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UPS Retirement Topics
UPS subsidizing non ups pensions
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<blockquote data-quote="Cezanne" data-source="post: 119834" data-attributes="member: 5104"><p>In my area we are under the Central States pension, question to other UPS teamsters out there: Are your part timers or your part time years before you became full time covered under the union or company plans? If so how are those part time years counted toward your overall retirement and were they funded the same as a fulltimer per Article 34, master (Health and Welfare) that is a hourly contribution weekly that increased per contractual agreements. As far as I know all the vested part time pension hours within the Central States area are covered with the company plan. It could be one of the reasons of the disparity of funding, considering the average ages of the younger participants who could contribute to that fund for 25 plus years. For the most part it took most of us 7 to 15 years to get a full time position, before these newly create combo jobs. Most of us were in our 30's before we started contributing into the teamster funds, fact is we started in a hole saving for our retirement compared to the other barns that were not part time heavy. Those who checked into those part time years found that they will get peanuts if they decide to retire before 65. The benefit is based on a percentage of a 30 year benefit, ten years equals one third of basically a thousand dollars equalling about 300 at age 65. That 300 is reduced six percent per year prior to age 65, so if you wanted to retire at 55, your 300 dollars is cut by 60 percent about 120 dollars. In the Central States conference that company pension monetary benefit is combined with your full time teamster plan benefit to get your pension payout.</p></blockquote><p></p>
[QUOTE="Cezanne, post: 119834, member: 5104"] In my area we are under the Central States pension, question to other UPS teamsters out there: Are your part timers or your part time years before you became full time covered under the union or company plans? If so how are those part time years counted toward your overall retirement and were they funded the same as a fulltimer per Article 34, master (Health and Welfare) that is a hourly contribution weekly that increased per contractual agreements. As far as I know all the vested part time pension hours within the Central States area are covered with the company plan. It could be one of the reasons of the disparity of funding, considering the average ages of the younger participants who could contribute to that fund for 25 plus years. For the most part it took most of us 7 to 15 years to get a full time position, before these newly create combo jobs. Most of us were in our 30's before we started contributing into the teamster funds, fact is we started in a hole saving for our retirement compared to the other barns that were not part time heavy. Those who checked into those part time years found that they will get peanuts if they decide to retire before 65. The benefit is based on a percentage of a 30 year benefit, ten years equals one third of basically a thousand dollars equalling about 300 at age 65. That 300 is reduced six percent per year prior to age 65, so if you wanted to retire at 55, your 300 dollars is cut by 60 percent about 120 dollars. In the Central States conference that company pension monetary benefit is combined with your full time teamster plan benefit to get your pension payout. [/QUOTE]
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