No insurance till 55 when you retire

[oldngray]

Correct, I would be subject to the % reduction because I retired at 52, but there is more than one way of calculation and you get the one with greatest amount. I got years of service pension which is less if you are closer to normal retirement age but more if you are younger. It is a fixed amount that does vary between regions but not subject to age, only the years of service credit.

 

[Newfire]

Oldngray this 6% reuction? I am in a situation where an injury might force me to go out early. I have 20.5 FT 5.5 PT for combined credit of 26 it's my understanding that I can draw the full time right away at any age the PT will be reduced or wait to draw it until normal retirement age. Any info is appreciated.

 

[balland chain]

Ok so I keep hearing that if you retire under the new CS plan that you will not get insurance unless you are 55. This question was asked at our local meeting and our BA seemed confused then said no that's not true you will get it at any age after 30 and out but i want to see that in writing! I see in the TA where it mentions the requirement of being 55 for part timers but where is the language that states the coverage requirements for full timers? Also if you retire at 51 and you find insurance until 55 do you get it automatically at 55 or if you retire without it do you never get it? This whole TA stinks!

I am thinking of retiring in the next few months.. I have 25 full time years in.. I will be 50 if I retire when I want to.. I asked my business agent and he told me this."you will not get insurance if you retire at 50, you will be offered Central states insurance one time when you turn 55, you can accept it and pay the premiums at what ever rate they are, or you can turn it down.. If you turn it down, you will NOT be offered or able to get that insurance again." To retire and get the CS insurance you must wait until you are at least 55 years old.. This came straight from his mouth, and I have been told this before.. I live in the south where we have had to put up with the ******y Central States insurance for a long time.. I has only gotten worse... I am planning on checking out other insurance companies in the very near future to see what the cost is and what it will cover.. If I retire soon I will need to pay another company for insurance and when I turn 55 I will need to reassess my insurance situation to see if the CS insurance is cheaper and or better than what I have.. Hell when I started I was told free insurance when you retire at any age,, that is long gone... Yeah, I agree, this TA SUCKS ...GL

 

[104Feeder]

I am thinking of retiring in the next few months.. I have 25 full time years in.. I will be 50 if I retire when I want to.. I asked my business agent and he told me this."you will not get insurance if you retire at 50, you will be offered Central states insurance one time when you turn 55, you can accept it and pay the premiums at what ever rate they are, or you can turn it down.. If you turn it down, you will NOT be offered or able to get that insurance again." To retire and get the CS insurance you must wait until you are at least 55 years old.. This came straight from his mouth, and I have been told this before.. I live in the south where we have had to put up with the ******y Central States insurance for a long time.. I has only gotten worse... I am planning on checking out other insurance companies in the very near future to see what the cost is and what it will cover.. If I retire soon I will need to pay another company for insurance and when I turn 55 I will need to reassess my insurance situation to see if the CS insurance is cheaper and or better than what I have.. Hell when I started I was told free insurance when you retire at any age,, that is long gone... Yeah, I agree, this TA SUCKS ...GL

Your BA gave you accurate info for your area. In the West, which may be under the C6 "enhanced" plan, you would be able to retire at 52 and have coverage. If they are successful in creating a separate plan, having coverage at any retirement elligible age is one of the goals. Supposedly in our local only one person retired on schedule at 49 and a handful before age 55 last year. Of course, these provisions are only guaranteed for the life of the next Contract.

 

[balland chain]

I have read that a member has to be at least 55 years old in order to get CS retirement insurance. You will not be able to retire early and then later pick it up. A member must be enrolled with his regular coverage the month prior to his retirement month and be at least 55 years old (spouse also) in order to transfer over to the retirment coverage. Welcome to Central States!

I asked my BA this question,, I wanted to retire at age 50 the end of this year.. He stated that I would not get insurance.. He went on to say, at age 55, ONCE and only once will I be offered CS insurance.. From age 50 to 55 I will be on my own.. I can turn it down, but if I do, I will not get a second chance.. That is what I was told, but hell, I think they are just spewing anything that comes to mind when a question is asked.. This TA is a pile of horse crap..

 

[balland chain]

Oldngray this 6% reuction? I am in a situation where an injury might force me to go out early. I have 20.5 FT 5.5 PT for combined credit of 26 it's my understanding that I can draw the full time right away at any age the PT will be reduced or wait to draw it until normal retirement age. Any info is appreciated.

