Part time employee pension

[Sunshine In GOD'S Country]

Please help! I'm 61 years old and have 23 1/2 years of credit service. I talked with UPS retirement and was told I qualify for early retirement. My concern was being able to maintain medical, dental and vision if I choose to retire early. They said I would have to contact Teamcare for those answers. Talking today with Teamcare they said if I am 55 years or older with 20 years of credited service I can retire and maintain the insurance coverage.

So my question: Is this correct? The language in my contract book is overwhelming at times. I am local union #17 Teamsters Central Region.

 

[IVE GOTTA PACKAGE 4U]

@542thruNthru

 

[542thruNthru]

@542thruNthru

Don't look at me. I don't have teamcare.

 

[IVE GOTTA PACKAGE 4U]

Don't look at me. I don't have teamcare.

Thanks for nothing

 

[DELACROIX]

Please help! I'm 61 years old and have 23 1/2 years of credit service. I talked with UPS retirement and was told I qualify for early retirement. My concern was being able to maintain medical, dental and vision if I choose to retire early. They said I would have to contact Teamcare for those answers. Talking today with Teamcare they said if I am 55 years or older with 20 years of credited service I can retire and maintain the insurance coverage.

So my question: Is this correct? The language in my contract book is overwhelming at times. I am local union #17 Teamsters

You might reconsider retiring now, if you can hang in there for 4 more years it would be beneficial.

25 years service PT is 1325, subtract the early penalty of (6 % for every year prior to age 65) you are looking at 1245.

Subtract federal tax, spousal reduction and 200 or 400 a month for healthcare…

Maybe clearing 800 or less a month for your service, no COLA increases.

Good news is that you are real close to the Medicare and Social Security age requirements.

 

[badpal]

Best keep working to at least to when and if the new contract is settled. Hopefully everybody's numbers get a bump.

 

[DELACROIX]

Best keep working to at least to when and if the new contract is settled. Hopefully everybody's numbers get a bump.

I do not see any current emphasis with our negotiation committees to improve the part timer's pension formulas under the Central or Southern. We probably will see the usual 400 bump in the IBT/UPS Pension Plan for the full timers, but all those years prior that they worked part time under the UPS Pension Plan is nothing but pocket change.

Any improvements under the IBT/UPS Pension Plan will barely cover the current cost of living increases..There is no reason that a COLA can not be negotiated into Everyones' Pension benefits, including the current retirees.

Another issue is our health and welfare coverages when you do retire...It is possible that those can be improved at least to the standards that the active members have.

These are hardcore issues with our pensions have been hanging around for decades. The disparity between our retirement benefits and also our health and welfare will continue to divide us into the haves and have nots. If the International continues to look the other way on this issue it will eventually hurt us all.

As far as the part timers under the Central Supplement they should at least be given credit years past 35, there should never be a cap.

 

[Been In Brown Too Long]

Please help! I'm 61 years old and have 23 1/2 years of credit service. I talked with UPS retirement and was told I qualify for early retirement. My concern was being able to maintain medical, dental and vision if I choose to retire early. They said I would have to contact Teamcare for those answers. Talking today with Teamcare they said if I am 55 years or older with 20 years of credited service I can retire and maintain the insurance coverage.

So my question: Is this correct? The language in my contract book is overwhelming at times. I am local union #17 Teamsters Central Region.

Maintaining insurance coverage is one thing and paying for it out of pocket is another. Did you ask what is the monthly cost or is there a cost at all?

Central States Teamcare page... Retiree Benefits | TeamCare - Health Coverage after employment
On that page it says, "For plan-specific details, visit your Summary Plan Description in My Profile." I'd imagine you can find out all the specifics there.

 

[md2u]

Please help! I'm 61 years old and have 23 1/2 years of credit service. I talked with UPS retirement and was told I qualify for early retirement. My concern was being able to maintain medical, dental and vision if I choose to retire early. They said I would have to contact Teamcare for those answers. Talking today with Teamcare they said if I am 55 years or older with 20 years of credited service I can retire and maintain the insurance coverage.

So my question: Is this correct? The language in my contract book is overwhelming at times. I am local union #17 Teamsters Central Region.

I'm retiring in at the end of June this year, i've been at UPS part time for 20 yrs. I am 64 I will keep UPS medical till I turn 65 at that time i have to take Medicare as my primary and UPS will then be my secondary. At 65 the insurance will be 50 for each of us with UPS. They will automatically deduct the amount each month. I am western region, so it may be different for you.

 

[DELACROIX]

Im retiring in at the end of June this year, ive been at UPS part time for 20 yrs. I am 64 I will keep UPS medical till I turn 65 at the time i have to take Medicare as my primary and UPS will then be my secondary. At 65 the insurance will be 50 for each of us with UPS. They will automatically deduct the amount each month.

What conference are you under?

Supplemental insurance after 65 is unheard of for most of the country…especially if you are only paying 100 dollars a couple.

 

[md2u]

western conference, my pension till 65 is 1879, then at 65 it goes to 1579.

