How did you take your retirement payout?

[Shiftless]

Ups has an hr department lol

You have to remember when Rod and I retired from UPS, we worked for a different company then those who work for UPS today!

Some say it was the Golden Year's!

We scribbled on Paper with Carbon paper because we were so skilled, we had to collect Cash and if it were multiple COD's we had to use higher math, we had to wear long Pants, We used Micro brakes to park the truck. A punch of a button and WHAMMO the bulk head door popped open. The package cars we drove were made when we were little Kid's. Heck my First Feeder tractor was a 1964 International in 1979. At that point! I knew I had it made!

BUT the BIG difference was EVERYONE LOVED US!

 

[DELACROIX]

My Region/Local whatever want to call it, is administered by Atlanta. I couldn't ever get the calculator to work. Even trying to get that straightened out failed with a convoluted journey to nowhere. So, I just applied. Unfortunately, I made some sort of error on my application. A large amount of time went by and never heard anything. So, I e-mailed and got a stock form e-mail saying "we have 60-90 days...". Well 60 days went by and still nothing. So, I called. Got this woman saying "You made an error on your application and it's going to be rejected.." Me: "When were you going to tell me?". Me: "What do I need to do to fix it?". Her: "We don't normally allow that.....you have to reapply". Me: "WHAT?" Meaning another 60-90 days.
Well, after Lording her superior position over me....she "allowed" me to email the correction. Literally 3 days later I was retired.

Now, there has always been talk of $100 for every year after 35 and so on. The rumors are legend. With some folks getting close to $5k and so on. These increases being closely guarded secrets. We had a couple of folks retire at about the same time here locally. I asked a couple of what they were getting.....one said about what I was getting....one more. I had more years than both of them(full time)(my 7 extra years over 35 meant nothing). So you ask, did you inquire to the Ivory Tower? What would I ask? Should I be getting more? I did get what the contract said. Bob says he's getting more....? Remember, every email I sent was replied with a stock "we have received your inquiry"....

The woman at Atlanta said: "The chart says you get X. We don't recommend comparing what "others" say they are getting...".
Again, I never got to see the calculator or estimate. I got what was in the contract. Atlanta had my employment history down to the day. What theory did I have to argue?

About the Local's involvement, "We don't have anything to do with retirement...send all inquiries to Atlanta". Period.

At least you didn’t get from your BA.. “I am just a dumb truck driver excuse”...

They negotiated the damn pension benefits.. so they don’t have anything to do with your retirement...

 

[Thebrownblob]

I called the pension board about a month ago and asked them if I can get an estimate of my benefits.

They said you have to write a letter requesting that

That makes no sense

Dear pension board


Give me my damn money

 

[qdg2]

At least you didn’t get from your BA.. “I am just a dumb truck driver excuse”...

They negotiated the damn pension benefits.. so they don’t have anything to do with your retirement...

"They don't have anything to do with it" meaning the execution of the benefits. Other than sending a copy of the application form, they could not run faster away from any of it. "Ask Atlanta". Period.

 

[Been In Brown Too Long]

Unfortunately everybody looks at the raises we get at contract time and not the other stuff.

This one just makes too much sense to pass up though. Pay for those future retirement health insurance premiums while you're still working, getting lots of OT, and just overall making more per month. Waiting to pay hundreds a month towards insurance premiums when you're getting a reduced fixed income, and insurance costs are higher down the road just makes no sense.

I know, we're all pretty short sighted at contract time and youngsters look at any reduction of their hourly rate as a step back. Retirement...what is that? But retirement comes quicker than you think. I see posts on here about how much retirees are paying monthly for healthcare, and I am so thankful we voted for this. It was just one less expense to worry about when I asked the "can I really afford to retire at 49?" question.

 

[IVE GOTTA PACKAGE 4U]

This one just makes too much sense to pass up though. Pay for those future retirement health insurance premiums while you're still working, getting lots of OT, and just overall making more per month. Waiting to pay hundreds a month towards insurance premiums when you're getting a reduced fixed income, and insurance costs are higher down the road just makes no sense.

