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Brown Cafe UPS Forum
UPS Retirement Topics
Partial Service Pension
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<blockquote data-quote="DELACROIX" data-source="post: 4594185" data-attributes="member: 49065"><p>If you think that is complicated you ought to read the ERISA act dealing with pension plans. </p><p></p><p>Bottom line is that the company and the union leadership do not want you to retire early. With regards to the Central and Southern it would benefit the company if you waited to retire at age 65, your vested time under Central States would reduce their liability costs under the IBT/UPS plan currently in place.</p><p></p><p>The union leadership wants you to retire at 65 also, once you qualify for Medicare as a retiree you are automatically dropped from Team Care. This saves the Health and Welfare provider the costs of paying for non contributing retirees.</p><p></p><p>Those years vested as a part timer under the UPS Pension Plan are permanently locked in place according to how many years you have credited and when you became full time. Those years are subject to that 6% penalty prior to again age 65..Again another carrot on a stick to make you work longer than you want.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 4594185, member: 49065"] If you think that is complicated you ought to read the ERISA act dealing with pension plans. Bottom line is that the company and the union leadership do not want you to retire early. With regards to the Central and Southern it would benefit the company if you waited to retire at age 65, your vested time under Central States would reduce their liability costs under the IBT/UPS plan currently in place. The union leadership wants you to retire at 65 also, once you qualify for Medicare as a retiree you are automatically dropped from Team Care. This saves the Health and Welfare provider the costs of paying for non contributing retirees. Those years vested as a part timer under the UPS Pension Plan are permanently locked in place according to how many years you have credited and when you became full time. Those years are subject to that 6% penalty prior to again age 65..Again another carrot on a stick to make you work longer than you want. [/QUOTE]
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