question about pension "points" western conference..

Discussion in 'UPS Union Issues' started by coldworld, Sep 19, 2012.

1. ColdworldWell-Known Member

On my statement it shows my years and how many hours I have worked....then it also shows "points" a four digit number...just curious how this value is calculated??? Also, can you take a year of part time and take those hours and put them onto 3 other part time years to = 3 (2080) years? I have 4 part time years 1800, 1800, 1800, and 1000.....can I split that 1000 hour year onto the 3 other years to make those full time years. I know 2 part time years can be combined but I had lots of doubleshifting happening...does this make sense??

3. ColdworldWell-Known Member

thanks 104, in the western conference part time and full time are in the same pension plan....jonfrum, are you out there???

4. CaptainObviousMember

Good question. I have 4 part time years too along with 18 full time years. I have been told by a center manager I needed 2 part time years combined to get another year added to my PEER 80.But then asked another driver that is already eligible to retire who said each part time year counts towards your peer you just get the hours that you worked????

I'm not sure on the points either. Don't think I have seen this on any of my pension statements.

I'm a package driver in New Mexico, much of my time spent as a steward.

In the west, there is no differentiation between part time and full time employees. The only difference is the contribution amount.

To get "points," one must merely work 500 hours in a calendar year. This gives you "points" for the year. Five consecutive calendar years of "points" equate to being a vested member. To estimate your pension credit for the year, multiply your hours worked times your respective contribution rate, then multiply by the current year's multiplier (currently between 1-2%). This is what your monthly check increases by upon retirement.

Example: 2080 hours X 8\$/hr contribution rate=\$16640 in annual contribution to pension. 16640 x 1% (hypothetical, changes annualy with stock market and socioeconomic and political factors) equals \$166.41. This would be the increase to your monthly pension check at retirement, given this hypothetical situation.

Once your hypothetical \$166.41 is earned, it is locked in. Subsequent years merely add to whatever amount you have accrued, provided you have earned enough points to become vested.

This is explained more vaguely in your annual statement from WCTPT.

6. 104FeederPhoenix Feeder

Classic (and very true)! Pension material is great reading if you are an insomniac.

7. ColdworldWell-Known Member

Thanks for the info under but I'm still not understanding where the point figure comes from. I asked to receive a printout of all my years and my hours for each year from the wctpt. When I received it, it showed a point value...is this the dollar value I have at this point in my years here?? The point figure isn't mentioned in the yearly mailing we get...so I'm just trying to figure out what it is..sorry if you explained it and I just missed it.

Cold,

I'm sorry, but I've never received any documents from WCTPT detailing a "point value." I would call them directly and ask for clarification.

9. brown_trousersActive Member

will earning extra points allow you retire earlier? I know a few part-timers that consistently work 45+ hrs a week, I wonder what those extra points they earn will do towards their retirement.

10. ColdworldWell-Known Member

I believe if the part timer works 2080 hours that is counted as a full year. I thought I saw that in the contract somewhere. This is for the west coast pension.