No mention of 25 and out Pension Pay in the teleconference

[1whofan]

Every P/t time and friend/t pension got a bump with the exception of 25 and out at any age and 25 and out at age 57. And there were no bump to the above in the 2013-2018 contract.

 

[Jones]

Yes it does I'll use myself as an example I've got 31 years in 26 friend/t and 5 P/t I am in my early 50s if I were to retire at the end of the year I would get around $2400, $2000 for reaching 25 years plus an extra for 1 year of friend/t and my P/t years. But if I go another 4 years, 30 friend/t and my 5 P/t it goes to a little over $4,000. That disparity should alarm anyone with few friend/t years.

Why does the disparity between 25 and 30 year pensions bother you? Do you feel they should be the same?

 

[Ms.PacMan]

Yes it does I'll use myself as an example I've got 31 years in 26 friend/t and 5 P/t I am in my early 50s if I were to retire at the end of the year I would get around $2400, $2000 for reaching 25 years plus an extra for 1 year of friend/t and my P/t years. But if I go another 4 years, 30 friend/t and my 5 P/t it goes to a little over $4,000. That disparity should alarm anyone with few friend/t years.

I think you'll get more than that. I said before that I didn't know why you get more if your combined (pt+ft) company seniority gives you 30 but I think I do know why. Once you hit your 30 years they (Central States/IBT/UPS) figure your pension using X/30 times years of service equals pension amount.

So 26 full time years would be 26/30 x years of service = $.
So if we do the math 26/30 (30 pays $3400) $3400÷30 makes every year worth $113.33 per year times 26 years of service or 26/30 = $2,946.67 plus your pt pension amount which I believe is $50/ yr minus 6% for every year under the age of 62.
*they will also figure up the amount using the new contributory pension formula and give you whichever is greater.

The $2k and $2500 only apply to people with less than 30 yrs company seniority.

 

[DR7]

I think you'll get more than that. I said before that I didn't know why you get more if your combined (pt+ft) company seniority gives you 30 but I think I do know why. Once you hit your 30 years they (Central States/IBT/UPS) figure your pension using X/30 times years of service equals pension amount.

So 26 full time years would be 26/30 x years of service = $.
So if we do the math 26/30 (30 pays $3400) $3400÷30 makes every year worth $113.33 per year times 26 years of service or 26/30 = $2,946.67 plus your pt pension amount which I believe is $50/ yr minus 6% for every year under the age of 62.
*they will also figure up the amount using the new contributory pension formula and give you whichever is greater.

The $2k and $2500 only apply to people with less than 30 yrs company seniority.

Ok. I have 4 years and 8 months of part time? I started driving in August and my company seniority date it January 3. Are all those years wasted because it is less than 5?

6% reduction per year is 60% of part time when I get to 30 total years. I’ll be 52. Not much left there. Is the part time pension reduced 6%x5 if I work 30 full time years and retire when I am 57?

 

[Ms.PacMan]

Ok. I have 4 years and 8 months of part time? I started driving in August and my company seniority date it January 3. Are all those years wasted because it is less than 5?

6% reduction per year is 60% of part time when I get to 30 total years. I’ll be 52. Not much left there. Is the part time pension reduced 6%x5 if I work 30 full time years and retire when I am 57?

Yes, the pt pension amounts are greatly reduced if you retire before 62.

I thought you vested immediately in the pt pension? I literally went from peak to pt to ft driver in April (hiring bonanza like now in the 90's) so I might as well have been an off the street hire. My knowledge of the pt pension is limited because it doesn't really apply to me.

 

[saintrick]

Ok. I have 4 years and 8 months of part time? I started driving in August and my company seniority date it January 3. Are all those years wasted because it is less than 5?

6% reduction per year is 60% of part time when I get to 30 total years. I’ll be 52. Not much left there. Is the part time pension reduced 6%x5 if I work 30 full time years and retire when I am 57?

You get credit for the PT years.
There is no 6% reduction once you have 25 years of combined service credit.

 

[Ms.PacMan]

DR7 - you are so young that your pension will be the contributory amount (1801 hrs equals a full year) times whatever each yr was worth. It will be much higher and pays out more than the stinky old service pension.

 

[Time for change]

You get credit for the PT years.
There is no 6% reduction once you have 25 years of combined service credit.

Hmm the way I understand it in our region is part time and full time are two entirely different pensions and you need 5 part time to be vested. Certainly could be different in other regions.

 

[saintrick]

Hmm the way I understand it in our region is part time and full time are two entirely different pensions and you need 5 part time to be vested. Certainly could be different in other regions.

I am referring to the UPS pension plan (covers most part timers) and the UPS /IBT plan that replaced Central States.

Most other plans should also have a reciprocal agreement that gives some type of credit for PT years.

 

[1whofan]

Why does the disparity between 25 and 30 year pensions bother you? Do you feel they should be the same?

Because how long can a friend/t last doing 200 stops a day, this is not an office job we bust are ass and in the 2013-2018 there were no pension raises for 25 and out, so IF this contract passes, 10 years without any raises....

 

[Raw]

But having drivers due peak volume throughout the year is okay, lets burn the drivers out to get new blood in, if this contract passes there will be a $1800 dollar difference between 25 and 30 and only $400 between 30 and 35. UPS is making record profits which due to e commerce will only continue to grow. This is not an office job those of you that waited for an friend/t position and got it in your late 20's or early 30's should have to bust your ass for 30 years!!!

Not until 2020!

 

[Raw]

Yes minimum $2,000 at 25 and out at any age
$3,800 at 30 and out at any age
$4,300 at 35 and out at any age
Plus your p/t years of service

Not until 2020!

 

[Raw]

Every P/t time and friend/t pension got a bump with the exception of 25 and out at any age and 25 and out at age 57. And there were no bump to the above in the 2013-2018 contract.

Not until 2020!

 

[1whofan]

OK, but were there any raises on the 2013-2018 contract or the upcoming 2018-2023 contract, including Jan. 2020 for 25 and out at any age or 25 and out at age 57.

 

[cachmeifucan]

Can I collect my full-time pension at 59 then wait until 62 to take part time pension

 

[Grey]

So the age + time = 80 isn’t a thing?

 

[saintrick]

Not everywhere.

 

[542thruNthru]

So the age + time = 80 isn’t a thing?

Yes it is in the western region. It's called PEER 80. Every region is different though.

 

[cachmeifucan]

With peer 80 Does That Include Part Time Years? I don't think we have that here.

 

[T dog]

If the company can afford to give a part timer who works half the hours a full timer does a raise for their 25 year pension then I'm sure it can scrape up enough from their record profits each year to add to the 25 year full time pension