Question about part-time to full-time retirement

[Ilovetoast]

Hello! I have a question that I can't seem to get a straight answer.

I understand you have to hit the golden 80 to retire.

I am a part-time employee with 14 years with the company I started when I was 18 years old. it looks like I will be able to retire at 49

If I become combo or full-time Will my 14 years of service with the company be cut in half?

So I would have to retire later?

thank you for all your help!

my plan is to retire ASAP and Move to The Philippines

 

[UpstateNYUPSer(Ret)]

Each plan is different but, in general, you will get 1/2 year of FT credit for every year that you worked PT.

Looks like you may be working a bit longer than you may like.

 

[Ilovetoast]

Ohhh nooo! i'm sick of being a slave here.

I thought your were able to retire after 30 years of service with the company.

Why should it matter if your part time or full time.

Am I wrong about that?

 

[UpstateNYUPSer(Ret)]

You can retire but your pension will be much lower than that of a 30 year FT employee and you may not start receiving payments until you reach normal retirement age.

Your best bet is to contact your pension fund office and request a determination of benefits statement with a projected retirement date and estimated monthly pension benefit.

 

[oldngray]

Ohhh nooo! i'm sick of being a slave here.

I thought your were able to retire after 30 years of service with the company.

Why should it matter if your part time or full time.

Am I wrong about that?

It depends on your plan. A few locals still have 30 years and out at any age (for that then the PT years do count as years of service but pension amount would be less) but that has mostly gone away.

 

[Ilovetoast]

Thanks so much for the information. I'm in the Western Conference region.

honestly I just want to live cheap in Asia and enjoy whatever life I have left.

 

[UpstateNYUPSer(Ret)]

...enjoy whatever life I have left.

Kinda morbid thinking for someone who is only 49 years old.

 

[brownmonster]

Kinda morbid thinking for someone who is only 49 years old.

Looks to me like he's 32.

 

[Ilovetoast]

Kinda morbid thinking for someone who is only 49 years old.

Just being realistic. I just want at least 30+ Healthy years to travel the world and live life by my rules.

 

[Ilovetoast]

Thank you to all for their insight!! I called the local business Hall. they told me your years do not get cut in half when you go full-time.

they calculated my age and years of service and said I can retire at 49!
Time to 15 %Max that 401(k) and Save..save..save!!!

 

[silenze]

In my local afyer going full time you have to wait another 5 years for your full time pension to vest.

 

[PT Crazy]

35% max the 401k.

 

[PT Crazy]

If you go full time. You will get two pension checks. One part time and one full time.

 

[UpstateNYUPSer(Ret)]

35% max the 401k.

You can also contribute up to 5% of your post tax income and up to 100% of your option week pay.

If you go full time. You will get two pension checks. One part time and one full time.

This depends upon whether you are in a Company or Union pension plan.

 

[1989]

Thank you to all for their insight!! I called the local business hall. they told me your years do not get cut in half when you go full-time.

they calculated my age and years of service and said I can retire at 49!
Time to 15 %Max that 401(k) and Save..save..save!!!

I don't believe that's correct. Don't base your decision on one call to your local. Contact the pension plan. And again, you can get 2 different answers with just a phone call. The information you seek is more Than likely on their website. And be aware your pension rules today might be different than the rules when you retire.

 

[downtime8763]

I retired 37 yrs with 4pt and 33ft,I get two checks, one UPS/IBT (full time) and other UPS pension both come from the same address as UPS bought us out of the central states pension several years ago.

 

[UpstateNYUPSer(Ret)]

I retired 37 yrs with 4pt and 33ft,I get two checks, one UPS/IBT (full time) and other UPS pension both come from the same address as UPS bought us out of the central states pension several years ago.

Direct deposit?