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Brown Cafe UPS Forum
UPS Partners
Management Buyout Update?
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<blockquote data-quote="michael" data-source="post: 169618" data-attributes="member: 1208"><p>Here's the way it worked before, not sure if it's still the same or not.</p><p> </p><p>If you <u>left</u> UPS before you were 55 you would still be eligible to collect your pension at age 55 but at a reduced amount.</p><p> </p><p>UPS considers the age of 65 as the point when you would be eligible to collect 100% of your pension. (if you left the company before age 55) For example, if you were 50 when you left UPS and you decided to start collecting your pension when you turned 55 you would lose 6% for every year before you turned 65. Thus, 6% times 10 years equals 60%, that's what you would lose (60%). So, you would collect 40% of what you would normally get at age 65.</p><p> </p><p>If you wait until you are 60, you would lose 6% times 5 years or 30%. Again, you would get 70% of what you would normally get at age 65.</p><p> </p><p>I think (and I will stand corrected if I'm wrong on this) if you <u>work </u>until you are 55, UPS will award you 70% of what you would get at age 65. </p><p> </p><p>Of course I am speaking only of the UPS defined pension plan for management. Other plans for UPS employees are different.</p></blockquote><p></p>
[QUOTE="michael, post: 169618, member: 1208"] Here's the way it worked before, not sure if it's still the same or not. If you [U]left[/U] UPS before you were 55 you would still be eligible to collect your pension at age 55 but at a reduced amount. UPS considers the age of 65 as the point when you would be eligible to collect 100% of your pension. (if you left the company before age 55) For example, if you were 50 when you left UPS and you decided to start collecting your pension when you turned 55 you would lose 6% for every year before you turned 65. Thus, 6% times 10 years equals 60%, that's what you would lose (60%). So, you would collect 40% of what you would normally get at age 65. If you wait until you are 60, you would lose 6% times 5 years or 30%. Again, you would get 70% of what you would normally get at age 65. I think (and I will stand corrected if I'm wrong on this) if you [U]work [/U]until you are 55, UPS will award you 70% of what you would get at age 65. Of course I am speaking only of the UPS defined pension plan for management. Other plans for UPS employees are different. [/QUOTE]
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