Pension calculator etc..

[Vette51]

I am central states ,14 years part time and 15 fulltime.. I do the retirement calculator for 2023 which would make me 57 years old. 14 pt and 23 ft years..(22.3)..

We have yet to have many retire who were pt so long and get accurate info on how this works.
My retirement cal on upsers says i would get 2500.00 a month from the ups/ibt ft pension plan in 2023 at 57 . Is this just the fulltime pension an then i would get a separate check at 57 years old for my 14 pt years x 50.00 or so?? Or would i have to wait later to get my pt pension ??

Also how much is central states health ins when you retire ?? I have yet to see a definite answer.

I was also told that 30 years total we wouldnt have to worry about the 6% penalty as we would either get the accrual rate or regular rate,whichever is more.

My plan is to retire before the 2018-2023 contract is up in case they cut benefits or sell out etc.
Hopefully those already retired will be grandfathered into their checks.

Thanks for any info from those who have this experience.

 

[upschuck]

You don't get $2500 for 23 ft years. That may be your total pension. 6% gets taken off accrual method only, and not YOS pension.

What does calculator say? It is broken down quite well as to what is included in the amount indicated, year by year.

 

[Vette51]

The calculator says 2556.00 @23 ft years(reciprical plan).

 

[ZQXC]

Your part time pension is completely separate, paid by UPS, and will start on the birth month of your 65th year (not when you retire).

 

[oldngray]

Your part time pension is completely separate, paid by UPS, and will start on the birth month of your 65th year (not when you retire).

No, you will still get your PT pension when you retire at a younger age but it will be a separate check from your FT pension.

 

[UpstateNYUPSer(Ret)]

No, you will still get your PT pension when you retire at a younger age but it will be a separate check from your FT pension.

Not true---your PT pension will not start until you turn 65.

 

[IVE GOTTA PACKAGE 4U]

Not true---your PT pension will not start until you turn 65.

You can take it early but you will get hit with a big penalty.

 

[oldngray]

You can take it early but you will get hit with a big penalty.

PT pension isn't much anyway and you only take the hit if it is calculated by accrual method instead of years of service.

 

[IVE GOTTA PACKAGE 4U]

PT pension isn't much anyway and you only take the hit if it is calculated by accrual method instead of years of service.

Mine is around $175
At age 65

 

[ZQXC]

No, you will still get your PT pension when you retire at a younger age but it will be a separate check from your FT pension.

My part time pension is not paid out until my 65th birthday.
Other plans may vary.

 

[ZQXC]

PT pension isn't much anyway and you only take the hit if it is calculated by accrual method instead of years of service.

It probably isn't much, if you are talking about 6 months to perhaps 2 years of service.

 

[UpstateNYUPSer(Ret)]

I will not be getting a PT pension.

 

[ZQXC]

I will not be getting a PT pension.

Yes, we know. ( your ex won't get a % of that ) LOL

 

[cosmo1]

I will not be getting a PT pension.

And, at 46 or so percent funding, you might want to cross for fingers.

 

[IVE GOTTA PACKAGE 4U]

And, at 46 or so percent funding, you might want to cross for fingers.

And grab his ankle's.

 

[wkmac]

I am central states ,14 years part time and 15 fulltime.. I do the retirement calculator for 2023 which would make me 57 years old. 14 pt and 23 ft years..(22.3)..

We have yet to have many retire who were pt so long and get accurate info on how this works.
My retirement cal on upsers says i would get 2500.00 a month from the ups/ibt ft pension plan in 2023 at 57 . Is this just the fulltime pension an then i would get a separate check at 57 years old for my 14 pt years x 50.00 or so?? Or would i have to wait later to get my pt pension ??

Also how much is central states health ins when you retire ?? I have yet to see a definite answer.

I was also told that 30 years total we wouldnt have to worry about the 6% penalty as we would either get the accrual rate or regular rate,whichever is more.

My plan is to retire before the 2018-2023 contract is up in case they cut benefits or sell out etc.
Hopefully those already retired will be grandfathered into their checks.

