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Brown Cafe UPS Forum
UPS Union Issues
pension-part time years count as what?
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<blockquote data-quote="Cezanne" data-source="post: 256925" data-attributes="member: 5104"><p>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).</p><p> </p><p>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.</p><p> </p><p>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.</p><p> </p><p>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.</p><p> </p><p>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.</p></blockquote><p></p>
[QUOTE="Cezanne, post: 256925, member: 5104"] 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. [/QUOTE]
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pension-part time years count as what?
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