When Can You Retire?

Discussion in 'UPS Discussions' started by denverbrown, Jan 27, 2009.

  1. denverbrown

    denverbrown New Member

    Have you been wondering when you are going to be able to retire? Does what's happening with your pension scare the heck out of you? Well here is a little video that explains what is happening with your pension and why. And I mean your UPS pension, not somebody else's pension. Your pension is not secure. This video shows you why. I hope this video makes you mad. I hope it makes you get off your ass and do something. Call your Congressman, write your Senator, pay off your house. I don't care what you do, just for God's sakes, do something. Become an online activist. The middle class is going down the toilet and you're going with it.
  2. upsgrunt

    upsgrunt Well-Known Member

    Not to hijack, but ever wonder why the government bailed out AIG first?

    It's because AIG insures the pension plan of the US Congress!
    They have to have priorities you know.
  3. rod

    rod retired and happy

    very interesting video
  4. soberups

    soberups Pees in the brown Koolaid

    I am blessed to be in the Western Conference plan, which is healthy and fully funded. We have PEER 80 which means when your age plus years of service= 80 you can retire as long as you have at least 25 years in. I will become eligible on April 18th of 2017. Not that I'm counting....
  5. rod

    rod retired and happy

    I hear that UPS is putting 3 point seat belts in all package cars starting April 19, 2017. Sorry Sober- I couldn't resist being a smart :censored2: one more time tonight:peaceful:
  6. brownrodster

    brownrodster New Member

    I'm in the same plan. Last I read that our pension plan was fully funded with around 34 billion in assets. However, I would love to know how the plan did with the recent stock market crashes.
  7. soberups

    soberups Pees in the brown Koolaid

    Probably not well, which will be dealt with by cutting the accrual rate. The next few years we work will not contribute as much to our accounts....but the plan itself will still be fully funded.
  8. over9five

    over9five Moderator Staff Member

    OK, THAT was funny!!!
  9. over9five

    over9five Moderator Staff Member

    And not so funny:

    I got a letter from the pension plan yesterday that says we can't retire till age 64. Haven't read it completely yet.

    I'm not sure how to post it, maybe I'll try.
  10. over9five

    over9five Moderator Staff Member

    Should have said "collect a pension" in place of "retire".

    Everyone was up in arms over this last night. After reading it just now, MY understanding is employees with the "Default Shedule" will not be able to collect before age 64.
    Employees under the "Preferred Schedule" still will.

    I hope I'm under the Preferred Schedule. It doesn't say....
  11. over9five

    over9five Moderator Staff Member

    Here's the key part:

    1. Elimination of all early retirement options, i.e., the right to receive a Pension prior to age 64 including:
    a. Early Retirement Pensions
    b. Thirty Year Full Service Pensions
    c. Minimum Thirty Year (75%) Service Pensions
    d. Special Service Pensions prior to age 64
    e. All Partial Pensions to the extent any such pension is tied to one or more of the Adjustable
    Benefits listed above.
    2. Elimination of all Disability Pensions prior to age 64
    3. Elimination of all Benefit Payment Options including:
    a. 120 Certain Payment Option
    b. Christmas Benefit
    4. Elimination of Death Benefits including:
    a. Single Payment Death Benefit​
    b. Thirty Six Month Annuity for Unmarried Participants

    The entire document can be found here.
  12. dannyboy

    dannyboy From the promised LAND

    For a lot of drivers the true answer is when your wife says you can retire.

  13. Covemastah

    Covemastah Suspension Ovah !!! Tom is free FU Goodell !!

    At the rate we are going the Teamsters want us to leave in a pinebox our last day!!
  14. barnyard

    barnyard KTM rider Staff Member

    When pensions were 1st offered, most people did not live to see retirement, those that did, lived a year or 2. I think it is asking alot for someone to draw a pension for longer than they contributed....

  15. farmerbrown

    farmerbrown New Member

    Gotta love peer 80. Dec 1st 2021, and I'm not counting either.
  16. Kraetos

    Kraetos Preload, Loader

    Retiring is an old man's game, I'm going to work until the day I die. That way I never have to worry about it.
  17. mountaingoat

    mountaingoat New Member

    I'm still years away, but I could still take early retirement at 55. The payout won't be as good after this recession, but it's still possible. I'd rather hold out until that date to receive the benefits that go with it.

    Think about what retirement means, too. You might want to do something to earn income but in a different line of work. Or, you might want to do missionary service or volunteer work. It's a big life-changing event, retirement, and you should put some thought behind it.
  18. browniehound

    browniehound Well-Known Member

    I am doing the same. However I don't plan on living very long so the early retirement reductions should have no effect on me. 64? I "a'int" sniffing 64, lol.
  19. rod

    rod retired and happy

    I did---------30 years worth:peaceful:
  20. dannyboy

    dannyboy From the promised LAND

    With 30 years of service, how are you ever going to draw one for longer than you worked?

    THe vast majority will be dead in much less than half that time.

    And its your money. Just like your paycheck. Those bennies were paid on your behalf.