I wanted to retire with 25 full time years in.. I sent my papers off to UPS retirement dept.. I was sent back the letter stating I would get 2000.00 a month if I retire at age 50... Not sure if Im going to retire now, with this crappy contract, and all the mis-information that is out there...But the 6% reduction is correct if we leave prior to having the correct # of years...That is CS for ya..

 

[brownmonster]

I wanted to retire with 25 full time years in.. I sent my papers off to UPS retirement dept.. I was sent back the letter stating I would get 2000.00 a month if I retire at age 50... Not sure if Im going to retire now, with this crappy contract, and all the mis-information that is out there...But the 6% reduction is correct if we leave prior to having the correct # of years...That is CS for ya..

I have 25 years next year. I would get 2100 under the old contract and pay 500 a month insurance. That's why it's unrealistic to retire at 50 with 25 years.

 

[Inthegame]

I am thinking of retiring in the next few months.. I have 25 full time years in.. I will be 50 if I retire when I want to.. I asked my business agent and he told me this."you will not get insurance if you retire at 50, you will be offered Central states insurance one time when you turn 55, you can accept it and pay the premiums at what ever rate they are, or you can turn it down.. If you turn it down, you will NOT be offered or able to get that insurance again." To retire and get the CS insurance you must wait until you are at least 55 years old.. This came straight from his mouth, and I have been told this before.. I live in the south where we have had to put up with the ******y Central States insurance for a long time.. I has only gotten worse... I am planning on checking out other insurance companies in the very near future to see what the cost is and what it will cover.. If I retire soon I will need to pay another company for insurance and when I turn 55 I will need to reassess my insurance situation to see if the CS insurance is cheaper and or better than what I have.. Hell when I started I was told free insurance when you retire at any age,, that is long gone... Yeah, I agree, this TA SUCKS ...GL

Retire at 50 with 25 yrs in and complain about ??? You will be running back to the CS H&W plan after you find out what the cost of a comparable plan is. Do you not realize the retiree plan is heavily subsidized by the negotiated contributions made on behalf of actives or are you so naive to believe the modest increases in the retiree rates actually cover the true cost?

 

[browned_out]

Your BA gave you accurate info for your area. In the West, which may be under the C6 "enhanced" plan, you would be able to retire at 52 and have coverage. If they are successful in creating a separate plan, having coverage at any retirement elligible age is one of the goals. Supposedly in our local only one person retired on schedule at 49 and a handful before age 55 last year. Of course, these provisions are only guaranteed for the life of the next Contract.

I am in the western conference, at our meeting we were told that if the contract passes you would have to be 55 in order to retire with medical. They also said that they were working on some "improvements" and had until Nov1st to get it done. Is this what you are talking about in regards to being able to leave before 55?

 

[Newfire]

Thanks balland chain any info is appreciated.I am only 45 but the injury is forcing the early leave issue, with a combined 26 years ret. dept. said I could draw $1600 a month right away at any age after being reduced and my PT was like $253 per month at age 62 so I guess it's better than having to wait until your 62 to get anything. It's still a poverty pension more or less but my wife will be the bread winner and we will make end's meet. Hard to believe after 26 year's an on job injury has ruined my career and now i'm out the door. WORD to all upsers the new contract has language in it under article 3 sec. 3 part (e) seniority shall be considered broken and you will be terminated if you reach MMI for an on or off job injury or illness. Now how's that for loyalty.

 

[serenity now]

Extremely early retirement unless you have 5 million or more put away.
I retired from UPS at 58 but I had other jobs lined up.
The common expected age at retirement is 65 - 70 and only then if you want to.

agree * can't even imagine retiring at or before 55

 

[Inthegame]

Thanks balland chain any info is appreciated.I am only 45 but the injury is forcing the early leave issue, with a combined 26 years ret. dept. said I could draw $1600 a month right away at any age after being reduced and my PT was like $253 per month at age 62 so I guess it's better than having to wait until your 62 to get anything. It's still a poverty pension more or less but my wife will be the bread winner and we will make end's meet. Hard to believe after 26 year's an on job injury has ruined my career and now i'm out the door. WORD to all upsers the new contract has language in it under article 3 sec. 3 part (e) seniority shall be considered broken and you will be terminated if you reach MMI for an on or off job injury or illness. Now how's that for loyalty.

The CRT TA you're referencing also directs employees to the new provisions under NM 14.3 which gives opportunities not present under the current agreement. I'm sorry you have suffered an injury forcing retirement but you need to understand the agreement gives you opportunities you wouldn't have in the non-union world. A disability pension of $1600 at 45 years old is more than most non-union and many union plans offer at 30 years. If you have a disabling on the job injury work Comp laws also are in play for additional compensation.
Loyalty is not an issue here, but the ability to perform some job is. UPS has found positions for many wounded warriors over the years, but the employee needs to be able to perform some essential functions.

