1989
Well-Known Member
To receive money for that year
Pension after 25, 30 or 35 years?
- Thread starter Theoneandonly24
- Start date
Boulevard859710
Well-Known Member
That's me. I didn't start driving until I was almost 30 already had five years of part-time and I'm getting out 2025 or 55 but they said if I wanted to I could get out in six years. I called the one 800-number and they told me that. I'm now 46 by the way.
By The Book
Well-Known Member
To receive a pension credit, is what it means, or 1 point.
Catatonic
Nine Lives
I was in Management so I'm pretty sure that didn't apply to me!
1989
Well-Known Member
No, no points.... If you don't make 500 hours one year, you get the money for the 24 you did, and you have to wait til 65 to get the 25th. Let's face it, if your only working 500 hrs each year your pension will only be about $15K a year,
1989
Well-Known Member
No, all you had to do it bring in donuts once a week.
By The Book
Well-Known Member
Where did you get your answer from. If your in the west 500 hours and your age is 2 points. You are vested in 5 years and the recent coverage rule will cover you. There's no way if your short of 500 hours you have to wait until your 65. You just work 1 more year with hours worked over 500.
1989
Well-Known Member
Any money put in under 500 hours that is not covered under PEER, so you only have to wait til 65 on that portion.
1989
Well-Known Member
If you have covered employment (your employer contributes to the plan on your behalf) then you switch jobs and have uncovered employment. Then have covered employment again. All the years you worked for that employer count towards 80. Even though you didn't have contributions every year. Only the money that says p can be withdrawn at 80.
UpstateNYUPSer(Ret)
Well-Known Member
It is my understanding the employees who opt to participate in the Peer pension programs have a little bit extra taken out of their check each week.
realbrown1
Annoy a liberal today. Hit them with facts.
Who doesn't work at least 500 hours?
trickpony1
Well-Known Member
In my area it's 1601 hours for a credit year.
40 hours (straight time) X 40 weeks = 1600 hours.
And, no, the remaining 12 weeks of the year don't get credited to next years hours.
40 hours (straight time) X 40 weeks = 1600 hours.
And, no, the remaining 12 weeks of the year don't get credited to next years hours.
UpstateNYUPSer(Ret)
Well-Known Member
Pretty sure Sober said something along those lines.
MC4YOU2
Wherever I see Trump, it smells like he's Putin.
There is a fee that's subtracted from your employers contribution. The PEER plans are 80,82 and 84, depending on which ones your contact covers.
Here, FT are in PEER 80, and PT are in 84. If you go FT from PT you automatically get moved into 80.
If, for instance, your actual UPS hourly cash contribution rate was say, $9 in 84 (as a PT) not including the fee for Early Retirement, it could be more like $8.75 in 80 (as a FT) due to the higher fee for the ability to retire 2 years early.
By The Book
Well-Known Member
I know you were tired last night so let me help you out with an example. Let's say you started today at 30 years old as a part time employee, you took 5 years to get to full time. Your first year you worked 400 hours, so this will not count as a pension credit. Now let's move ahead to retirement time using the rule of 80. You will have to have worked over 500 hours for 25 years to be eligible. Your first year you only worked 400 hours so it will be added to your pension check as soon as you reach the rule of 80. You don't wait til 65 to get that money.
It's different here. Our part time pension is different from our full time pension . My part time years count as years of service but not towards my full time pension
By The Book
Well-Known Member
So, are you saying you get 2 separate pension checks?
Yes. One from the union and one from UPS. IF I ever make it that far.
By The Book
Well-Known Member
There's no opting in, it's automatic.
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