burrheadd
KING Of GIFS
How’s that 401k looking
part time years toward full time retirement
- Thread starter Mr.ODD
- Start date
quad decade guy
Well-Known Member
You tell me. You know me....right?
Turdferguson
Just a turd
GameCockFan
Well-Known Member
If you're in CS plan part time years count as part of your total years, i.e. 30 and out. It will be reduced however. Concerning that I can't find a link to the SPD online anymore, I should have a copy here somewhere. It has an example of combining pt/ft years to get a years of service pension. Just going off memory, say your 30 yrs pension pays 3K. you worked 10pt and 20ft. You would divide 20/30 X ft pension amount, so .667 X 3000 + 10/30 (.333) X (pt pension amount). Add those together and get your total amount. The pension calculator on UPSERS.com will give you both amounts if you go to the single scenario calculator and put in the age you want to retire in both spots. You can also click on the box that says calculation details and it will break down how they arrived at those numbers.
There IS NOT a 6% reduction in benefits for a years of service pension. People misunderstand this all the time. There is a reduction for the defined benefit pension. Every month you retire before your normal retirement date (62 for me) your benefit will be reduced by .005 X total pension accrual. However, this amount will generally be much higher than your years of service pension. For example mine at 62 years old is $5945. Both calculations will be made and you will receive the higher of the two amounts. If you click on calculation details under the full time years it will show the calculations for both and compare them and give you the higher amount. The defined benefit should be higher in the future as the amount is based on the current accrual rates which generally are negotiated to increase each contract.
GameCockFan
Well-Known Member
neither does full time years of service pension in the IBT/UPS plan. It only applies to the defined benefit plan and depending on your start date normal retirement age can be between 62-65
Jkloc420
Do you need an air compressor or tire gauge
This whole thread is dumb and made up by @IVE GOTTA PACKAGE 4U
UnionStrong
Sorry, but I don’t care anymore.
Perhaps
Jkloc420
Do you need an air compressor or tire gauge
@IVE GOTTA PACKAGE 4U makes up threads, it is a game him and david play when they drunk
I took an 18% cut in my part-time pension because I took it three years early retiring at age 62. I worked 8.25 years pt and I get $278.85amonth. Southern Supplemental with 23 full-time years in Central States and 14 ft years in IBT/UPS Plan gives me two checks totaling $4808.28 a month.
quad decade guy
Well-Known Member
Interesting...
You guys
Allude to "early" retirement.....lot's on BC'ers belittle folks for staying until "normal retirement" age. They make it sound like it should be 48. And just looking at the numbers posted by you guys....would be a lot of money over time. I've always said "normal' retirement age is thought to be 65. Your numbers support this.
$6k? Where exactly is this? Please.
GameCockFan
Well-Known Member
Central states/new IBT/UPS company plan. That's at normal retirement age(62) no reduction. I'm in local 509. Started at 18, driving at 23. That's with the current accrual rate of $175 month. It should go up in the new contract, so the pension should be higher as well.
I'm in feeders now, work 4 10's, about 10hrs OT a week. Three day weekend. It's a pretty easy run so I'll probably stay until 62, if anything changes or I decide to go earlier then maybe 57. Just turned 52.
quad decade guy
Well-Known Member
Woah.....wait a minute.....
You have just stepped into it.....big. You should have retired 4 years ago at 48.....
You just admitted......in writing....you are going to stay.....wait for it.....44 years! OMG!
You should know......you are now in a select but small group....expect folks to ask about your 401k....how much cash you have...what's the matter with you?....and for God's sake......don't admit to owning anything nice.....
And FFS.......don't talk about safety.
quad decade guy
Well-Known Member
Sissy Brown Short Shorts
Well-Known Member
I don’t even know how you would figure out when you can even retire.
Put your 30 years in and then check in to it
Shift Inhibit
He who laughs last didn't get it.
You workin Black Friday quad?
Mr.ODD
Well-Known Member
no i made it and barely post on here
Shift Inhibit
He who laughs last didn't get it.
Use the retirement calculator on upsers.com
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