Management Retirement at 59

[Catatonic]

PhatAzz, I'll have 32 years next year and 52 years old. I am MIP for 23 years, promoted in '89 from a driver. I was in teamster plan '82 to '89 so not sure how that will impact my projected pension amount. Just need to determine if hanging out past 35/55 provides any long term advantages besides still working. If I write the teamsters can they provide me an estimate now or does UPS pay me and collect from teamsters? Thanks

Use the Retirement Calculator through UPSers.com.
Start running scenarios starting on the month after your 55th birthday.
I did that on a monthly basis from 55 through 65 and plugged the numbers into an Excel spreadsheet.
In my case my monthly ​payments went up about $30 for each additional month worked until I reached age 60 and then it went down to an additional $20 per month.
My full retirement age in my option was 60.

It will vary based on the option that gives you the most.

 

[oldbrownguy]

Your management pension is reduced by the amount of the teamster pension.......How can that be legal? Mine will be reduced by about a hundred per month. I still don't think it's legal.....but whatever...
​

 

[Catatonic]

Your management pension is reduced by the amount of the teamster pension.......How can that be legal? Mine will be reduced by about a hundred per month. I still don't think it's legal.....but whatever...
​

The Teamster's send you a check equal to the amount reduced.
​Read the fine print, I'm sure it is in there.

 

[oldbrownguy]

Hoax, I know they will send me a check for that money. My point is if my UPS Pension is X and my Teamsters pension is X, then I should not have the Teamster amount reduced from the UPS amount. I hope I am stating that clearly.
For example...

UPS Pension = 1000 a month
Teamsters = 100 a month. My total should be 1100 a month. That's NOT how UPS does it. Using the same numbers it would be.

UPS 1000-100 (Teamsters) = 900 a month
Teamsters 100. Total pension = 900 a month. I should get a total of the two.

 

[Catatonic]

Hoax, I know they will send me a check for that money. My point is if my UPS Pension is X and my Teamsters pension is X, then I should not have the Teamster amount reduced from the UPS amount. I hope I am stating that clearly.
For example...

UPS Pension = 1000 a month
Teamsters = 100 a month. My total should be 1100 a month. That's NOT how UPS does it. Using the same numbers it would be.

UPS 1000-100 (Teamsters) = 900 a month
Teamsters 100. Total pension = 900 a month. I should get a total of the two.

Well, you are certainly entitled to your opinion.
Another way to look at it is this way.
You have 25 years with UPS, 6 years as a Union employee.
Your UPS pension is $3000/month for 25 years as an example.
Your Teamster pension is $300/month for 6 years.

UPS is doing you a favor because if you used the 19 years to figure your UPS pension, it would be $1600/month.

If you wanted your Teamster and UPS pensions separately, it would total $1900.
Instead, UPS being extremely fair, gives you credit for UPS non-Union years of 6 and add to your UPS Management years and you get $3000.
You, and I, should be very thankful for UPS being this generous.
​Well, that's my opinion.

 

[oldbrownguy]

And I respect your opinion too....thanks.

 

[FromPartnerToEmployee]

The internal retirement rumors have started again. Todays rumor was the retirement age moves to 57 in Jan 2015, with those born in or prior to 1962 being grandfathered to 55.

 

[Catatonic]

The internal retirement rumors have started again. Todays rumor was the retirement age moves to 57 in Jan 2015, with those born in or prior to 1962 being grandfathered to 55.

We'll see.
Most people in management born after 1962 are probably going to need to work to age 57 or later anyway.
UPS Pension, insurance and UPS MIP ain't what it use to be.

 

[FromPartnerToEmployee]

Thanks Hoax, I agree.
I'm a 34 year guy and the carrot dangled in front of me when I went into management has dried and withered away. I've got too much invested at this point and have to hold on to 55. I think there will be a change in the retirement age and I just hope they have a little compassion for some of us who are so close.

 

[Catatonic]

Thanks Hoax, I agree.
I'm a 34 year guy and the carrot dangled in front of me when I went into management has dried and withered away. I've got too much invested at this point and have to hold on to 55. I think there will be a change in the retirement age and I just hope they have a little compassion for some of us who are so close.

Great username!

FromPartnerToEmployee

 

[WifeofUPSer]

I would hate to see the retirement age go to something other then the 55.

My husband is 34 as well and has been with ups for 15 years. We have given a lot into our retirement in order for him to retire at 55. The previous post is right on.... What was promised and now every year what we get is nothing compared to what was told 8 years ago when he went into management.

All of the hard workers that are at this critical career point can't easily start over.

What has been promised has slowly been taken away. And for me it is incredibly upsetting as we sacrifice so much with him working here. The 60 hours a week or more and the calls with the emails all weekend long.

The employees and their family give and miss out on so much having to give the dedication to ups

Don't get me wrong we are lucky to have the "stability" and decent salary but when you do honestly break it down by an hourly pay vs a salary- it puts it in perspective. To see your hourly pay is pretty sad.

 

[Dragon]

Very good thread

Everyone brings up a lot of topics that are brought up around the office on a daily basis.

 

[airops]

How frustrated are you going to be when you realize your PAC money went to change the pension laws?

 

[Catatonic]

How frustrated are you going to be when you realize your PAC money went to change the pension laws?

Please elaborate.

 

[brownmonster]

59 is still early retirement for 92.7% of workers. I'll hit my 30 years driving at 58. I feel pretty good about being able to retire at that age. Kind of surprised that most of the mgmnt around here retire as soon as eligible.

 

[airops]

Please elaborate.

It was more in regards to everyone I've heard say that the pension is sealed up pretty tight legally. It seems the only way to change that would be changes to ERISA. Which it seems is what some are trying to do. This would include UPS. We are on the Steering Committee of the group called Coalition on Benefits.

Of course this doesn't mean much if you believe that companies such as Walmart (who is also on the Steering Committee) are only concerned about changes that would affect employees who transfer to different states.

 

[upsoldtimer]

Mark Twain once said, “I am a very old man and have suffered a great many misfortunes, most of which never happened.” If I received a dollar for each time I heard the rumor of the retirement age being upped, I could take an additional vacation each year in retirement until I assume room temperature baby.......

 

[Catatonic]

It was more in regards to everyone I've heard say that the pension is sealed up pretty tight legally. It seems the only way to change that would be changes to ERISA. Which it seems is what some are trying to do. This would include UPS. We are on the Steering Committee of the group called Coalition on Benefits.

Of course this doesn't mean much if you believe that companies such as Walmart (who is also on the Steering Committee) are only concerned about changes that would affect employees who transfer to different states.

I think UPS's involvement is 100% targeted on getting out from under the onus of the Teamster Multi-Employer pension liability.

Could be wrong but I don't think UPS's concern with management/non-Union employee pensions is that much of a future funding/debt concern.

 

[airops]

I hope you are correct Hoaxster. But I see UPS targeting cuts in management pay whenever possible. We are the low hanging fruit.

 

[Catatonic]

I hope you are correct Hoaxster. But I see UPS targeting cuts in management pay whenever possible. We are the low hanging fruit.

More like, management is the fruit that can't fight back.
Only ting you can do is leave and that's what they want in the first place.