The UPS Pension Plan will be improved to provide monthly benefits for part-time employees not covered by Teamster Pension Plans as follows: The benefit formula in the UPS Pension Plan for current or future part-time employees who are participants will be increased effective August 1, 2004 to fifty-five dollars ($55.00) for each year of past and future Credited Service to a maximum of thirty-five (35) years of Credited Service. The benefit formula in the UPS Pension Plan for current or future part-time employees who are participants will be increased solely for purposes of the monthly accrued benefit, effective August 1, 2008 to sixty dollars ($60.00) for each year of future Credited Service to a maximum of 35 years of Credited Service. If a participant is in Covered Employment on August 1, 2008, he shall receive the sixty dollars ($60.00) benefit formula for the entire 2008 plan year.The total monthly service pension benefit will be equal to the following provided the employee meets the Credited Service requirement.
$2275 for retirement at any age after 35 years of part-time Credited Service
$1950 for retirement at any age after 30 years of part-time Credited Service
$1625 for retirement at age 60 with 25 years of part-time Credited Service
$1325 for retirement at any age with 25 years of part-time Credited Service