Part time years

Discussion in 'UPS Retirement Topics' started by Brownie on wheels, Jul 24, 2018.

  1. Brownie on wheels

    Brownie on wheels New Member

    I worked 6.5 years PT. When I retire as a FT pkg car driver. How will my PT years be counted towards retirement? And what will they be worth?
     
  2. Been In Brown Too Long

    Been In Brown Too Long Ex-Package Donkey

    I just retired. I had 3 years part time. As long as I had 700 hours, it counted as a full year towards my PEER80 number.

    They are worth what the contribution was for those 6.5 years.
     
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  3. saintrick

    saintrick Active Member

    What plans are you in?
     
  4. Coldworld

    Coldworld Bad mall cop...no donut!!!

    You in the western conference??
     
  5. Brownie on wheels

    Brownie on wheels New Member

    I’m in central region
     
  6. Jones

    Jones fILE A GRIEVE! Staff Member

    In my plan they don't count for anything towards the FT pension. At 65 years of age we get $60/month for each year of PT service in a separate pension from the company.
     
  7. DELACROIX

    DELACROIX In the Spirit of Honore' Daumier

    The UPS Pension Plan for part timers is a separate company run trust, it only pays for the time you have vested in that plan. You have 7 years in the monetary benefit for those part time years depends on when you left the plan, so do simple math 7/30 percent of what the plan was maxing out at the time. Let us say in order to keep it simple you left the plan when it was paying 1,600 with 30 years in, your seven years will add up to roughly 400 dollars at age 65. You then add that to your full time years and get a final retirement figure.

    That 400 dollars under the UPS Pension Plan is reduced 6 percent for every year prior to age 65, so if you decide to retire at age 55 that monetary benefit will be cut by 60 percent to again roughly 150 dollars.

    Your monetary benefits under both plans will be reduced 6 percent accordingly unless you reach a stated service level. Contrary to popular belief those part time years will never bypass that 6 percent penalty no matter how many years you work under the IBT/UPS as a full timer. It will be basically dog biscuit money when you decide to leave.
     
  8. saintrick

    saintrick Active Member

    That is not how it works.
     
  9. saintrick

    saintrick Active Member

    The 6% reduction only applies to the Accrued Benefit.

    It does not apply to the Service Benefit (25/30/35) or Partial Service Benefit (PT+FT years 25/30/35).
     
  10. Been In Brown Too Long

    Been In Brown Too Long Ex-Package Donkey

    Yes