Can you retire 30 and out..Local 705
- Thread starter ibleedbrown
- Start date
Jkloc420
Do you need an air compressor or tire gauge
yes i am seasonal employee will i be hired on
542thruNthru
Well-Known Member
I don't know.. I'm not a mind reader
oldngray
nowhere special
Jkloc420
Do you need an air compressor or tire gauge
i sure hope he comes to fix it
upschuck
Well-Known Member
Wheeler
"King"
Where is this calculator I haven't found it yet been looking for a while
ibleedbrown
Well-Known Member
Type in pension calculator in the upsers search bar
Wheeler
"King"
Have done that it says no results maybe it's not available in my area doesn't really matter I was just going to do it to verify my calculations I have 25 more years to retirement with what I am assuming is going to result in major changes in pension structure
BrownFlush
Woke Racist Reigning Ban King
Don't worry. Your pension is safe.
Galaxy45MP
Retired Member
It's in the same section where you can view your paycheck, retirement info, etc....
cachmeifucan
Well-Known Member
55 dollars per year for some and 60 dollars a year for part time years and 108. Dollars per year for full-time years. Not sure if your pt years will convert over. Good question for Joey the clown. Wya. Then you have to calculate health insurance if your single or married. I got 24 in 8pt 16 full-time I'm 41. Yep started at 17. I'm out at 55. with 30 years full-time you get a extra 600 a month to compensate for our retirees insurance going from 50 a month to over 400. If my pt years would convert I'd have 20 could retire in 11. But I highly doubt I get the extra 600 a month and take a penalty for early age but I'm not sure
DELACROIX
In the Spirit of Honore' Daumier
6 percent reduction for every year prior to age 65 for your Part time years in the Central and Southern (UPS Pension Plan). So if you retire at age 55 your monetary benefits will be cut by 60 %. Basically you get squat for those 8 years unless you want to work till age 65 and probably get less than 300 dollars a month under the current pension formula...
Your health and welfare insurance once you retire could go up even if you retire, nothing is locked in till age 65 when Medicare kicks in. I personally expect in the future negotiations a big push to eliminate any early retirement, particularly at age 55 or younger, raising the age requirements for retiree's health coverages will be on the table.
Your health and welfare insurance once you retire could go up even if you retire, nothing is locked in till age 65 when Medicare kicks in. I personally expect in the future negotiations a big push to eliminate any early retirement, particularly at age 55 or younger, raising the age requirements for retiree's health coverages will be on the table.
ibleedbrown
Well-Known Member
Local 705 is in the Midwest region, does anyone know how that effects retirement under my scenario?
cachmeifucan
Well-Known Member
I thought at 30 full time you can go with no penalty. IL ask around
hondo
promoted to mediocrity
!!Local 705 only!!
Note to long time L705 PT: apparently a change in one of the last contracts makes it extremely beneficial to go FT for a short time (perhaps as little as making seniority-40 days worked) after your 25/30/35 years of PT. I'm told you would then be eligible for retiree health insurance from the FT fund (you would otherwise not be covered under your PT only retirement package). Definitely look into it if you're looking to retire before becoming eligible for Medicare.
@ibleedbrown: From what I've heard, yes, the L705 pension fund (for your FT service) will add up your PT & FT years. However, you won't get the 30 year FT pension $ amount, just what you've accrued (earned) from the company fund for your PT, and the Local's fund for FT. Link to L705 Fund office:Home (if you register online you can get statements & some calculators/planning tools). Important tips: you need 50 weeks of FT contributions (basically every week you get a paycheck for hours worked or vacation) per year to get the full $108/month multiplier for that year of service, any year with less than 50 weeks is pro-rated down. It takes 5 years FT to become vested in the L705 fund; after 10 years FT, you would be eligible for a disability pension if needed. Edit: the website says 15 years for disability pension, I distinctly remember reading 10 years in my plan summary; maybe a superior benefit for UPSers?
Note to long time L705 PT: apparently a change in one of the last contracts makes it extremely beneficial to go FT for a short time (perhaps as little as making seniority-40 days worked) after your 25/30/35 years of PT. I'm told you would then be eligible for retiree health insurance from the FT fund (you would otherwise not be covered under your PT only retirement package). Definitely look into it if you're looking to retire before becoming eligible for Medicare.
Last edited:
hondo
promoted to mediocrity
Correction to above post: It takes 15 full years of contributions (if you have years with less than 50 weeks, the fractions add up) to become eligible for a disability pension in the Teamsters Local 705 retirement fund.