 

[104Feeder]

I am in the western conference, at our meeting we were told that if the contract passes you would have to be 55 in order to retire with medical. They also said that they were working on some "improvements" and had until Nov1st to get it done. Is this what you are talking about in regards to being able to leave before 55?

The $629 million in enhancements allow us to receive medical at age 52 under the maintenance of standards (Art 34 Sec 1 (friend)), but they are also trying to get it as early as 49 in the new plan they are working on. If you retire before Jan 1st, 2014, UPS will have to make up the difference between the two plans, which would effectively make them pay for coverage. It was put to us as if you are "on an island" and can never get off that island unless you want to opt-out of coverage from UPS/Teamsters. $.70 instead of $.50 of the $1 contribution increase are being allocated to cover early retiement eligibility. (Again, this only applies in the Western Conference and New Jersey, not anybody in the Central or South Conference.)

I realize it's a little confusing as you have to read Article 34, then jump to the Memorandums to make sense of it all. The last one details what the monthly coverage costs are and that they will transition to an 80/20 in network, 70/30 out of network with a $200/$400 annual deductible.

I didn't realize so few retire at 49, although maybe not as many started at 18 to make those numbers work.

 

[brownmonster]

The $629 million in enhancements allow us to receive medical at age 52 under the maintenance of standards (Art 34 Sec 1 (friend)), but they are also trying to get it as early as 49 in the new plan they are working on. If you retire before Jan 1st, 2014, UPS will have to make up the difference between the two plans, which would effectively make them pay for coverage. It was put to us as if you are "on an island" and can never get off that island unless you want to opt-out of coverage from UPS/Teamsters. $.70 instead of $.50 of the $1 contribution increase are being allocated to cover early retiement eligibility. (Again, this only applies in the Western Conference and New Jersey, not anybody in the Central or South Conference.) I realize it's a little confusing as you have to read Article 34, then jump to the Memorandums to make sense of it all. The last one details what the monthly coverage costs are and that they will transition to an 80/20 in network, 70/30 out of network with a $200/$400 annual deductible. I didn't realize so few retire at 49, although maybe not as many started at 18 to make those numbers work.

Nobody retires at 49. They might take a pension, work another job,have the wife work for the insurance, etc. I know people having kids at 49.

 

[104Feeder]

Sure, retiring from UPS doesn't mean you can't work somewhere else. It would be nice to retire and volunteer in the community instead.

 

[UpstateNYUPSer(Ret)]

Sure, retiring from UPS doesn't mean you can't work somewhere else. It would be nice to retire and volunteer in the community instead.

Actually in some locals there are restrictions on working after retirement. Ours restricts us from working in the same industry for more than 40 hours per month. There are no restrictions for working anywhere else.

 

[oldngray]

My local used to have restrictions against working any job after retirement but that was changed so retirees can work, just not in trucking industry. Retiring before 55 sounds very young but the wear and tear on bodies after more than 30 years at UPS tends to almost cripple people. So retire from UPS and work in a low stress job that you enjoy for fewer hours to keep busy afterwards.

 

[104Feeder]

Actually in some locals there are restrictions on working after retirement. Ours restricts us from working in the same industry for more than 40 hours per month. There are no restrictions for working anywhere else.

Of course, but if I wanted to beat myself up in another tractor for some other Company for less money, I think I'd just stay at UPS.
After Retirement | The Western Conference of Teamsters Pension Trust Pretty easy to get out of those restrictions, just move out of the West. Oh no! No more 115 degree days!
I already have a side business and a degree gathering dust. Either of those could make me near what I do at UPS if I had time to put more effort into them.

 

[104Feeder]

Extremely early retirement unless you have 5 million or more put away.
I retired from UPS at 58 but I had other jobs lined up.
The common expected age at retirement is 65 - 70 and only then if you want to.

Correct me if I'm wrong, but I've read that to protect your retirement savings you shouldn't withdraw more than 4% per year for it to last your lifetime. 4% of $5 Million is $200,000. My pension today would pay me my base wage now, and with 401K I plan to enhance that to about what my take home is today. Your figures would more than double that figure. I don't expect to live such an extravagant lifestyle after retirement that I would need $200k per year, do you? Do others?

 

[BigUnionGuy]

Union members, in the new company pension plan.... had restrictions lifted.... in the last contract.



​-Bug-