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<blockquote data-quote="DELACROIX" data-source="post: 5672966" data-attributes="member: 49065">Under the IBT/UPS Pension Plan any part time service is not included with that 5300 a month over age 55 service benefit.I am guessing that over 80 percent of those full timers who can qualify have close to 10 years vested as a part timer under the UPS Pension Plan.&nbsp; Those years are subject to a 6 percent penalty for every year prior to age 65 when they left that plan, so if they leave at age 55 as a full timer whatever little amount they have vested as a part timer will be cut by 60 percent.&nbsp; That pension benefit is separate from their full time benefits, totally different plan.Those members that would qualify for all those IBT/UPS service levels will be retiring much older than the other plans like the Western.&nbsp; We had senior part timers with 15 to 20 years service who jumped on those 22.3’s early on only to find out they would be retiring with less once they hit age 55 by going full time. Those full time years under the IBT/UPS Pension Plan are also subject to a 6 percent penalty if you do not hit those service requirements listed.It would have been great if they could have negotiated all hours worked like it is done in the West (part time and full time) for those members in the Central and Southern.&nbsp; Didn’t happen…Those full timers under the IBT/UPS Pension formulas actually deserves more pension equality and improvements than those (enhanced) benefits listed with this TA.&nbsp; The main reason for that is most of us will be close to 65 and will have over 45 years service before we get anything close to what the other plans pay out now.</blockquote>

[QUOTE="DELACROIX, post: 5672966, member: 49065"] Under the IBT/UPS Pension Plan any part time service is not included with that 5300 a month over age 55 service benefit. I am guessing that over 80 percent of those full timers who can qualify have close to 10 years vested as a part timer under the UPS Pension Plan. Those years are subject to a 6 percent penalty for every year prior to age 65 when they left that plan, so if they leave at age 55 as a full timer whatever little amount they have vested as a part timer will be cut by 60 percent. That pension benefit is separate from their full time benefits, totally different plan. Those members that would qualify for all those IBT/UPS service levels will be retiring much older than the other plans like the Western. We had senior part timers with 15 to 20 years service who jumped on those 22.3’s early on only to find out they would be retiring with less once they hit age 55 by going full time. Those full time years under the IBT/UPS Pension Plan are also subject to a 6 percent penalty if you do not hit those service requirements listed. It would have been great if they could have negotiated all hours worked like it is done in the West (part time and full time) for those members in the Central and Southern. Didn’t happen… Those full timers under the IBT/UPS Pension formulas actually deserves more pension equality and improvements than those (enhanced) benefits listed with this TA. The main reason for that is most of us will be close to 65 and will have over 45 years service before we get anything close to what the other plans pay out now. [/QUOTE]

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