After one year, I told my wife we must be prepared in 24 years because I am retiring with 25 and out. Kept my word and have been retired for nearly six years now.
I will be retiring Dec 30th. I will have 26 years as a driver. I will be 62. There is no more 25 or 30 and out. The deal is if you aren't 57 you can't collect. And if you leave before 57 you have to wait until you are 64.Thoe retiring at 57 will receive a pension but at a reduced rate. The pension is based on age 64. Thats when it maxes out. For those of you who leave at 57 you won't receive your full benefit.The closer you are to 64 the more you will get. I am getting almost 600.00 more a month with 26 year then a driver that retired with 30 years at 52. That of course was before the age 57 deal took place. For those that left as part timers or drivers to go into management they will have to wait until they are 64 to ge the union pension.
As far as benefits. I will get my benefits until I am 65. at that point medicare takes over. If you are married and your wife is 62 she will also receive them. If you leave before 62 you can buy them through the union for you and your wife . But you or she has to be at least 57.
I turn 62 on Dec 7th . I could go at that time. but by working through peak I will receive all of my vacation as a bonus.
No but I have a question, Im one of those people who accidently stayed at ups for almost 25 years as a partimer can you beleive that? Of course I have a day job. Im sure I have the 750 hours a year to qualify, but where do I write to get the exact number of hours I have and how many more I need (HR in our building is usless) to be done with it. From what I understand it is 750hrs per calender year, I started on April 1st so if I did not get enough that year I will have to work over untill I do right?
You may think NO way . But did you ever think you would see them make the age requirment 57 ? There are many many people retiring in the next few years. The money in the fund will run low. They have to do something to hold off more from retiring at 57. I heard it from a shop steward. Is it true or could it happen? I know I won't be affected but of but many will be. All I can say isI hope it dosen't happen and GOOD LUCK