Part time retirement

[john chesney]

Get a number for ups retirement and call. Because anything else gets you 20 different answers. I think you have to have 30 and be 55. Or you cant get it til 65.

You’ll get 50 different answers from ups retirement. You better have everything in writing when you retire from this joint

 

[DELACROIX]

The new contract increases it to $65 month for every year of service to a max of 35 years.

Nope..it doesn't..Look again and really, really read the language...

That $60 dollar a month only applies for those years after 2008...It does not start on your original seniority date...

I believe that if you retire as a part timer under the Central you have the same qualifying Health and Welfare benefits as a full timer. It is currently at $ 150/300 a couple, I did read somewhere that you had to be 57 years of age unless you have 30 years in...I have not researched the part time pension recently so anybody can pipe in and clarify...

 

[DELACROIX]

Union pension plan. I'm in Ohio

You are in the "UPS Pension Plan" for part timers..It is a Company sponsored benefit plan, not Union...Ask for a Summary Plan Description (SPD) at your local HR or an estimate from Corporate... and please keep ALL your documentation, just talking from experience...

 

[BigUnionGuy]

The $60 dollar a month only applies for those years after 2008...It does not start on your original seniority date...

Yep.

Same thing applies to full-time employees.

What ever the part-time plan was paying at the time you moved to full-time is what

you receive for your part-time years when you retire.

 

[BigUnionGuy]

You’ll get 50 different answers from ups retirement. You better have everything in writing when you retire from this joint

UPS retirement is notoriously slow with answers and suggests a 3 month window when applying.

You should really start the process 6 months prior to your retirement date.

 

[oldngray]

UPS retirement is notoriously slow with answers and suggests a 3 month window when applying.

You should really start the process 6 months prior to your retirement date.

It depends on where you are. When I retired they wouldn't start the process until 90 days before your retirement. If you send the paperwork in earlier they would just sit on them and do nothing. They didn't really get started until about 30 days out with the expectation they could correct mistakes after you retire.

The way around that is to put an earlier date to start the process then move the date back after you get some answers (which you are allowed to do).

 

[BigUnionGuy]

It depends on where you are. When I retired they wouldn't start the process until 90 days before your retirement. If you send the paperwork in earlier they would just sit on them and do nothing. They didn't really get started until about 30 days out with the expectation they could correct mistakes after you retire.

The way around that is to put an earlier date to start the process then move the date back after you get some answers (which you are allowed to do).

Good advice.


Recently, I have seen reductions because of "over calculation" of earned benefits.

One driver wanted to come back to work....

 

[PT Car Washer]

The contract clearly states $2275/mo after 35 PT years of service. I personally know of several PT that retired years ago when the benefit was $55/mo per year and they are collecting $1650/mo.

 

[Pizza]

The contract clearly states $2275/mo after 35 PT years of service. I personally know of several PT that retired years ago when the benefit was $55/mo per year and they are collecting $1650/mo.

Talking about two different types of benefit.

Service pension 65 a year at any age 25/30/35

Accrued benefit 55/60 (2007/2008) a year at retirement age to a max of 35 years.
The accrued benefit is based on the rate when you left the plan.

 

[DELACROIX]

The contract clearly states $2275/mo after 35 PT years of service. I personally know of several PT that retired years ago when the benefit was $55/mo per year and they are collecting $1650/mo.

Please read the fine print..I know it is confusing, but what I posted about the part time service credits previously is correct...

 

[DELACROIX]

Good advice.


Recently, I have seen reductions because of "over calculation" of earned benefits.

One driver wanted to come back to work....

Did they let him?

 

[DELACROIX]

Yep.

Same thing applies to full-time employees.

What ever the part-time plan was paying at the time you moved to full-time is what

you receive for your part-time years when you retire.

Correct..In the Central and Southern your part time service is vested under the "UPS Pension Plan"..

So if you worked 10 years as a part timer those years are formulated as 10/30 for a monetary benefit around...Another determining factor would be what the "UPS Pension Plan for Part Timers" was paying for a 30 year retirement at that time.

Keeping it simple: Let us say it was paying 1,500 for a 30 year service pension..10/30 would equal (500) dollars..twenty years service would equal 20/30 (1,000)..

But wait remember that 6 percent penalty for any year prior to age 65. Let us say you decide to leave at age 55..Those part time benefits would be reduced 60 % leaving you with a monetary benefit in that separate plan of (300) dollars. Your full time would be paid separately according to your years of service, you will get two checks.

This is a negotiable issue that has not been addressed or bothered with..The Western Conferences and maybe the Eastern have a better pension formula worked out for members who started out part time. I imagine the percentages of full timers that have part time years vested would be close to 75%..Any improvement with those part time years would be a plus considering the uncertainty of some of our pension trusts..

 

[DELACROIX]

UPS retirement is notoriously slow with answers and suggests a 3 month window when applying.

You should really start the process 6 months prior to your retirement date.

Purposely slow...if they even bother to return your inquiries or calls...It is like they are hiding something..

 

[BigUnionGuy]

Correct..In the Central and Southern your part time service is vested under the "UPS Pension Plan"..

So if you worked 10 years as a part timer those years are formulated as 10/30 for a monetary benefit around...Another determining factor would be what the "UPS Pension Plan for Part Timers" was paying for a 30 year retirement at that time.

Keeping it simple: Let us say it was paying 1,500 for a 30 year service pension..10/30 would equal (500) dollars..twenty years service would equal 20/30 (1,000)..

But wait remember that 6 percent penalty for any year prior to age 65. Let us say you decide to leave at age 55..Those part time benefits would be reduced 60 % leaving you with a monetary benefit in that separate plan of (300) dollars. Your full time would be paid separately according to your years of service, you will get two checks.

This is a negotiable issue that has not been addressed or bothered with..The Western Conferences and maybe the Eastern have a better pension formula worked out for members who started out part time. I imagine the percentages of full timers that have part time years vested would be close to 75%..Any improvement with those part time years would be a plus considering the uncertainty of some of our pension trusts..

It's refreshing, to see educated comments.

Purposely slow...if they even bother to return your inquiries or calls...It is like they are hiding something..

More like under-staffed incompetence.

 

[Mason3000]

I'll only have 20 years p/t at 65 years old, so how does that work? Thanks in advance.

 

[Indecisi0n]

I'm in feeders now and I work like I'm partially retired.

 

[DELACROIX]

And you should be....

 

[opie]

Part time retirees do not have health coverage?