Part-time pension

Re-Raise

Well-Known Member
In my area the part-time pension is through the company and the full-time pension is through the union.

If you hit your years for full-time retirement and have over 5 yrs vested part-time, do you collect the part-time pension as soon as you retire, or do you have to wait until you’re 62 or something?
 

Re-Raise

Well-Known Member
I just called the number for UPS part-time pension and she told me as long as it has been over 10yrs since you went full-time and you are over 50 it starts immediately. But she acted like it was the first time anyone asked ..and she had to look it up.

It seems like about the only question she would ever be asked!!
 
I just called the number for UPS part-time pension and she told me as long as it has been over 10yrs since you went full-time and you are over 50 it starts immediately. But she acted like it was the first time anyone asked ..and she had to look it up.

It seems like about the only question she would ever be asked!!
Maybe it's different everywhere.
 

oldngray

nowhere special
I just called the number for UPS part-time pension and she told me as long as it has been over 10yrs since you went full-time and you are over 50 it starts immediately. But she acted like it was the first time anyone asked ..and she had to look it up.

It seems like about the only question she would ever be asked!!
They act like its the first time everyone retires. Most of the people that answer the phone don't have a clue. If it isn't something on the handy 2 page script they are given they can't answer it. It will give you wrong answers. They absolutely have no clue about the differences between locals. All they know is the generic one answer for all they are given to spout. I did start getting my part time pension immediately when I retired in my 50's plus a separate check for my full time years. Not much but better than nothing. Local union may not be much help either if they deal mostly with freight people who have different contracts.
 
They act like its the first time everyone retires. Most of the people that answer the phone don't have a clue. If it isn't something on the handy 2 page script they are given they can't answer it. It will give you wrong answers. They absolutely have no clue about the differences between locals. All they know is the generic one answer for all they are given to spout. I did start getting my part time pension immediately when I retired in my 50's. Not much but better than nothing. Local union may not be much help either if they deal mostly with freight people who have different contracts.
Every retired guy I talked to had to jump through hoops


Like retirement is a big mystery.
 

scratch

Least Best Moderator
Staff member
Off topic a little bit but here I go. I was talking to a good friend who is a banker today about retirement planning. He wanted to know if I could cash out my IBT/UPS Pension and do a direct rollover into an IRA.
 

oldngray

nowhere special
Every retired guy I talked to had to jump through hoops


Like retirement is a big mystery.

Plus the local HR guy in charge dodged everyone trying to get answers. He never answered his phone or e-mails and was always out of the office or in a meeting and too busy to see anyone. I finally had to go over his head to his boss in another building to get things straightened out.
 

Old Man Jingles

Rat out of a cage
Off topic a little bit but here I go. I was talking to a good friend who is a banker today about retirement planning. He wanted to know if I could cash out my IBT/UPS Pension and do a direct rollover into an IRA.
Probably so he can sell you something.

I would keep the adviser and broker separate.

The banker has no fiduciary responsibility to you.
The Financial Adviser has fiduciary responsibility.
 
Plus the local HR guy in charge dodged everyone trying to get answers. He never answered his phone or e-mails and was always out of the office or in a meeting and too busy to see anyone. I finally had to go over his head to his boss in another building to get things straightened out.
I can't wait for my turn!!:wink-very:
 

oldngray

nowhere special
Off topic a little bit but here I go. I was talking to a good friend who is a banker today about retirement planning. He wanted to know if I could cash out my IBT/UPS Pension and do a direct rollover into an IRA.
Not really cashing out but easy to roll over your 401k into an IRA. You never really get your hands on the money, just transfer it into a different account. I did a roll over into an IRA when I retired.
 

scratch

Least Best Moderator
Staff member
Probably so he can sell you something.

I would keep the adviser and broker separate.

The banker has no fiduciary responsibility to you.
The Financial Adviser has fiduciary responsibility.
That's why I put "Good Friend" in the post, I've personally known him for over thirty years. He doesn't need the money, the Fowler family used to own about half of our town. He said it looks like I can retire now if I want to. He thinks cashing out a pension if possible would be a better option for investment purposes in the long run.
 
That's why I put "Good Friend" in the post, I've personally known him for over thirty years. He doesn't need the money, the Fowler family used to own about half of our town. He said it looks like I can retire now if I want to. He thinks cashing out a pension if possible would be a better option for investment purposes in the long run.
Take this one little piece of advice from me.

Go spend a few hundred dollars and buy an hour of a financial advisor time.

This is a very important decision.
 
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