I worked part time at UPS in NJ back in the 1970's. At the time there was no retirement plan for part timers so we did not have any incentive to stay there 5 years. I was at a hub working various sort jobs from Sept 1974 to Sept 1978 (4 years). Worked approx 20-25 hrs a week. Quit after finishing college. Still have my Honorable Withdrawal Card from the union. Anybody have any info on getting any type of retirement compensation for my time there? Or am I screwed?
Part time retirement question
- Thread starter NJ Worker
- Start date
You are SOL.
back then you had to work for a company for 10 years to be vested in a pension
They didn't change it to 5 years until the mid 80's to 5 years .
oldngray
nowhere special
The change was retroactive but if you don't have at least 5 years you get nothing.
Unfortunately for him he is not entitled to anything
Shiftless
Well-Known Member
He still has his withdrawl card! So he has something.
He can come back to preload?
Honestly it's saying how little people actually know about this stuff
At a conversation with a driver a while back and he says I will not get anything for my part-time pension because there's only a part-time for 4 years
and he didn't want to believe me while I told him he will still get me part-time pension because he has been with the company for more than 5 years
oldngray
nowhere special
Part time pension is through the company and not the union. Even if he had the 5 years to be partially vested it wouldn't be much more than gas money.
A couple hundred bucks is better nothing
I have three years part-time and I think it's worth about a hundred and eighty bucks give or take a couple dollars at age 65
If they offer me a buy on it right now and I could roll it with my 401k it would take it
oldngray
nowhere special
How much you get depends on the plan you are under and which way they calculate it.
Can't wait to see what kind of BS they pull the next contract
DELACROIX
In the Spirit of Honore' Daumier
I sense the company will eliminate all it’s defined pension liabilities. If you have vested time as a part timer under the UPS Pension fund we might be looking at a buy out of sort with this 2023 contract. The writing is on the wall...expect a 401k match similar management’s. All our past time under the UPS Pension fund will be subject to negotiation..During the “97” strike the company was offering 50 dollars per vested year without any 6 percent penalty if you reach the service requirements.
It makes sense anyway considering the high turnover of our part time workforce..How many of these new part timers will ever stay past 5 years to become vested?
Not too many stay long enough to collect anything.
DELACROIX
In the Spirit of Honore' Daumier
If you were around during the 70’s, 80’s and 90’s the only people HR were hiring were college kids, me included. Most were under 21 and Male, very seldom did they qualify Woman for their physically demanding entry positions.
The UPS Pension Plan was started in 1973, originally it did not guarantee vesting rights till you had 10 years in, that changed to the current level of 5. A lot of us started straight out of High School at 18 or 19 years of age. Basically the company designed the plan to prevent any promised benefits from happening, it was their piggy bank, or tax shelter. I remember back in 1993 that the UPS pension plan at that time was only paying out for 34 eligible retirees.
Meanwhile .. The UPS Retirement Plan for Management was shelling out over 10 x as much over it’s Union counterparts annually in their fund. Their formula is based on 1/2 their annual salaries...so if you retire after 25 years and have a base salary of 100,000 ..do the math. They were on easy street, the more you climbed the ladder the fatter the pension benefit.
oldngray
nowhere special
UPS hired college kids because they didn't want career part timers. They just wanted them around for a couple of years but not long enough to get vested in the pension. The part time pensions were like money in the bank for UPS.
Also UPS didn't pay anything into part time pensions until you were 25 until the big strike of 1976 when it was changed to 21.
BigUnionGuy
Got the T-Shirt
The official date for the UPS Pension Plan for Union part-timers in the Central Region was May 1, 1976.
There "might" have been an addendum in certain area's for a credit back to 1973 ?
It sounds familiar.
Yep.
January 1, 1989
