My dad was a former UPS Accounting Clerk, and i have a question about pensions...

Discussion in 'UPS Union Issues' started by nick714754, Sep 23, 2009.

  1. nick714754

    nick714754 New Member

    Hello everyone, my dad who is 52, just asked me about his possible pension plan with UPS. He worked there for 10 years, so was therefor vested in the plan, (I believe) and he then left to paint houses for a living which he still does. I was wondering how his plan is going to work. is it defined benefit? can he cash out right now? if not, how long does he have to wait? how much will it be for and for how long?

    I know you guys probably are not plan administrators, but any help would be greatly appreciated!
  2. Monkey Butt

    Monkey Butt Obscured by Mirrors Staff Member

    He is vested.
    He can start drawing at age 55 (probably) with a reduced monthly benefit or get full retirement monthly at age 65.
    It is a defined benefit monthly payout.
    There is no provision for a lump sum distribution that I am aware of.

    Have him contact UPS.
  3. helenofcalifornia

    helenofcalifornia Well-Known Member

    Was he a Teamster? If he was, he should check with the Teamsters too. They usually have a guy visit the Teamsters once a month andtalk with those people who are interested in seein how much they have accrued towards their retirement.

    So I bet his knees and shoulders are STRONG! (From not working as a driver for all those years) Good for him.