question about pension "points" western conference..

[Coldworld]

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??

 

[104Feeder]

Not sure what "points" you are referring to. Mine shows hours & then a contribution dollar amount. Yours may calculate those dollars into points instead? If you had a lot of part time years I would plan on working half the equivalent of your p/t past your PEER to get the same as your PEER would be (it would probably be better than what it would be as there usually is a calculation based on your last 3 years of work when you should be at your highest income). You would want to go through the calculations with the administrator as you get closer to your PEER date to see if this would make sense or not. As p/t your contribution rate should have been roughly half the friend/t rate, so you might want to make up the difference there. I'm not aware of us being able to combine p/t years into friend/t in the Southwest, but that's not to say you can't. There are some wrinkles between the various locals & the overall general plan. So a better source would someone from your local who is intimately familiar with your pension and/or the administrative office listed on your statement.

 

[Coldworld]

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

 

[CaptainObvious]

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??

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.

 

[UnderThe Radar]

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.

 

[104Feeder]

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

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

 

[Coldworld]

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.

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.

 

[UnderThe Radar]

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.

 

[brown_trousers]

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.

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.

 

[Coldworld]

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.

 

[menotyou]

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

Thank Gosh, my Dad is a retired Pension Fund Administrator. I hate reading that stuff.

 

[CaliforniaPaul]

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.

Are you covered by the Western Conference?

 

[Coldworld]

Are you covered by the Western Conference?

Yes..western is correct