Are you Central States Saintrick?
Its seems clear that there is some special differences with how the UPS Pension Plan is paid out there.
I mean, people are still posting that 30 years p.t. there is $751 still.
Can we agree to disagree here? I will accept that your payout is the way your payout will be. But I ask that you accept that things are different here for me in my local. I am sure about how my payout is. It is exactly like the way Tardus's payout would be. Not sure where his local is. We can combine years of service to equal 25/30/35 to be able to retire. Full-time pension would not be reduced 6% each year under 65 but the seperate part-time pension provided by the company would be.
It's all good, I believe you and that what you state is true for your local/area. But it's different here.
Go back to the very first poster's post. I'm just backing him up. Ask him where he got his info.
I am not saying that you are wrong. I am just telling you how I understand the plan to work according to the summary plan books for both the UPS pension plan(part-time) and the UPS/IBT full time pension plan.
I feel that you are misinformed which is the subject of this thread. Could I be wrong? Of course.
Does 705 have a agreement that changes the part time plan? Local 705 is stated on the cover of the plan book as being included.
The $751 is from an example in the plan book. It is the pt rate that would be applicable in the example.
The part time rates in effect right now are in the National Master agreement.
I am in a central states building, but that only changes who the payment comes from and not how it is calculated.
The following are from the UPS plan book(part-time) and are what I base my position on.
From page 3
Service Benefit
A Service Benefit is a retirement benefit that is payable
at any age if you complete at least 25 years of
Combined Service Credit.
From page 4
Service Benefit
You may retire at any age if you have at least 25 years of
Combined Service Credit.
From page 5
Note: If you do not have the required number of years of
Service Credit to be eligible for a Service Benefit but your
years of Combined Service Credit are at least equal to the
required number of years of Service Credit, you may elect
to receive a portion of the Service Benefit. The portion of
the benefit will equal:
1) the applicable Service Benefit
times
2) a fraction (the numerator of which is your years of
Service Credit and the denominator of which is 25, 30 or
35, as applicable).
Of course we can disagree. No problem here.