500 hours left in 2015 for My Freedom

[soberups]

You mean excluding over time. If ot counted we would all retire by our 25th yr. Some sooner

No, I meant including overtime.

In the Western Conference, we get pension contributions for all hours, including overtime, up to the maximum of 2080 per year.

This is better than only having contributions on the first 40 hours of a week, because if you get hurt and are on comp for a few months with zero contributions, you can still "catch up" and reach your max of 2080 per year simply by working extra overtime.

 

[3 done 3 to go]

No, I meant including overtime.

In the Western Conference, we get pension contributions for all hours, including overtime, up to the maximum of 2080 per year.

This is better than only having contributions on the first 40 hours of a week, because if you get hurt and are on comp for a few months with zero contributions, you can still "catch up" and reach your max of 2080 per year simply by working extra overtime.

Wow sounds like a great pension plan. Hope you receive the amounts we receive in upstate Ny. 30 or 25 out in the west??

 

[soberups]

Wow sounds like a great pension plan. Hope you receive the amounts we receive in upstate Ny. 30 or 25 out in the west??

We have PEER 80 here. Age+years of service=80 and you can go. The Western Conference of Teamsters Pension Plan is the Cadillac of pension plans and is very well managed and funded.

 

[olroadbeech]

when you say 2080 hours are you referring to the credit for the year for a bump up in pension benefits? I think we get an extra $150 a month for each additional year. is that prorated too?

I had an interview with my pension guy last year but I didn't ask the right questions at the time. he just gave me a sheet with possible options and benefits.

 

[soberups]

when you say 2080 hours are you referring to the credit for the year for a bump up in pension benefits? I think we get an extra $150 a month for each additional year. is that prorated too?

I had an interview with my pension guy last year but I didn't ask the right questions at the time. he just gave me a sheet with possible options and benefits.

2080 is the maximum amount of hours that the company is required to make pension contributions on in one year.

The more contributions that are made in a given year, the more you will get when you retire.

This has nothing to do with eligibility. In order for a year to count as a point towards PEER 80, you must have worked (or been compensated for via vacation, sick days etc.) 500 hours in that year. So if you want to get one point for working in 2015, you need to either work or be compensated for a minimum of 500 hours.

You said you had 79 points. Bear in mind that every year counts for two points; one point for working that year and one point for your age. So the date of your birthday in 2015 is also a factor, if you have 79 points now you will gain an additional point in 2015 whether you work or not.

The other important number to remember is that 25 years of service are required in order to be eligible for PEER 80. Do you have 25 years in?

 

[olroadbeech]

2080 is the maximum amount of hours that the company is required to make pension contributions on in one year.

The more contributions that are made in a given year, the more you will get when you retire.

This has nothing to do with eligibility. In order for a year to count as a point towards PEER 80, you must have worked (or been compensated for via vacation, sick days etc.) 500 hours in that year. So if you want to get one point for working in 2015, you need to either work or be compensated for a minimum of 500 hours.

You said you had 79 points. Bear in mind that every year counts for two points; one point for working that year and one point for your age. So the date of your birthday in 2015 is also a factor, if you have 79 points now you will gain an additional point in 2015 whether you work or not.

The other important number to remember is that 25 years of service are required in order to be eligible for PEER 80. Do you have 25 years in?

no I don't.

I have 21 years in and age 58. I saw a chart on the pension website that this is ok. I just wont have lock in protection whatever that means.

I probably need a lawyer. that pension guy must of been wrong if he told me I only needed 500 hrs in 2015. he was from Oakland and he knew I only had 21 tears in.

 

[Catatonic]

I retired on November 1st and got my 1st pension check Dec 1st. Central Pa fund. Had to stay to get 6 weeks vacation pay for next year and a little extra so there was no question on hours.

I retired Feb 28th and got my first pension check March 1 ... that was just so damn cool!

 

[olroadbeech]

I am referencing table 6 from the early retirement section from the pension website.

 

[onestoptogo]

2080 is the maximum amount of hours that the company is required to make pension contributions on in one year.

The more contributions that are made in a given year, the more you will get when you retire.

This has nothing to do with eligibility. In order for a year to count as a point towards PEER 80, you must have worked (or been compensated for via vacation, sick days etc.) 500 hours in that year. So if you want to get one point for working in 2015, you need to either work or be compensated for a minimum of 500 hours.

You said you had 79 points. Bear in mind that every year counts for two points; one point for working that year and one point for your age. So the date of your birthday in 2015 is also a factor, if you have 79 points now you will gain an additional point in 2015 whether you work or not.

The other important number to remember is that 25 years of service are required in order to be eligible for PEER 80. Do you have 25 years in?

Actually, you do not need 25 years service in the Western Conference. You only need your 80 points, recent coverage, and 1000 hours within the last year of your retirement date to retire under PEER. Once you get your 500 hours in 2015 for your 80th point you are set. Just make sure you have the 1000 hours within the last year of your retirement date. The lock in feature is not required. That is used by people with 25 years and want to leave prior to reaching 80 points. Once their birthdays get them to 80 points then they can collect.

Another trick many use is to retire on the last day of the month and then take all your vacation weeks, sick days, optionals in a row. You will get your pension check on the next day and get to double dip for a short while.

The good news is that your pension guy in Oakland is correct and I doubt that you will need a lawyer.

 

[olroadbeech]

thanks. onestoptogo, you just made my day.

 

[soberups]

Actually, you do not need 25 years service in the Western Conference. You only need your 80 points, recent coverage, and 1000 hours within the last year of your retirement date to retire under PEER. Once you get your 500 hours in 2015 for your 80th point you are set. Just make sure you have the 1000 hours within the last year of your retirement date. The lock in feature is not required. That is used by people with 25 years and want to leave prior to reaching 80 points. Once their birthdays get them to 80 points then they can collect.

