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Part time retirement
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<blockquote data-quote="DELACROIX" data-source="post: 3753499" data-attributes="member: 49065"><p>Correct..In the Central and Southern your part time service is vested under the "UPS Pension Plan"..</p><p></p><p>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.</p><p></p><p>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)..</p><p></p><p>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.</p><p></p><p>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..</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 3753499, member: 49065"] 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.. [/QUOTE]
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