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Retirement - Part-time yrs. + Full-time yrs < What U Think (UPS/IBT Plan)
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<blockquote data-quote="saintrick" data-source="post: 1119071" data-attributes="member: 29276"><p>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.</p><p></p><p>I feel that you are misinformed which is the subject of this thread. Could I be wrong? Of course.</p><p>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.</p><p></p><p>The $751 is from an example in the plan book. It is the pt rate that would be applicable in the example.</p><p>The part time rates in effect right now are in the National Master agreement.</p><p></p><p>I am in a central states building, but that only changes who the payment comes from and not how it is calculated.</p><p></p><p>The following are from the UPS plan book(part-time) and are what I base my position on.</p><p>From page 3</p><p><strong>Service Benefit</strong></p><p>A Service Benefit is a retirement benefit that is payable</p><p>at any age if you complete at least 25 years of</p><p>Combined Service Credit.</p><p>From page 4</p><p><strong>Service Benefit</strong></p><p>You may retire at any age if you have at least 25 years of</p><p>Combined Service Credit.</p><p>From page 5</p><p>Note: If you do not have the required number of years of</p><p>Service Credit to be eligible for a Service Benefit but your</p><p>years of Combined Service Credit are at least equal to the</p><p>required number of years of Service Credit, you may elect</p><p>to receive a portion of the Service Benefit. The portion of</p><p>the benefit will equal:</p><p>1) the applicable Service Benefit</p><p>times</p><p>2) a fraction (the numerator of which is your years of</p><p>Service Credit and the denominator of which is 25, 30 or</p><p>35, as applicable).</p><p></p><p></p><p>Of course we can disagree. No problem here.</p></blockquote><p></p>
[QUOTE="saintrick, post: 1119071, member: 29276"] 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 [B]Service Benefit[/B] 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 [B]Service Benefit[/B] 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. [/QUOTE]
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