UPS Part-Time Pension Plan....The Good..The Bad...and The Ugly

[JonFrum]

The Plan claims the maximum benefit is $2,100 per month. I assume they mean if you earn $60 for each year of Pension Credit, and you have 35 Pension Credit Years, then 60 x 35 = 2100.

But Contract Article 34 seems to say you only earn the new $60 figure in 2008 and thereafter. So to retire with $2,100 after 35 years you would have to start in 2008 and work until the end of year 2042.

Someone who currently has 35 years won't get $2,100.

The language isn't clear, but that's how I read it.

 

[tardus]

Also, please be aware that you do not receive the $60/month formula for years after 2008 if you retire before age 65 with the service benefit of 25, 30, or 35 year credit. You will only receive the established service credit benefit formula with no upgrades for years after 2008.

 

[FAVREFAN]

The Plan claims the maximum benefit is $2,100 per month. I assume they mean if you earn $60 for each year of Pension Credit, and you have 35 Pension Credit Years, then 60 x 35 = 2100.

But Contract Article 34 seems to say you only earn the new $60 figure in 2008 and thereafter. So to retire with $2,100 after 35 years you would have to start in 2008 and work until the end of year 2042.

Someone who currently has 35 years won't get $2,100.

The language isn't clear, but that's how I read it.

Hey JonFrum. You usually have good info. Let me pick your brain. I posted something earlier in the main threads about the pensions.
I'm in 705. 20 years p.t. If I take a 22.3 job for say 10 years can I leave with my 20 pt and 10 ft and start getting paid from that day or do I get them both at 65 years old? Thanks.