU) summary & comparison, but I have not verified it.
Also, there may have been changes to the other plans listed in that link since it was compiled (dated July 1, 2010).
This is correct, you have to be vested part time for five years to get anything at "normal retirement age", and it is a separate plan from the full time pension.
upsgrunt
Well-Known Member
Eric,
We need to get that lump sum language into 710's contract. That tidbit could make a difference when deciding about retiring. Not nearly enough to change your lifestyle, but a great little bonus to the pension.
Re-Raise
Well-Known Member
I never realized the difference on that from 710 to 705. That is one of the reasons I enjoy this site there is always something to learn here.
Hourly pension contributions in New England are now $7.21 per hour. That's $288.40 per week. $15,076.80 per year.
Effective August 1, 2011 contributions will increase by 65 cents per hour to $7.86.
packageguy
Well-Known Member
Call your local, I heard local 177 in new jersey, no longer have lump sum,
because the pension fund take a big hit each time, especially when it's not fully funded.
because the pension fund take a big hit each time, especially when it's not fully funded.
menotyou
bella amicizia
Here, the raises we got went right into the pension fund. All full-timers.
UpstateNYUPSer(Ret)
Well-Known Member
I would like to expand on Hondo's example of the 30 and out pension and the pros/cons of taking the $30,000 as a lump sum or as an increase of $240/month. Taking it as a lump sum would mean having to plan for the tax consequences-- a flat rate of 25% for Federal and a flat rate depending upon which state you live in. Conversely, an increase in your monthly pension payment would be taxed in the same manner as the base pension payment, which would most likely be lower than the rate for the bonus. However, at $240 per month, it would take just over 10 years to recoup the $30K.
NYS Teamsters recently changed the 30 and out at any age to 30 and out with a minimum retirement age of 55. UPS contributes around $9/hr to our pension which is their base contribution plus our split raises.
I think the days of 25 and out at any age are gone.
NYS Teamsters recently changed the 30 and out at any age to 30 and out with a minimum retirement age of 55. UPS contributes around $9/hr to our pension which is their base contribution plus our split raises.
I think the days of 25 and out at any age are gone.
QKRSTKR
Well-Known Member
What always scares me is how many more contracts before I can retire. Even at the 30 @ 55, that's exactly what I'll have at 55 is 30 ft. yrs. 25 yrs at age 50 would reduce me to 2000 monthly. But if you could work another job and make 1000-2000 a month, would it be worth it? I just don't understand the guys who have more than 30 yrs in and keep working. I think they are institutionalized.
[video=youtube;7tkzc983aE0]http://www.youtube.com/watch?v=7tkzc983aE0&NR=1[/video]
But, maybe its different by the time you actually get there. Must be a sweet feeling to know you can go at anytime.
[video=youtube;7tkzc983aE0]http://www.youtube.com/watch?v=7tkzc983aE0&NR=1[/video]
But, maybe its different by the time you actually get there. Must be a sweet feeling to know you can go at anytime.
UpstateNYUPSer(Ret)
Well-Known Member
We had a guy who finally retired with like 36 or 37 years in. He had no life outside of the company. The driver for his area tells us he wears his browns when doing yard work.
I guess the decision you have to make for yourself is do you want to retire early and work somewhere else or do you want to work here for the 30 or so years needed for a normal pension. Keep in mind that there may be restrictions within your pension as to how many hours and in what trades you can work post-retirement.
This is why I try to stress to some of my younger co-workers the importance of planning for retirement. Most of them laugh at me and tell me retirement is a long way away. That's what I used to think but in less than 8 years I will be retired--will I be ready? Financially, yes--psychologically, ??
I guess the decision you have to make for yourself is do you want to retire early and work somewhere else or do you want to work here for the 30 or so years needed for a normal pension. Keep in mind that there may be restrictions within your pension as to how many hours and in what trades you can work post-retirement.
This is why I try to stress to some of my younger co-workers the importance of planning for retirement. Most of them laugh at me and tell me retirement is a long way away. That's what I used to think but in less than 8 years I will be retired--will I be ready? Financially, yes--psychologically, ??
beentheredonethat
Well-Known Member
Thanks for the update. I didn't realize it was that high. I know the number from the 90's when I did payroll. I asked and got the number secondhand for current rate. But the new number you gave further strengthens my argument. Go to a financial advisor. Show him\her what UPS puts into a retirement account for you. Then ask what you should get at different retirement ages. I'm sure the number is a lot higher then what you will be getting. What happened with all the money? Also, think of all those PT people (at least in New England) where they work for UPS less then 5 years and aren't vested but all that money went into the fund. That's a lot of money. This isn't an issue of UPS not contributing enough it's an issue of other companies not contributing the same amount (even though all teamsters get the same amount in retirement (assuming same region ie New England Pension fund)). It's also an issue of mismangement. Also to another poster who indicated what is being offered by other funds. Let's also look at what the funding status of those funds.
How comfortable do you feel if the funding level of your fund is in critical status?
The various companies in the Fund contribute at various hourly rates according to their collective bargaining agreements. UPS contributes at the highest rates (currently $7.21) and earns the highest monthly accrual amount ($248) towards its employees' future retirement checks. Other companies that contribute at lesser rates earn their employees proportionately less monthly accrual amounts. There is no subsidy of others by UPS in this particular feature of the New England Fund.
cachsux
Wah
Yes, but 710 gets all the neat new tractors and 705 gets the junk. So in a way you guys are getting the bonus while you`re still with the company.
kingOFchester
Well-Known Member
So, form what you are saying ...for part time years worked less then 5 years, we will not get any pension? I am in 384
old levi's
blank space
Just hoping the normal pension (whatever that is) will even be there after 30/ 35 or even more years. I'm just saying................
The Milkman
Well-Known Member
I left 177 Jan 08 and yes they did stop the lump sum of 50k..I got mine and rolled it over into a retirement acct. Did not get hit with taxes that way..
I doubt it will be there. Don't plan on it....
Correction: $15,076.80 should be $14,996.80. Oops!!!
satellitedriver
Moderator
I am 58yrs old with 25yrs.
I am under the old CS plan and the new UPS/teamster plan.
$2,500 becomes $2,190 for your spouse to receive 75% of that $2,190 upon your death. -($1641.50)
After average taxes of 20%, that leaves $1,752.00 a month.
Now deduct $800 a month for sub-standard health insurance.
-( which one can not get if they are under the age of 57)-
By sub-standard I mean;
No Dental
No Vision
20% on all major medical
Limited discount on RX
And the kicker is!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$150,0000 a year maximum.
I can buy better coverage through AARP for less money.
This leaves me with $952.00 a month for retirement.
By the Grace of God, 1997 woke me up and I now could leave and prosper through financial planning.
But, I am sticking around as long as I can and sticking all the ridiculous money UPS pays me into the bank.
I am under the old CS plan and the new UPS/teamster plan.
$2,500 becomes $2,190 for your spouse to receive 75% of that $2,190 upon your death. -($1641.50)
After average taxes of 20%, that leaves $1,752.00 a month.
Now deduct $800 a month for sub-standard health insurance.
-( which one can not get if they are under the age of 57)-
By sub-standard I mean;
No Dental
No Vision
20% on all major medical
Limited discount on RX
And the kicker is!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
$150,0000 a year maximum.
I can buy better coverage through AARP for less money.
This leaves me with $952.00 a month for retirement.
By the Grace of God, 1997 woke me up and I now could leave and prosper through financial planning.
But, I am sticking around as long as I can and sticking all the ridiculous money UPS pays me into the bank.