I know, we're all pretty short sighted at contract time and youngsters look at any reduction of their hourly rate as a step back. Retirement...what is that? But retirement comes quicker than you think. I see posts on here about how much retirees are paying monthly for healthcare, and I am so thankful we voted for this. It was just one less expense to worry about when I asked the "can I really afford to retire at 49?" question.

These new guys would rather make an extra 25 cents an hour and put it towards health Care or pension

 

[qdg2]

This one just makes too much sense to pass up though. Pay for those future retirement health insurance premiums while you're still working, getting lots of OT, and just overall making more per month. Waiting to pay hundreds a month towards insurance premiums when you're getting a reduced fixed income, and insurance costs are higher down the road just makes no sense.

I know, we're all pretty short sighted at contract time and youngsters look at any reduction of their hourly rate as a step back. Retirement...what is that? But retirement comes quicker than you think. I see posts on here about how much retirees are paying monthly for healthcare, and I am so thankful we voted for this. It was just one less expense to worry about when I asked the "can I really afford to retire at 49?" question.

Who is "we"? Voted for what?

Saving now and paying then? Money is worth less later than now.

Aren't you still paying?

Say, where is this insurance I can prepay for a lifetime(65 really)? So at 49 it's all paid for?

I'm 60, we have $400 a month until 65. We can afford that.

 

[Thebrownblob]

This one just makes too much sense to pass up though. Pay for those future retirement health insurance premiums while you're still working, getting lots of OT, and just overall making more per month. Waiting to pay hundreds a month towards insurance premiums when you're getting a reduced fixed income, and insurance costs are higher down the road just makes no sense.

I know, we're all pretty short sighted at contract time and youngsters look at any reduction of their hourly rate as a step back. Retirement...what is that? But retirement comes quicker than you think. I see posts on here about how much retirees are paying monthly for healthcare, and I am so thankful we voted for this. It was just one less expense to worry about when I asked the "can I really afford to retire at 49?" question.

If you were relying only on a pension, I don’t really see how 49 years old could be affordable, but God bless you if you did it.

 

[burrheadd]

My Region/Local whatever want to call it, is administered by Atlanta. I couldn't ever get the calculator to work. Even trying to get that straightened out failed with a convoluted journey to nowhere. So, I just applied. Unfortunately, I made some sort of error on my application. A large amount of time went by and never heard anything. So, I e-mailed and got a stock form e-mail saying "we have 60-90 days...". Well 60 days went by and still nothing. So, I called. Got this woman saying "You made an error on your application and it's going to be rejected.." Me: "When were you going to tell me?". Me: "What do I need to do to fix it?". Her: "We don't normally allow that.....you have to reapply". Me: "WHAT?" Meaning another 60-90 days.
Well, after Lording her superior position over me....she "allowed" me to email the correction. Literally 3 days later I was retired.

Now, there has always been talk of $100 for every year after 35 and so on. The rumors are legend. With some folks getting close to $5k and so on. These increases being closely guarded secrets. We had a couple of folks retire at about the same time here locally. I asked a couple of what they were getting.....one said about what I was getting....one more. I had more years than both of them(full time)(my 7 extra years over 35 meant nothing). So you ask, did you inquire to the Ivory Tower? What would I ask? Should I be getting more? I did get what the contract said. Bob says he's getting more....? Remember, every email I sent was replied with a stock "we have received your inquiry"....

The woman at Atlanta said: "The chart says you get X. We don't recommend comparing what "others" say they are getting...".
Again, I never got to see the calculator or estimate. I got what was in the contract. Atlanta had my employment history down to the day. What theory did I have to argue?

About the Local's involvement, "We don't have anything to do with retirement...send all inquiries to Atlanta". Period.

Seems funny not that long ago you had no idea about how retirement worked no 401-k wife sick
And now all of a sudden your leading the retirement crew down the aisle

Something seems off

 

[Trucker Clock]

Now, there has always been talk of $100 for every year after 35 and so on.

In the Central, it's an additional $175/mo for every year worked past 35.

 

[DELACROIX]

In the Central, it's an additional $175/mo for every year worked past 35.

I believe it is 175/month past age 60 with over 20 years in... most of the Central retirees leave with the years of service benefits. The plan pays whatever is higher.

