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UPS Retirement Topics
Partial Service Pension
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<blockquote data-quote="GameCockFan" data-source="post: 4592886" data-attributes="member: 44159"><p>Ok, this is how it works. If you take a "years of service pension", it's not subject to the 6% reduction, but it generally is a lesser amount. If you go with the "defined benefit pension", you will be penalized 6% per year you retire early. It's actually .005 X number of months early. Ups will figure your pension both ways, compare them and give you the higher of the two amounts. On the retirement calculator on Upsers.com, go to single scenario calculation and put in the date you want to retire and the date you want benefits to begin. After its calculated you will see a yellow box under your full time pension amount (on the left) that says "Calculation Details" Click that box. Another browser window will open, click the link in that window and a pdf will download. Open it and it will show the calculations they used to find your pension amount.</p><p></p><p>I've attached mine for retiring September 2020 and the second is for retiring at 60. I can go through it if you have any questions. But $3500-$3700 sounds about right for 28 full, 4 pt. There going to ding you for using the part time years as credit. As you see on mine without using the part time I only qualify for the 25 and out and being under 55 knocks it down to $2200. Using the pt years gets me 4.5/27.5 or .86094 X $4000. or $3443 + part time of $130. Which is much more than the defined benefit amount of $1300 because they docked me half a percent per month for the 132 months early I would be retiring. Last part at bottom just shows the two amounts and you get the greater of the two.</p></blockquote><p></p>
[QUOTE="GameCockFan, post: 4592886, member: 44159"] Ok, this is how it works. If you take a "years of service pension", it's not subject to the 6% reduction, but it generally is a lesser amount. If you go with the "defined benefit pension", you will be penalized 6% per year you retire early. It's actually .005 X number of months early. Ups will figure your pension both ways, compare them and give you the higher of the two amounts. On the retirement calculator on Upsers.com, go to single scenario calculation and put in the date you want to retire and the date you want benefits to begin. After its calculated you will see a yellow box under your full time pension amount (on the left) that says "Calculation Details" Click that box. Another browser window will open, click the link in that window and a pdf will download. Open it and it will show the calculations they used to find your pension amount. I've attached mine for retiring September 2020 and the second is for retiring at 60. I can go through it if you have any questions. But $3500-$3700 sounds about right for 28 full, 4 pt. There going to ding you for using the part time years as credit. As you see on mine without using the part time I only qualify for the 25 and out and being under 55 knocks it down to $2200. Using the pt years gets me 4.5/27.5 or .86094 X $4000. or $3443 + part time of $130. Which is much more than the defined benefit amount of $1300 because they docked me half a percent per month for the 132 months early I would be retiring. Last part at bottom just shows the two amounts and you get the greater of the two. [/QUOTE]
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