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Rule of 62 True
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<blockquote data-quote="nhguy" data-source="post: 102140" data-attributes="member: 5248"><p>Just wanted to clarify a couple of errors by the vette man. The normal retirement age for management is 65. You can retire early at age 55 as long as you have 25 years of service. If you don't have 25 years of service, the penalty is 3% a year up to age 65. You potentially could lose 30% of your pension. The whole pension program is very complex to understand. Management also has a matching 401k where the company will match up to 3% of your contributions with UPS stock. This 401k starts to disperse to you when you retire, without penalty in a monthly payout. I can assure you that the management pension is not a big paying pension. If you happen to get 30-35 years of service it can be a very good pension but those of us that were older when we started at UPS in most cases will only get 25 years in. The company hopes that between the pension, the stock you accumulate and the 401k plan, we should be able to live decent until we are eligible for our social security. Only 29 months left to go!</p></blockquote><p></p>
[QUOTE="nhguy, post: 102140, member: 5248"] Just wanted to clarify a couple of errors by the vette man. The normal retirement age for management is 65. You can retire early at age 55 as long as you have 25 years of service. If you don't have 25 years of service, the penalty is 3% a year up to age 65. You potentially could lose 30% of your pension. The whole pension program is very complex to understand. Management also has a matching 401k where the company will match up to 3% of your contributions with UPS stock. This 401k starts to disperse to you when you retire, without penalty in a monthly payout. I can assure you that the management pension is not a big paying pension. If you happen to get 30-35 years of service it can be a very good pension but those of us that were older when we started at UPS in most cases will only get 25 years in. The company hopes that between the pension, the stock you accumulate and the 401k plan, we should be able to live decent until we are eligible for our social security. Only 29 months left to go! [/QUOTE]
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