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UPS Union Issues
Part-Time Retirement Benefits
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<blockquote data-quote="Cezanne" data-source="post: 115188" data-attributes="member: 5104"><p>Just from the information I would say that the local union might be right, he would not have any vested years required to get a monthly check. What is required is at least 5 full years vested, with him in the IBT pension he would not get any of the improvements over the last several contracts. Those improvements only applied to the part-timers under the company plan. Figuring that he has currently only three years fully vested for those ten he worked. Hate to say it considering he is already around 65, but he might want to work another four years to get up the totals required for being fully vested. Whatever comfort it might provide he will not be alone, afraid working past 65 if very pausible for most of us the ways things are going. </p><p> </p><p>If he is set on leaving he could be eligible for a lump sum settlement, believe it is standard practice for those employees who quit before being fully vested in a pension plan.</p></blockquote><p></p>
[QUOTE="Cezanne, post: 115188, member: 5104"] Just from the information I would say that the local union might be right, he would not have any vested years required to get a monthly check. What is required is at least 5 full years vested, with him in the IBT pension he would not get any of the improvements over the last several contracts. Those improvements only applied to the part-timers under the company plan. Figuring that he has currently only three years fully vested for those ten he worked. Hate to say it considering he is already around 65, but he might want to work another four years to get up the totals required for being fully vested. Whatever comfort it might provide he will not be alone, afraid working past 65 if very pausible for most of us the ways things are going. If he is set on leaving he could be eligible for a lump sum settlement, believe it is standard practice for those employees who quit before being fully vested in a pension plan. [/QUOTE]
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