Thank you for clarifying this, I was incorrect and did a poor job of articulating the point I was trying to make.

We have had 3 drivers get fired for DUI with only 24 years in and the result for them was catastrophic in the sense that they would never be able to qualify for PEER 80 and would have to wait until age 62 to start collecting. Olroadbeech's situation is completely different because she already has 79 points will reach 80 as long as she gets 500 hours in 2015.

 

[bumped]

That's not a nationwide thing??? I'd definitely be on the union's ass about that!

I don't get any sick days. Just 2 personal days.

 

[By The Book]

when you say 2080 hours are you referring to the credit for the year for a bump up in pension benefits? I think we get an extra $150 a month for each additional year. is that prorated too?

I had an interview with my pension guy last year but I didn't ask the right questions at the time. he just gave me a sheet with possible options and benefits.

Yes, if you had your 80 in and decided to work say 10 months in that year you would be paid on a prorated basis. It could be the full amount allowed because you may of worked 2080 hours by then. Now if you are a driver and only work 8 and bonus 2 hours a day, sorry you only get paid for 8. So to get the full pension amount for the year you will have to work the full year. This will hurt the bonus driver in the case they are not working a full month or take code 5s in months that have fewer work days like February. In the western conference once you work 500 hours it equals one credit, and your birthday equals one credit. If your birthday is in the first 3 months this will allow you to retire with these 2 pension credits rather early in the year, as long as the recent service coverage is also met. This last part of my post applies if you have 78 points now.

 

[onestoptogo]

when you say 2080 hours are you referring to the credit for the year for a bump up in pension benefits? I think we get an extra $150 a month for each additional year. is that prorated too?

I had an interview with my pension guy last year but I didn't ask the right questions at the time. he just gave me a sheet with possible options and benefits.

Here is the way you calculate how much extra will be added to your pension for 2015 hours in the Western Conference :

Take your total hours compensated to a maximum of 2080.

Go to your local rider in your union books to find out how much UPS is contributing to your pension. The rate on August 1, 2012 for me was $9.83. Now add 50 cents for the raise to the pension on August 1, 2013 to get a total $10.33. I believe the raise to the pension on August 1, 2014 was diverted to healthcare, but I could be wrong.

Take the $10.33 and subtract 16.5%. (10.33 x .165 = 1.704) 10.33-1.70 = 8.63
The 16.5% reduction is used to fund the PEER 80.

Take your total hours and multiply by $8.63. I will use the maximum of 2080.
(8.63 x 2080 = $17,950.4) Thank-you UPS

Now you take the current accrual rate of 1.2% and multiply it by $17,950.4 =$215.40

Your pension will increase $215.40 per month for working 2080 hours in the year 2015.

It could be higher if they don't divert the raise on August 1, 2015.

 

[olroadbeech]

Here is the way you calculate how much extra will be added to your pension for 2015 hours in the Western Conference :

Take your total hours compensated to a maximum of 2080.

Go to your local rider in your union books to find out how much UPS is contributing to your pension. The rate on August 1, 2012 for me was $9.83. Now add 50 cents for the raise to the pension on August 1, 2013 to get a total $10.33. I believe the raise to the pension on August 1, 2014 was diverted to healthcare, but I could be wrong.

Take the $10.33 and subtract 16.5%. (10.33 x .165 = 1.704) 10.33-1.70 = 8.63
The 16.5% reduction is used to fund the PEER 80.

Take your total hours and multiply by $8.63. I will use the maximum of 2080.
(8.63 x 2080 = $17,950.4) Thank-you UPS

Now you take the current accrual rate of 1.2% and multiply it by $17,950.4 =$215.40

Your pension will increase $215.40 per month for working 2080 hours in the year 2015.

It could be higher if they don't divert the raise on August 1, 2015.

wow. thanks.

 

[onestoptogo]

Thank you for clarifying this, I was incorrect and did a poor job of articulating the point I was trying to make.

We have had 3 drivers get fired for DUI with only 24 years in and the result for them was catastrophic in the sense that they would never be able to qualify for PEER 80 and would have to wait until age 62 to start collecting. Olroadbeech's situation is completely different because she already has 79 points will reach 80 as long as she gets 500 hours in 2015.

It is actually worse than that. The normal retirement age without PEER is age 65. Also, they reduce the amount of the payments if you do not have recent coverage - Which they will not.
That situation would be tragic.

 

[Mike hunt]

my anniversary is in June. I have saved up 45 sick days. prorated vacations would probably be 3 weeks.

so do I have to actually work in 2015? someone told me they would just cash out the sick days and the 360 hours wouldn't count.

also if I do work, do ALL hours count as I work 55 hours a week or just 40 hours per week.? I don't want to give then notice unless I have to. a driver told me that the union will inform the company but I don't want anyone to make a big deal over it.

also I am in the Western Conference.

I saved up enough money to tide me over til the pension checks start. what is the average wait for them to begin?

It's always better to go out with class. This place can leave scars but if you go out the way that's right you will always know you were the better person.

 

[IVE GOTTA PACKAGE 4U]

Thank you for clarifying this, I was incorrect and did a poor job of articulating the point I was trying to make.

We have had 3 drivers get fired for DUI with only 24 years in and the result for them was catastrophic in the sense that they would never be able to qualify for PEER 80 and would have to wait until age 62 to start collecting. Olroadbeech's situation is completely different because she already has 79 points will reach 80 as long as she gets 500 hours in 2015.

Dui on the job?

 

[olroadbeech]

my insurance with spouse would be $150 a month, right? not sure if I want to stay for a whole year just for that.

I do wanna stay longer to have some fun though.

 

[upschuck]

Freedom is overrated.