Does anyone know the vesting schedule for part timers to recieve pension? Employees at work say there are 2 pensions one w/ UPS and one w/the union. They say that the Union one has a five year until 100% vested and the UPS one you are vested from day one. Confused.
w/out going into my papers,( where I could possibly find the exact verbage) I'm in the same situation, it's kind of "funny" because I know a guy who INSISTS even AFTER I showed him my "official letter" that I'm wrong but regardless.... not sure the ups pension kicks in "from day one" because it is based on the employee working a mininum number of hrs. annually to recieve credits, (my letter from "01" states a min of 750 hrs per calendar yr.) I believe your vesting date is the same as your senority date..... for my 7yr. 9 months of part-time labor I will be entitiled to......... $387.50 @ age 65.... your local/geographical region determines your full-time pension....If your newly employed friend/t you should get it soon, if not request the pension pkg. from your local bid'ness agent...... @ the bottom of my letter it states the ups plan was amended in "99".......and the following rates apply.... $1,000 for retirement @ ANY age w/ 25 yrs, p/t credited service
$1250 @ age 60 w/ 25.......
$1500 @ ANY age w/ 30.......
$1750 @ ANY age w/35...........
(obviously I cunsulted my papers after all).......
I talkes with HR and they said that you must be have 5 years in to get anything. it is $55/mo per year that you worked eg. after 5 years $275/mo. Now I am 30 years away and if I want to take a pension earlier they ruduce benefits by 6% per year before 65.
On the other hand what will $275 be worth 30 years from now? at 3% inflation with no cost of living about $113. In addition, will the pension even be around?
Ok is this just UPS pension or is it union too. Seems nobody knows what thier getting thats kinda scary. An older friend of mine who works part time at an airport UPS in CT swears he has a pension comming of $900.00 plus right now after seven years of service is this possible?
NATIONAL MASTER UNITED PARCEL SERVICE AGREEMENT
For the Period of August 1, 2002 through July 31, 2008
ARTICLE 34. HEALTH & WELFARE AND PENSION
(i) UPS Part-Time Pension Plan
(1.) 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.
For example, the total monthly benefit will be equal to the following provided the employee meets the Credited Service requirement:
$1,925 for retirement at any age after 35 years of part-time Credited Service
$1,650 for retirement at any age after 30 years of part-time Credited Service
$1,375 for retirement at age 60 with 25 years of part-time Credited Service
$1,125 for retirement at any age with 25 years of part-time Credited Service
(based on $45.00 per year of Credited Service)
(2.) Part-time employees will receive one (1) year of Credited Service for seven hundred fifty (750) or more paid hours. (Six (6) months of part-time Credited Service will be granted for three hundred seventy-five (375) to five hundred (500) hours worked in a calendar year, and nine (9) months of part-time Credited Service will be granted for five hundred one (501) to seven hundred forty-nine (749) hours worked in a calendar year.) This paragraph will also be applied to determine Credited Service for all full-time employees on the payroll on August 1, 2002 who were formally participants in the UPS Pension Plan.
(3.) The Employer will be responsible for funding the UPS Pension Plan as required to provide the benefits described above and will be responsible for maintaining the plan.
(4.) The UPS Pension Plan will be governed by the terms of the Plan document.
(5.) Effective August 1, 2002, the Employer will grant additional years of Credited Service in accordance with the terms of the Plan to all full-time and part-time employees on the payroll on August 1, 2002, who worked for UPS after they were twenty-one (21) but were denied Credited Service solely because the UPS Pension Plan required that an employee be age twenty-five (25) or older to participate in the UPS Pension Plan.
(6.) For those multi-employer pension plans with which the UPS Pension Plan does not have reciprocity, the UPS Pension Plan will execute a mutually agreeable reciprocity agreement with those plans.