Part Time Retirement Questions

Matt55

Member
Hello!
I just have some questions about the pension funds and future retirement suggestions.. I'm currently 23 years old and I've been with UPS since July 2017. I obviously plan on staying with the company but I have some questions about retirement and pension funds.

When do I start paying into the Pension fund?
What is my best option as a new employee to help my future self with retirement?
How early could you retire?
 

UpstateNYUPSer(Ret)

Well-Known Member
You don't pay in----the company pays in on your behalf.

You are vested after 5 years.

Your best option is to start and fully fund a 401k.

Your retirement eligibility date depends upon your work location.
 

MC4YOU2

Wherever I see Trump, it smells like he's Putin.
Vested means you're a bona-fide recipient of any future benefits under the plan. Until then your hours are non compensatory.
 

TearsInRain

IE boogeyman
forget about the pension it won't exist by the time you retire

make friends with the 401k, the HSA offered as part of our healthcare, and a Roth IRA too

don't plan on retiring for 20+ years, that's about how long compound interest needs to work it's magic
 
Hi y’all I’m new to this site and hope I can get help with a question! I started part time in Louisiana in March 2000, how long do I have to work to draw a pension from ups, thanks for any help
 
Hi y’all I’m new to this site and hope I can get help with a question! I started part time in Louisiana in March 2000, how long do I have to work to draw a pension from ups, thanks for any help
They usually don't let you collect until you have 30 years of service if you have less than that it's usually at age 65.. it does very by location
 

MC4YOU2

Wherever I see Trump, it smells like he's Putin.
Vested means you're officially a plan participant. The plan you're in will have age and years of service requirements similar to what Gumby stated before you're eligible to receive benefits.
 

PT Stewie

"Big Fella"
So 18 or 20 years and I will be 59 or 61 so hopefully something lol
If you collect before 65 they take a percentage off of you monthly payment based on your age years before 65. Currently the formula is $55.00 per month for 750 hours worked per year thru 2007 and $60.00 credit per month from 2008 forward.The last contract allowed a prorated payment for hours under 750 in a year.I have 19 in @ 63 only 2 to go.You can e-mail UPS retirement plans once a year for an estimate.
 
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