Retirement

Discussion in 'UPS Retirement Topics' started by Softfoot13, Feb 28, 2018.

  1. Softfoot13

    Softfoot13 New Member

    Ive read a lot of retirement discussions on here, and am more confused than ever. Can someone just tell me when I can retire? I'm starting Monday as a PT package handler. I'l be 37 in a few months, and plan to be a driver in 3 years. When can I retire? When I'm dead?
     
  2. UpstateNYUPSer

    UpstateNYUPSer Single digit midget!

    Depends upon your pension plan.

    Ours (Upstate NY) you have to be at least 55 with at least 30 years of service in order to receive a full pension.
     
  3. Softfoot13

    Softfoot13 New Member

    Wish I would have started at 18. I' not too worried with receiving the whole thing. Just wondering how old I'll be when I can get at least some of it. I read somewhere it was 25 years in, and 57 years old. 25 years I'll be 61.
     
  4. Jones

    Jones fILE A GRIEVE! Staff Member

    A lot depends on where you're at, different locals, different pension plans, etc.
     
  5. UpstateNYUPSer

    UpstateNYUPSer Single digit midget!

    You need to work at least 5 years to be vested. If you do not work the required number of years you cannot start collecting until you turn 65.
     
  6. Jones

    Jones fILE A GRIEVE! Staff Member

    Under our plan you're vested after 5 years, as long as you're vested you can take early retirement at 50 with a 50% reduction on your accrued pension, wait til 55 and take a 25% reduction or stay til 60 and the full amount. Current accrual is about $270/month per year worked so assuming no changes at 50 you would get about 1750/month, at 55 you would get about 3645/month and if you stuck it out to 60 you would get about 6200/month.
     
  7. TheBrownFlush

    TheBrownFlush Well-Known Member

    The good news is when you're dead you don't have to work anymore.
     
  8. Brownslave688

    Brownslave688 You want a toe? I can get you a toe.

    270 a month? So I'd get over 9k at 35 years?
     
  9. Jones

    Jones fILE A GRIEVE! Staff Member

    Assuming they don't lower the accrual rate going forward (which they have in the past), yes. Whatever you've already accrued is locked in though, they only lower future accruals.
     
  10. upschuck

    upschuck Well-Known Member

    That is starting today, probably. It normally raises most contracts. I think the Central's is $175/month per year of service. Of course, us old farts will receive less, because that amount was lower in previous years.
     
  11. Jones

    Jones fILE A GRIEVE! Staff Member

    Also remember in 35 years 9k won't be worth near as much as it is today
     
  12. Shiftless

    Shiftless Active Member

    Good for you for trying softfoot13!

    For me, thinking of starting at almost 37 years of age PT with the "hopes of being full time driver in 3 years" at age 40, would give me some "SERIOUS" pause to what I was getting into.

    Maybe knowing when I can retire maybe one of the right question's to ask. Knowing what my chances are in being able to make it on to the drivers list then become a driver would have been high on my list, let alone how physical and mental the job is, would be my priority question.

    Then again I don't know Shift!

    I myself could have never done this job starting at the age of 37. Altho I saw a few get hired and try their hand at a driver position in their early 30's. I would say from my experience maybe, just maybe 10% were able to so.
     
  13. UpstateNYUPSer

    UpstateNYUPSer Single digit midget!

    $270/month/year.
     
  14. brownmonster

    brownmonster Man of Great Wisdom

    I get 113 a month for most of my fulltime years at retirement.
     
  15. UpstateNYUPSer

    UpstateNYUPSer Single digit midget!

    I have no idea what ours is-----I was quoting the numbers given above.
     
  16. 1989

    1989 Well-Known Member

    Your accrual rate times the amount ups paid into it.
     
  17. cachmeifucan

    cachmeifucan Well-Known Member

    In 705 I think it's 108$ a year for full-time and 60 a year for part time. So you won't get any part time pension unless u make 5 years part time. And I think you need 10 years to be vested in full-time pension. 705 is a strong union with great leadership.oh and we get 1000 per full-time year as long as our pension fund stays above a certain level. And if we make 40 years full-time we get another 200 $ bump to cover cost of the raise in health care for retirees
     
  18. cachmeifucan

    cachmeifucan Well-Known Member

    30 years full-time not 40 sorry
     
  19. 1989

    1989 Well-Known Member

    Um, those figures aren’t very strong. Less than half of what some other pensions pay out.
    Last I saw your pension was in critical status and receiving a bail out. Meaning employers were paying a 10% surcharge on top of contributions.
     
  20. rod

    rod retired and happy

    Why don't you work 25 or 30 years and come back and we can discuss it.
     
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