fbbothsides
Member
I worked 18 years part time--does anyone know how much these years count toward the total years re: the pension?
pension-part time years count as what?
- Thread starter fbbothsides
- Start date
The way it was explained to me. For every year that you work 750 or more hours you get credit for a full year of service time and for each part-time year that you are credited a full year of service you get $55 dollars. Therefore if you have 18 years part-time credit you will get 18 years credit toward your retirement and those 18 years of part-time service will net you $990.00 dollars a month in retirement benifits.
Would like that in writing please.
So would I. I was just stating how it was explain to myself and my fellow workers at my center.
Dizzee
ɹǝqɯǝɯ ɹoıuǝs
I think that fbbothsides might be asking if his 18 part-time years count towards his full time pension and if so, at what ratio.
1gandydancer
Well-Known Member
In my area we have the Western Conference of Teamsters Pension Trust(https://web.archive.org/web/20130127205742/http://www.wctpension.org/ and the Pacific Coast Benefits Trust (https://web.archive.org/web/20100918030509/http://www.jc28.org/pcbtrust.htm). The contributions are as set forth in he National Master UPS Agreement , Article 34, and, for me, the Western Supplement, Article 30. That 750 hours business sounds familiar, but I can't put my finger on it right now. Anyone?
In the Central States area I believe that the 750 annual working hours would qualify you for a full vested year under the three pension plans (UPS pension plan for part timers/Central States and the new IBT/UPS pension fund).
I just discovered that the years that most of us in the Central States fund worked under the UPS Pension Plan for part timers will be also offset at age 65. Instead of two checks you would get three, all should add up to your orginal pension benefit.
It was wondering just how they were going to set up this new plan if it passes. I guess it would be a separate enity from the part time plan and central states. If the consideration that the 6.1 billion central states withdraw just covers UPS getting out of that plan. It would be interesting to see just how much money has to be in place just to start up this new pension trust and where are they going to get it.
It is also very important to get a clear answer to what is considered a Service retirement benefit (based on total years with the company regardless of part time or full time service and a Credit retirement benefit (based on number of hours required to get a full service year). The formula is based on 1800 hours to get a full years credit under this new plan and reduced accordingly if you have less.
Everybody is speculating that the years worked as a part timer under this new plan will be paid the same as a current part timer (55 dollars per service year/60 dollars per service year in Aug "08"). I DO NOT SEE THIS SPELLED OUT IN ANY INFORMATION WITH THIS NEW PENSION PLAN. Everybody is using the pension formula from the informational packet that UPS sent to us back in "97", till I see it in writing on this new one I still would be wary.
I just discovered that the years that most of us in the Central States fund worked under the UPS Pension Plan for part timers will be also offset at age 65. Instead of two checks you would get three, all should add up to your orginal pension benefit.
It was wondering just how they were going to set up this new plan if it passes. I guess it would be a separate enity from the part time plan and central states. If the consideration that the 6.1 billion central states withdraw just covers UPS getting out of that plan. It would be interesting to see just how much money has to be in place just to start up this new pension trust and where are they going to get it.
It is also very important to get a clear answer to what is considered a Service retirement benefit (based on total years with the company regardless of part time or full time service and a Credit retirement benefit (based on number of hours required to get a full service year). The formula is based on 1800 hours to get a full years credit under this new plan and reduced accordingly if you have less.
Everybody is speculating that the years worked as a part timer under this new plan will be paid the same as a current part timer (55 dollars per service year/60 dollars per service year in Aug "08"). I DO NOT SEE THIS SPELLED OUT IN ANY INFORMATION WITH THIS NEW PENSION PLAN. Everybody is using the pension formula from the informational packet that UPS sent to us back in "97", till I see it in writing on this new one I still would be wary.
Steward773
Well-Known Member
Is your part time pension with the company?
yurgref
Active Member
If I read this right, for us a Vested Year is Only 500 Hours in a year. The 750 rule only refers to being an Active Participation
Coldworld
Well-Known Member
so what if you were parttime, but worked 40 hours a week, air driver, double shifting etc....would you get more pension money after 30 years than someone who only worked the min. 3-4 hours a day. Thats the prob with part time and full time combined stuff, you ask 5 people the same question you get 5 different answers.
yurgref
Active Member
For the Teamsters Western Conference and any other Teamster Pension plan that has Contribution made into the plan for Part Timers based on the hours worked the Answer would be YES!!!
For me the Last Year that I was Part Time my Pension contribution was based on $5.20 per compensable hours or a Total of 901.32 for every month that I worked 160 or more hours
I think the problem is in how you post the question - If you make general statement such as the following
You are going to get answers that run the full spectrum
For anybody who worked as a part timer in the Central States area those years are covered under the company controlled fund (UPS Pension Plan). I believe that in the Western Conference and New England pension funds those part time years were under Teamster controlled trusts. Which from my understanding are paid the same as a full timer per Article 34 master (weekly hourly monetary contributions), so the more hours you worked as a part timer the more money and vesting hours goes into your pension benefit formula.
Currently under the Central States fund pension benefits from the company controlled part time years are based on how many years in have; for example if you have 10 years of part time service that equals 1/3 of a standard thirty year pension benefit at the time you left that plan to go into full time service under Central States. The UPS Pension Plan about 10 years ago was paying about 1,000 a month for a thirty year pension, so you would get about 350 for those 10 years as a part timer. The real problem is that those years with the UPS Pension Plan are subject to a 6 percent penalty for every year prior to age 65, so that 350 would be reduced drastically. That monetary benefit as a part timer is then added to the monetary benefit under Central States (full time) at the time to give you what you can retire with.
I imagine that this would bring up the obvious question. Why did Article 34 master lanuage exclude contributions for the Central States part time years?1
Currently under the Central States fund pension benefits from the company controlled part time years are based on how many years in have; for example if you have 10 years of part time service that equals 1/3 of a standard thirty year pension benefit at the time you left that plan to go into full time service under Central States. The UPS Pension Plan about 10 years ago was paying about 1,000 a month for a thirty year pension, so you would get about 350 for those 10 years as a part timer. The real problem is that those years with the UPS Pension Plan are subject to a 6 percent penalty for every year prior to age 65, so that 350 would be reduced drastically. That monetary benefit as a part timer is then added to the monetary benefit under Central States (full time) at the time to give you what you can retire with.
I imagine that this would bring up the obvious question. Why did Article 34 master lanuage exclude contributions for the Central States part time years?
1
In an Atlanta-Journal newspaper article dated 10/24/07, CEO-to-be Scott Davis says UPS will finance the 6.1 billion dollar CS payment initially with short-term debt, then replace it with about 3.9 billion in longer-term debt next year.
Similar threads
