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UPS Union Issues
UPS pension part time?
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<blockquote data-quote="DELACROIX" data-source="post: 3627066" data-attributes="member: 49065"><p>It is confusing, just try to read and understand the ERISA act that governs all Pension and Health and Welfare plans. With the UPS Retirement Plan for management ending in 2023 I can imagine that there will more buy outs or lump sum payment for those vested in that plan whether they are still working at UPS or not. Like you said "clearing the books", they save money by not administrating their benefits and helps their accounting practices.</p><p></p><p>If you have the service time in under the IBT/UPS plan you are protected from the six percent deduction except for your part time years. That service benefit only applies to your full time years under the Central and the IBT/UPS plans, you can retire with a combined part time and full time under that formula buy your pension will be reduced accordingly at that 6 percent penalty under the rules of both of them (the UPS Pension and the IBT/UPS plan). If I am wrong on this please correct me, but I have been involved with this pension issue for over 25 years now so I done a little research, not an expert or attorney, just a grunt in the trenches.</p><p></p><p>"You can check out anytime you want, but you can never leave" Hotel California by the eagles. That line in their song fits with what is happening to all our pensions, they can still get at you even if you retire, look at the history.</p></blockquote><p></p>
[QUOTE="DELACROIX, post: 3627066, member: 49065"] It is confusing, just try to read and understand the ERISA act that governs all Pension and Health and Welfare plans. With the UPS Retirement Plan for management ending in 2023 I can imagine that there will more buy outs or lump sum payment for those vested in that plan whether they are still working at UPS or not. Like you said "clearing the books", they save money by not administrating their benefits and helps their accounting practices. If you have the service time in under the IBT/UPS plan you are protected from the six percent deduction except for your part time years. That service benefit only applies to your full time years under the Central and the IBT/UPS plans, you can retire with a combined part time and full time under that formula buy your pension will be reduced accordingly at that 6 percent penalty under the rules of both of them (the UPS Pension and the IBT/UPS plan). If I am wrong on this please correct me, but I have been involved with this pension issue for over 25 years now so I done a little research, not an expert or attorney, just a grunt in the trenches. "You can check out anytime you want, but you can never leave" Hotel California by the eagles. That line in their song fits with what is happening to all our pensions, they can still get at you even if you retire, look at the history. [/QUOTE]
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