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Part time pension information
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<blockquote data-quote="dannyboy" data-source="post: 78080" data-attributes="member: 484"><p>While I am in Tennessee, we are the two centers that are in the Atlantic area. We get 3500 for 30 years and out.</p><p> </p><p>The way the recip agreement is applied here is that say you worked 34 years for ups, 9 part time and 25 full time. </p><p> </p><p>You have two options, take your 25 full time and retire with 2700 a month, then wait until you turn 65 to draw your part time pension from UPS.</p><p> </p><p>Or you can count your part time years in with your full time. This is done by taking the 3500 , divide by 34 (total years), then multiply by 25 (total full time years) giving you 2573.52, then adding the $55 a month part timers get times 9 years part time, or 495. for a total of 3,068.52 a month. So in this case if the driver were fairly young, it would pay him to take the years part time in the recip agreement.</p><p> </p><p>In my case, it worked out that I was able to buy out what I needed for all my full time years, so I got the full 3500 (before buy down, taxes and insurance) and did not need to dip into the part time credit. </p><p> </p><p>Funny, I thought it was supposed to be $55 a month for each year of part time which in my case should be $275 a month. Where they came up with $196.67 I dont know.</p><p> </p><p>hope this helps. I dont know if central states is anywhere close to this model.</p><p> </p><p>d</p></blockquote><p></p>
[QUOTE="dannyboy, post: 78080, member: 484"] While I am in Tennessee, we are the two centers that are in the Atlantic area. We get 3500 for 30 years and out. The way the recip agreement is applied here is that say you worked 34 years for ups, 9 part time and 25 full time. You have two options, take your 25 full time and retire with 2700 a month, then wait until you turn 65 to draw your part time pension from UPS. Or you can count your part time years in with your full time. This is done by taking the 3500 , divide by 34 (total years), then multiply by 25 (total full time years) giving you 2573.52, then adding the $55 a month part timers get times 9 years part time, or 495. for a total of 3,068.52 a month. So in this case if the driver were fairly young, it would pay him to take the years part time in the recip agreement. In my case, it worked out that I was able to buy out what I needed for all my full time years, so I got the full 3500 (before buy down, taxes and insurance) and did not need to dip into the part time credit. Funny, I thought it was supposed to be $55 a month for each year of part time which in my case should be $275 a month. Where they came up with $196.67 I dont know. hope this helps. I dont know if central states is anywhere close to this model. d [/QUOTE]
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