 

[Sunshine In GOD'S Country]

I'm retiring in at the end of June this year, i've been at UPS part time for 20 yrs. I am 64 I will keep UPS medical till I turn 65 at that time i have to take Medicare as my primary and UPS will then be my secondary. At 65 the insurance will be 50 for each of us with UPS. They will automatically deduct the amount each month. I am western region, so it may be different for you.

I'm central region and will be paying 400 for the insurance if I choose to retire early. Ups handles the pension side of retirement and teamcare handles the insurance side. I'm 61 and have 23 credited service years. I know I will take a reduction in money etc... but my body can't take it anymore and I want out now, but as long as I can still maintain the insurance. Again reread my post. I'm being told 55 years or older with 20 years of service I can retire now and maintain the insurance.

 

[DELACROIX]

I'm central region and will be paying 400 for the insurance if I choose to retire early. Ups handles the pension side of retirement and teamcare handles the insurance side. I'm 61 and have 23 credited service years. I know I will take a reduction in money etc... but my body can't take it anymore and I want out now, but as long as I can still maintain the insurance. Again reread my post. I'm being told 55 years or older with 20 years of service I can retire now and maintain the insurance.

Make sure everything is in order and you totally understand what you are signing up for. Smart move is to stay till after the 2023 Contract is ratified, any changes in your future retiree's insurance benefits will be done at the end of the year. Team Care is doing well so you will be fine till Medicare A and B kicks in, expect to pay a little more for additional coverages when you and your wife are on Medicare. You have 4 more years to figure that out..

Congratulations on making it to 20 years...It would be interesting to see the statistics of the average part timer hired 20 or 35 years ago ever getting to that point. My opinion is that the part time pension benefits under the Central and Southern are miserable compared to other areas and getting worst with rising Inflation and lack of any COLA, Social Security does have a COLA if that helps any.

 

[DELACROIX]

western conference, my pension till 65 is 1879, then at 65 it goes to 1579.

Lucky you aren't under the Central...

 

[md2u]

I'm central region and will be paying 400 for the insurance if I choose to retire early. Ups handles the pension side of retirement and teamcare handles the insurance side. I'm 61 and have 23 credited service years. I know I will take a reduction in money etc... but my body can't take it anymore and I want out now, but as long as I can still maintain the insurance. Again reread my post. I'm being told 55 years or older with 20 years of service I can retire now and maintain the insurance.

Yes you can maintain it as long as you pay the monthly 400 for you, if that is what central rate is. Ours in western for myself and my husband is 150 per person so 300 a couple. You can keep it as a primary after you retire until 65 at 65 it changes to your secondary, Medicare is your primary, for us the monthly rate goes to 50 per person or 100 a couple.

 

[Shiftless]

Yes you can maintain it as long as you pay the monthly 400 for you, if that is what central rate is. Ours in western for myself and my husband is 150 per person so 300 a couple. You can keep it as a primary after you retire until 65 at 65 it changes to your secondary, Medicare is your primary, for us the monthly rate goes to 50 per person or 100 a couple.

Where in the Western states did you retire from? Your numbers are for part time to retirement correct?
Does your retirement health insurance come thru the Teamsters?

Not all western states coverage for health is the same. My health insurance comes thru UPS Aetna as a secondary to Medicare.
Had I worked 2 counties over, I would have had Teamster retirement provided health care.

 

[cynz]

Western states pt pension is hours worked. I'm at 32yrs if I retire now my pension is 3300 a month. My health insurance would be 300. a month for couple. The last three years our pension has made extra money that they gave all of us 500. a year bonus added to our pension amount.

 

[Ihatebrown]

Make sure everything is in order and you totally understand what you are signing up for. Smart move is to stay till after the 2023 Contract is ratified, any changes in your future retiree's insurance benefits will be done at the end of the year. Team Care is doing well so you will be fine till Medicare A and B kicks in, expect to pay a little more for additional coverages when you and your wife are on Medicare. You have 4 more years to figure that out..

Congratulations on making it to 20 years...It would be interesting to see the statistics of the average part timer hired 20 or 35 years ago ever getting to that point. My opinion is that the part time pension benefits under the Central and Southern are miserable compared to other areas and getting worst with rising Inflation and lack of any COLA, Social Security does have a COLA if that helps any.

I have been at UPS p/t for 22 years, and 5 of my co-workers have been there longer than that. I am retiring June 30th 2026, I will have the years, but not the age. I'm guessing I can't collect until 65 is that right?

 

[Ihatebrown]

You might reconsider retiring now, if you can hang in there for 4 more years it would be beneficial.

25 years service PT is 1325, subtract the early penalty of (6 % for every year prior to age 65) you are looking at 1245.

Subtract federal tax, spousal reduction and 200 or 400 a month for healthcare…

Maybe clearing 800 or less a month for your service, no COLA increases.

Good news is that you are real close to the Medicare and Social Security age requirements.

So If I retire at 53, I have to wait until I'm 65 to collect WITHOUT BEING PENALIZED?

 

[DELACROIX]

So If I retire at 53, I have to wait until I'm 65 to collect WITHOUT BEING PENALIZED?

Yes…(if you are under the Central or Southern)

That is why high seniority part timers eligible for retirement need to see what comes down with this coming contract.

To be honest you guys been screwed from day one…