pension/retirement/vacation

[skyler]

Does anyone know anything about the retirement year? Such as if you plan to retire July 1, 2004, is there any policy concerning posting vacation, etc. for the 8 weeks prior to July 1st? Do you have to work the day prior or after vacations if they are back to back and so forth? What about working 20 weeks in a calendar year to earn about 3 months of credited time? This means no one could retire by January 4th if that would be the date of their 25th -30th year of service? What are retirees opinions about being paid for vaction time or staying on as an employee on vacation time to earn needed service time as far as tax breaks, deferred comp., etc.?

 

[dannyboy]

Here you have to work until Sept.10 to get the credit for the following years vacations and PH's.

Yes you can get part years credit for part years worked. The plan for me is to work 4 more years till Sept.10, 2007, take the vacation time to buy out my last year and hit the road. Under our contract you can buy out two years if you become disabled.

d

 

[wily_old_vet]

Dannyboy-Can you please explain this buyout option? Is it in your supplemental or the master?

 

[dannyboy]

I believe it is in the supplimental, will have to post it for you later, got a big day infront of me with the hard frost coming

d

 

[dannyboy]

It is in neither. It is under the Union Pension plan. I guess totally dependant on how financially sound your retirement funds are.

Joint council 83 which handles the retirement for us has it 30 years out at any age $3,500, 25 years and out at any age 2,750. 20 years and out if you are over 59 I think is available.

THe buy out is basically where the Union takes the money that would have been given them for the last year of your service. In our case it works out to 6 weeks vacation, and the two weeks of sick and PH's. This works out to $8,592.50 to buy out your last year. And if you become disabled to do your job you could buy out the last two years for about twice that.

I realise that it would take a long time if you were just buying out one year and only getting a $100 dollar a month increase. But the difference in 25 and 30 years is a large chunk. It would only take you a bit less than one year to recoop that amount.

Of course that does not take into account the increases we have had to our retirement insurance.

d

 

[skyler]

Give me an example here because I'm not following Dannyboy. Scenerio: 27 years of credited service effective March 18, 2004. I'm told I have to work 20 weeks in a calendar year to earn that 21/2 months to complete the 27 years which would be until the end of May, 2004. What is this buy out? Are you saying work until Sept. to earn 2005 vacation weeks or what?

 

[dannyboy]

YEs. in my case I will have my 29th full time year in on july first. If I wanted to I could then plop down my money and run. But if I work till sept 10th, my vacation money will buy it for me. So I plan on working till sept 10, 07 so I can buy my 30th year.

And to really confuse the issue, that will make me a 35 year employee of UPS.

d

 

[skyler]

what happened to the other 5 years?

 

[dannyboy]

Hoffa and UPS are having a ball with them right now. I hope that they will give me credit soon for them so I can retire earlier!

I figure if I could get the credit that is due, this would be my last christmas.

d

 

[wkmac]

Just got an email that states Central States will cut benefits starting Jan. 1st. Whether this is true or not I don't know (email not from official source)but if it is it sure blows the lid off the argument about the threat of UPS cutting benefits if they had control of our pension. If true the new argument I guess will be, "well if the company had it they would shut it down completely!" I guess some people will have a come back no matter what!