Parttime retirement?

[jeffpatterson]

How does pt retirement work? Is it possible to retire and collect a pension without ever going fulltime? How many years does someone have to have in?

 

[Babagounj]

YES.
First off, where are you located, why? Because each area of the country is different, depending on your local supplement.
In New England, one needs only 1800 hrs / yr to qualify for a full year's pension credit.
When I was p/t and working inside and as an air driver 6 days a week all those hours added up.
For many years I was able to get a full year's pension credit.

 

[JonFrum]

And for part-timers in New England who don't qualify under the "full-time" rules, there's also a part-time pension that pays half what a full-time pension would pay, and only requires 830 contribution hours to earn a full year's Pension Credit.

Most plans require five years of Vesting (750 hours per year) to be eligible for a minimal pension at "Normal Retirement Age," which is age 64 in New England and 65 elsewhere.

Part-timers in the Central States region are covered by The UPS Pension Plan which is described in Article 34, Section 1 (i) of the National Master.

National Master:
http://www.teamster.org/sites/teamsters.prometheuslabor.com/files/03%2006%2009%20Final%20UPS%20Master%20Agreemnt%202008-2013.pdf

Partial Supplements:
http://tdu.org/node/1617

 

[screamin chicken]

And for part-timers in New England who don't qualify under the "full-time" rules, there's also a part-time pension that pays half what a full-time pension would pay, and only requires 830 contribution hours to earn a full year's Pension Credit.

Most plans require five years of Vesting (750 hours per year) to be eligible for a minimal pension at "Normal Retirement Age," which is age 64 in New England and 65 elsewhere.

Part-timers in the Central States region are covered by The UPS Pension Plan which is described in Article 34, Section 1 (i) of the National Master.

National Master:
http://www.teamster.org/sites/teams...06 09 Final UPS Master Agreemnt 2008-2013.pdf

Partial Supplements:
http://tdu.org/node/1617

It looks like since I was PT for 7 yrs. and now FT for 13 yrs. I can go 25 and I will get 2 retirements, 1 PT and 1 FT but I will not be able to get my retirement until I am 65....

 

[jeffpatterson]

Sounds good. Im located in Ohio.

 

[Babagounj]

The earliest , today, one can retire is at age 57, with 30 yrs pension credit.
I'll have 31 yrs pension credit by the time I hit 57.
According to our local's pension website if I stay until 64 yrs old, I will be getting over $4800/ mth.

 

[trplnkl]

The earliest , today, one can retire is at age 57, with 30 yrs pension credit.
I'll have 31 yrs pension credit by the time I hit 57.
According to our local's pension website if I stay until 64 yrs old, I will be getting over $4800/ mth.

Do you have an estimate of what you will get if you retire @ 57? Here it would be $3,100.

 

[JonFrum]

It looks like since I was PT for 7 yrs. and now FT for 13 yrs. I can go 25 and I will get 2 retirements, 1 PT and 1 FT but I will not be able to get my retirement until I am 65....

Chicken That Screams,

Sometimes you can combine full-time and part-time years. Most plans have early retirement features at reduced rates if you have 15 or so years of pension credit. It all depends on the plans rules, and if it is in financial trouble or not.

Trplnkl,

New England is $3,500 at age 57 with 30 full-time (or equivalent) years Pension Credit.

 

[screamin chicken]

Thanks.

 

[Babagounj]

Do you have an estimate of what you will get if you retire @ 57? Here it would be $3,100.

according to nettipf.com.....if I wish to retire today at age 55/2 $2011/month