Thanks for any info from those who have this experience.

Vette,

Submit a request with HR for a retirement packet. This will give you a pretty clear baseline to know what you will be working with. Requesting a retirement packet is not the same as putting in for retirement and you can request 1 per year which everyone from management to hourly who have walked this path before me have told me to do starting about 5 years before you intend to retire. I will add that the number I got with my packet from UPS matched the number given to me by the calculator BUT don't take one account as absolute. I'm a day one FTer so I have no PT issues to muddy the water so to speak. Go see your HR rep. about putting in a request. It's easy and you've got hard data so to speak to now plan with.

BTW: Talk with folks (management/hourly) who are nearing retirement and talk with those who have retired. Both are resources of information and food for thought. You'd be surprised what you may not have thought of. Something I've learned is that retirement talk is often focused on from the financial side, which is important but there is also a psychological side too it as well.

And I'm CS too!

 

[UpstateNYUPSer(Ret)]

Vette,

Submit a request with HR for a retirement packet. This will give you a pretty clear baseline to know what you will be working with. Requesting a retirement packet is not the same as putting in for retirement and you can request 1 per year which everyone from management to hourly who have walked this path before me have told me to do starting about 5 years before you intend to retire. I will add that the number I got with my packet from UPS matched the number given to me by the calculator BUT don't take one account as absolute. I'm a day one FTer so I have no PT issues to muddy the water so to speak. Go see your HR rep. about putting in a request. It's easy and you've got hard data so to speak to now plan with.

BTW: Talk with folks (management/hourly) who are nearing retirement and talk with those who have retired. Both are resources of information and food for thought. You'd be surprised what you may not have thought of. Something I've learned is that retirement talk is often focused on from the financial side, which is important but there is also a psychological side too it as well.

And I'm CS too!

This is good advice.

All we have to do in Upstate NY is send an e-mail to the pension office request a projected retirement date and approximate monthly pension. It takes them a few weeks but they do send a detailed letter. I was pleasantly surprised to find out that I can retire 9 months earlier than I had thought I would. My first year as a casual I worked just over 1,000 hours which gave me a full year of pension credit.

I plan to send one e-mail per year to see if anything may have changed and to start the process 6 months ahead of time.

 

[Vette51]

Local 89 has assured us many times that 30 years combined total years at any age will result in a pension check from ft an pt pension fund when we retire at any age, not just 65. Penalty is tricky but not debilitating. Just curious if anyone in cs who has more than a couple years pt has retired under 62 an an example of what they revieve, not a hypothetical amount from the retirement calculator. I have several of those #s over the years. I wanna hear real answers. Thanks

 

[GameCockFan]

Your going to end up around $2424 a month at 57 for a years of service pension. 23 years full time / 37 total years = .621 X $3900. The UPS Pension Plan will pay you 14/37 of its 30-Year Service Pension (i.e you part-time pension you earned) that was applicable at the time you left that plan. So .378 X whatever your PT pension would have been for 14 years. At $50X14 $700. But that's not what the PT pension was when you left the plan, it's less so <$264 month for PT. So probably around $2600.

However, you will also be eligible for the accrual type pension. Add up the accrual rates for each year you worked full-time. You will be penalized .005 X the number of months you retire early. That's 65 (or 62 for some depending on when you were in CS). You will receive the higher of the two pensions. If you could make it a few more years (59-60) It would give you a big boost. That many PT years is hurting you a lot. For example mine jumps around $1000 month from 57/60/62/65
$3,735.64/ $4,759.44/ $5,758./ $6,283.45. Keep in mind working longer will get you more money but it will take you years to recoup the money lost by not retiring early. For example if I go @ 57, i get $3735/month, that's $134,460. If I work till 60 to get $1024 more a month it takes almost 11 years(10.94) before I recoup the $134K. Got to consider your health and how long you think you might live. It may be better to go early. You may not make it long enough to break even(not to be morbid)

 

[IVE GOTTA PACKAGE 4U]

Oops.