Part Time Pension

[IVE GOTTA PACKAGE 4U]

@Gumby will help you

I can't help these people.

 

[Jkloc420]

I can't help these people.

yes u can and you will

 

[PT Stewie]

I didn't get any help. I am 63 and have 20 in . No way I am working two jobs until 68.

 

[DELACROIX]

The Part time Pension formula is pathetic and has been for decades. Please do not accept that well it is only a part time position victim mentality, you are getting from both sides (company and union).

I worked part time and the vast majority of the long term full timers have also. The pay out for any time under the UPS Pension Plan is peanuts, formulated on when you left the plan, the 30 year benefit and reduced 6 percent for every year prior to age 65.

That should of been negotiated in this contract..at least show some improvements by reducing the 6 percent penalty to 3, similar to managements. "No"

Count those vested years past 35 years for pension credits and improved benefits "No"

Raise the formula to 70 dollars per vested year and have it count from the day you were hired in, not starting at 2008 (you only got a 50 dollars a month improvement), read the fine print.

For the full timers with vest time under the UPS Pension Plan, have those years count the same as the active part timers (like 70 dollars per vested year), the penalty of 6 reduced to 3 percent. Most of us have found out that those years are paying peanuts and count them as basically beer money when they actually retire. The trouble with that is that many of us who were part time were working close to full time hours annually and will not be compensated for actually working a "full time job".

I wish I can help you on this, but the cards are stacked against you. If you are 63 now with 18 credit hours in you will have to work another 7 years to collect that small 1625 dollar benefit (age 60 with 25 years). You can work smart and last till 70 1/2 and start collecting your retirement and continue to work at UPS (federal law), also you can start collecting your SS at age 66 and still work. These are just options to relieve the pain for this sell out contract..also medicare kicks in at 65 so your will not need to be paying that 300 dollars and month for you and your spouse. Sorry the system is rigged, most of us can tell you a horror story or two so you are not alone on this..Plan accordingly..

 

[PT Stewie]

The Part time Pension formula is pathetic and has been for decades. Please do not accept that well it is only a part time position victim mentality, you are getting from both sides (company and union).

I worked part time and the vast majority of the long term full timers have also. The pay out for any time under the UPS Pension Plan is peanuts, formulated on when you left the plan, the 30 year benefit and reduced 6 percent for every year prior to age 65.

That should of been negotiated in this contract..at least show some improvements by reducing the 6 percent penalty to 3, similar to managements. "No"

Count those vested years past 35 years for pension credits and improved benefits "No"

Raise the formula to 70 dollars per vested year and have it count from the day you were hired in, not starting at 2008 (you only got a 50 dollars a month improvement), read the fine print.

For the full timers with vest time under the UPS Pension Plan, have those years count the same as the active part timers (like 70 dollars per vested year), the penalty of 6 reduced to 3 percent. Most of us have found out that those years are paying peanuts and count them as basically beer money when they actually retire. The trouble with that is that many of us who were part time were working close to full time hours annually and will not be compensated for actually working a "full time job".

I wish I can help you on this, but the cards are stacked against you. If you are 63 now with 18 credit hours in you will have to work another 7 years to collect that small 1625 dollar benefit (age 60 with 25 years). You can work smart and last till 70 1/2 and start collecting your retirement and continue to work at UPS (federal law), also you can start collecting your SS at age 66 and still work. These are just options to relieve the pain for this sell out contract..also medicare kicks in at 65 so your will not need to be paying that 300 dollars and month for you and your spouse. Sorry the system is rigged, most of us can tell you a horror story or two so you are not alone on this..Plan accordingly..

1. Thanks for the info.I will be ok . I am 63 with 20. Will hang in the 2 more years until 65 maybe 3 My full time job pays really well .I can collect pt pension and about $3K SS and still work my desk job.Will miss the insurance though.

 

[SwissArmy]

I've got 24 years in, all part-time. I've rounded full time hours mostly by exception air (mon-sat) and occasional ground work, all after I finished my shift. I've worked full-time hours for likely 20 of those years and happily done so because it has allowed the flexibility to be home with the family and pick my long days. I understand that staying part-time will only yield a part-time retirement but I've planned for that by saving my own money. If I go full time, say 2 years before I retire, will I get any full-time retirement with my part time years counting as half years? I'm happy where I am, just wondering how I could maximize my benefit. I'm only 46 and with insurance wouldn't mind staying as I am indefinitely

 

[DELACROIX]

It depends on what part of the region you are in?

In the Central your part time years are under the company plan. Since you are 46 you will probably have enough time under your part time pension plan to qualify for a service pension (listed in the contract). If you go full time 2 years before you retire I really do not know how that would be counted (it takes 5 years to be vested). The part time and full time pension are credited separately than added together to get your final monetary benefit.

Ask for an estimate from the Union or your HR dept and keep all your documentation for future reference.

 

[SwissArmy]

I'm in Louisiana, Southern region, and the 2 years was a hypothetical. 5 years to vest makes sense. Wasn't planning any big changes by themselves, just wondering what would maximize my benefit package by adjusting as little as possible. I've asked every HR guy that's come through over the past 10 years. They all think that's a very good question and promise to get back with me. The best I've gotten is an email or two promising the same thing, but no one seems to know the answer. What gives? If I retired tomorrow, I promise someone would have my package pulled up right away but no one can seem to give me the possible scenarios as I still have available in front of me now. It looks like if I stay as I am I'll eventually get 2100 or 2275 a month but I'm wondering what options do I have to increase that without having to take a full-time position any more than I have to

 

[DELACROIX]

None if this contract goes through..Your service years are capped at 35, no increase negotiated pass that, the 5 dollar improvement only counts those years pass 2008, so do the math.

Do remember that you will have to pay the same amount as a full time retiree to cover you and your spouse's Health and Welfare benefits. In the Central it is currently at 150 individual/300 couple a month till age 65 (subject to change) then medicare kicks in, no more union coverage.

I do not know if you are under the IBT/UPS Plan. I believe the Southern is, if I am wrong feel free to correct me somebody

 

[SwissArmy]

I'll ask about that. Yeah, I haven't seen much about the possible contract but I've seen enough to vote no and to spread the word. It wouldn't shock me if Hoffa was bought and will ride off in a couple years with a 50 million payoff. So insurance only lasts until 65? Heck, I'm shocked people are retiring then.

 

[brownmonster]

I'll ask about that. Yeah, I haven't seen much about the possible contract but I've seen enough to vote no and to spread the word. It wouldn't shock me if Hoffa was bought and will ride off in a couple years with a 50 million payoff. So insurance only lasts until 65? Heck, I'm shocked people are retiring then.

There's this thing called Medicare.

 

[SwissArmy]

Sure but I can't imagine Medicare looks anything like our insurance