That IBT/UPS 25 year full time under age 57 is still stuck at 2,000, it has not been improved when it was first implemented in 2007/2008.

The part time pension benefits under the Central are a joke compared to the Western Conferences.

 

[Trucker Clock]

I believe it is 175/month past age 60 with over 20 years in... most of the Central retirees leave with the years of service benefits. The plan pays whatever is higher.

That IBT/UPS 25 year full time under age 57 is still stuck at 2,000, it has not been improved when it was first implemented in 2007/2008.

The part time pension benefits under the Central are a joke compared to the Western Conferences.

I believe it is age 62, not 60. Regardless, I was replying to Quad regarding a pension for 40 years.

The Central is $4300 for 35 years at any age plus an additional $175/mo for every year worked past 35.

 

[DELACROIX]

I believe it is age 62, not 60. Regardless, I was replying to Quad regarding a pension for 40 years.

The Central is $4300 for 35 years at any age plus an additional $175/mo for every year worked past 35.

Correct..

What is your take on my last two paragraphs?

 

[Been In Brown Too Long]

I had a post previous to the reply of mine you quoted that describes what I was referring to, but...

Who is "we"? Voted for what?

My local, voted to have part of our hourly wage to cover retiree medical. See the earlier post.

Saving now and paying then? Money is worth less later than now.

No, not saving. Paying towards having no cost healthcare once retired. The cost of healthcare is only going up, so the costs are higher down the road.

Aren't you still paying?

No. The hourly deduction on my paycheck ended when I no longer received a paycheck from UPS. So I have coverage for 16 years from 49-65 with zero monthly premiums.

Say, where is this insurance I can prepay for a lifetime(65 really)? So at 49 it's all paid for?

It's not prepaid insurance. The union is paying the premiums now since we contributed to the fund while we were working. And yes, I retired at 49 in 2018 and have received a statement every month since showing coverage and cost $0.00.

I'm 60, we have $400 a month until 65. We can afford that.

Is that for both you and the spouse, total? Or $400 each? Either way, I was paying into the plan about $1000/yr. when it was first passed in the 90's, and around $1900/yr. at the time I retired in 2018. That covers both myself and my spouse. By my calculations, you're paying $4800/yr. and I'm not sure if that's for 1 person or two. Retiring at 49 like I did, I'd pay $76,800 over the years to get to 65, that's if that $400/mo stays static...does it? Or can it increase? If your cost is per person, then my cost over the 16 years would have been $153,600. Either way, I'll gladly stick to the $25k I paid into my plan over the years, whether I can afford the $400 or not.

 

[Thebrownblob]

I believe it is 175/month past age 60 with over 20 years in... most of the Central retirees leave with the years of service benefits. The plan pays whatever is higher.

That IBT/UPS 25 year full time under age 57 is still stuck at 2,000, it has not been improved when it was first implemented in 2007/2008.

The part time pension benefits under the Central are a joke compared to the Western Conferences.

Those numbers and those age requirements are garbage. I’m 50 sitting at 31 years total.

 

[Been In Brown Too Long]

If you were relying only on a pension, I don’t really see how 49 years old could be affordable, but God bless you if you did it.

I did it. Retired in 2018. Have had no issues in the 5 years. House paid, no car payments, etc...I did it in CA, so it most certainly can be done.

 

[Trucker Clock]

Correct..

What is your take on my last two paragraphs?

To be able to retire under age 57 with $2000/mo is a bonus. I understand that it has not been raised, but to retire at 46 years old with $2000/mo is unheard of. I say eliminate that and use the money to increase the 30 year and above pensions.

And it's not just the part time pensions, the entire Central States Pension plan sucks, unless you have 40 plus years in. It has gotten a little better with the $3800, and now $4300 for 30 years, but pales in comparison to other plans.

Taking the 50% joint survivor option and paying for healthcare, leaves a 30 year pension of a little over $3000/mo.

 

[BrownFlush]

These new guys would rather make an extra 25 cents an hour and put it towards health Care or pension

Been that way forever.

 

[BrownFlush]

I have $170K in it for 30 years.
Return of $477K so far in 13 years.

 

[Thebrownblob]

I have $170K in it for 30 years.
Return of $477K so far in 13 years.

Not too shabby