Hello I have been driving for UPS for 16 years and am considering leaving the company due to health issues. My question is what happens to my pension if I leave UPS early before my retirement age? will I receive a partial pension for the 16 years of service that I put in with UPS?
Pension
- Thread starter 1989NW
- Start date
DELACROIX
In the Spirit of Honore' Daumier
I believe that those vested years will be obtainable when you reach age 65. Before you leave ask for an estimate, it should explain what you will be getting when you reach the normal retirement age.
Ghost in the Darkness
Well-Known Member
If you leave before the Butch Lewis bill is implemented it will likely be a lot less than if you can hold out until some changes are made and cuts reversed (all depending on what pension).
A lot of questions remain... % cuts undone (all or partial)... haven't heard about anything done with age requirement in ours (its 55 now it used to be 30 years of service and out without penalty). I guess we will see.
My advice (and your pension likely differs from mine) is hold out as long as possible if you are able to.
A lot of questions remain... % cuts undone (all or partial)... haven't heard about anything done with age requirement in ours (its 55 now it used to be 30 years of service and out without penalty). I guess we will see.
My advice (and your pension likely differs from mine) is hold out as long as possible if you are able to.
BMWMC
B.C. boohoo buster.
One of the many important questions to ask is what definition of under funding are they going to use? "Market" value or actual cash liquidation value.
In New England the pension plan is estimated to be under funded by 5 billion +/-. But, if you use a cash out valuation its almost 15 billion.
Its current percentage of cash assets to liabilities based on their latest 2019 IRS FORM 5500 is only 14,89%.
So, if the intent is to insure 30 years of benefit payments and the grant is a "one time" lump sum; it behoves New England to take at least 15 billion and make the plan whole.
The "rescue " money is not only granted as a lump sum but must be segregated and only those plans that have made cuts, under the 2014 Obama law which allowed these plans to cut benefits, can be restored. Yet, these segregated funds can possible facilitate benefit enhancements in healthcare subsidies, cola's and Christmas bonus funded by current annual employer payments into the unsegregated part of the plan.
What making these plans 100% solvent does is act as a huge organizing magnet as potential workers looking to unionize and see the prospect of a good and secure pension upon retirement worth a YES vote to joining the union.
In New England the pension plan is estimated to be under funded by 5 billion +/-. But, if you use a cash out valuation its almost 15 billion.
Its current percentage of cash assets to liabilities based on their latest 2019 IRS FORM 5500 is only 14,89%.
So, if the intent is to insure 30 years of benefit payments and the grant is a "one time" lump sum; it behoves New England to take at least 15 billion and make the plan whole.
The "rescue " money is not only granted as a lump sum but must be segregated and only those plans that have made cuts, under the 2014 Obama law which allowed these plans to cut benefits, can be restored. Yet, these segregated funds can possible facilitate benefit enhancements in healthcare subsidies, cola's and Christmas bonus funded by current annual employer payments into the unsegregated part of the plan.
What making these plans 100% solvent does is act as a huge organizing magnet as potential workers looking to unionize and see the prospect of a good and secure pension upon retirement worth a YES vote to joining the union.
DELACROIX
In the Spirit of Honore' Daumier
I just skimmed the details and I did see that once these pension funds receive their PBGC funds, those funds will become a supplemental pension trust for all their retirees. This helps to shore up the suffering plans by giving them a break in order to improve their vesting ratios. Their contributions from the employers continues as usual, more money in .. less money going out.
Really a smart plan if it works...
542thruNthru
Well-Known Member
Geez! What's Sean O'brien doing over there!!
1989
Well-Known Member
Not muchGeez! What's Sean O'brien doing over there!!
DELACROIX
In the Spirit of Honore' Daumier
Geez! What's Sean O'brien doing over there!!
The New England pension liabilities are peanuts compared to the Central States..I believe that it is over 50 billion and counting. It will take a major portion of that 86 billion pie...
542thruNthru
Well-Known Member
I'm just having a little fun with the OZ boys
