Indecisi0n
Well-Known Member
You have 22 years in and are asking these questions ?!
Pension for p/t sup
- Thread starter Checkwell
- Start date
1989
Well-Known Member
Well....he is a supervisor so he has that against him.
I never thought about leaving before my “time was up”, and have u ever tried to get info from HR at UPS ?
Indecisi0n
Well-Known Member
Go to your Union rep .
1989
Well-Known Member
That’s the last place I’d go for info on my union pension.Go to your Union rep .
DELACROIX
In the Spirit of Honore' Daumier
Your part time years are credited according to the number of years that you worked annually. Most part time sups are working 25 hours a week so one year for you would be equal to 7 months of vesting and credit time under the UPS Retirement Plan for Management. The plan basically pays 1/2 your annual salary when you reach the eligible age or service requirement. The plan was never set up to promote any part time benefit, the full time high salary partners are the ones who will benefit and retire with a hell of a deal, forget about any medical benefits... Sorry.
You probably will not have enough to collect any fair share of a retirement even if you wait for the next 4 years. Management's plan ends vesting in 2023, If you currently have 22 years in as a part time sup that would be equivalent to about 17 years, you will never reach that 25 years or even at age 55... Sorry.
Just join the rest of the thundering herd and request your retirement benefits as an estimate from Atlanta. "KEEP" all documentation for future reference, most of it turns out to be "SUBJECT TO CHANGE" if you get my drift.
Good luck on your endeavor.
An afterthought: If you retire before age 65 your benefits are reduced 3 percent for every year prior, so if you decide to retire at age 55 the amount that you already required will be reduced an additionally 30 percent. Don't feel bad about this under the UPS Pension Plan for union part timers that penalty is set a 6 percent, feel blessed.
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Yes and it’s decent from what I’ve heard.
There always seems to be a mystery surrounding the part time pension and how to quickly and easily found out accurate information regarding it.
Supervisors are not union.Go to your Union rep .
Shiftless
Well-Known Member
Your part time years are credited according to the number of years that you worked annually. Most part time sups are working 25 hours a week so one year for you would be equal to 7 months of vesting and credit time under the UPS Retirement Plan for Management. The plan basically pays 1/2 your annual salary when you reach the eligible age or service requirement. The plan was never set up to promote any part time benefit, the full time high salary partners are the ones who will benefit and retire with a hell of a deal, forget about any medical benefits... Sorry.
You probably will not have enough to collect any fair share of a retirement even if you wait for the next 4 years. Management's plan ends vesting in 2023, If you currently have 22 years in as a part time sup that would be equivalent to about 17 years, you will never reach that 25 years or even at age 55... Sorry.
Just join the rest of the thundering herd and request your retirement benefits as an estimate from Atlanta. "KEEP" all documentation for future reference, most of it turns out to be "SUBJECT TO CHANGE" if you get my drift.
Good luck on your endeavor.
An afterthought: If you retire before age 65 your benefits are reduced 3 percent for every year prior, so if you decide to retire at age 55 the amount that you already required will be reduced an additionally 30 percent. Don't feel bad about this under the UPS Pension Plan for union part timers that penalty is set a 6 percent, feel blessed.
Based on what you have posted, makes you wonder what percentage of Long Time, Part Time sups pay attention to or even understand what they are working towards! OR Not actually working towards!
DELACROIX
In the Spirit of Honore' Daumier
I imagine that any long term part time supervisor knows the score. Really look around and see that they are rarer than hen's teeth, for that matter the same can be said for their Union counterparts. The goal is to become full time as soon as possible it has always been, primarily for Management with the added perks (MIP and such). The UPS Retirement Plan is a defined benefit plan set up to provide High Salary, High Level Management people first. The more you make in your last 5 years of service the fatter your pension will be, they will not suffer when this pension stop vesting in 2023, that is a guarantee and a given.
The Western region has a good pension pay out but if you compare it to what the long term full time managers it is still peanuts to what they will enjoy. Add that to free full medical coverage till 65 for themselves and their spouses, that is why you do not see too many of our management people with the service requirement of 25 years hanging around after 55. In fact most of them can live off they stock sell backs quite comfortably.
I often wonder why UPS is still keeping the UPS Pension Plan for their active part time Union employees anymore. It takes 5 years to become vested and the turnover ratio among our part time workforce is pathetic. Why is it not on the chopping block with the UPS Retirement Plan. The only reason I believe that it is a money maker considering the low percentages of those vested to even collect a adequate pension. In the Central most of our full timers have vested interest under the UPS Pension Plan as part timers, different from you guys in the Western. Those prior vested years have not been improved over the last several contracts, the plans only pays for those years as a part timer with the percentage of a 30 year pension. That is added to the current IBT/UPS (Central States) formula and that is your monetary benefit when you retire.
Bottom line is that it is a (defined benefit plan) and only pays an annual contribution to pay for the benefits promised. Unlike the Western (monetary contribution plan) the company has no responsibility to pay according to Article 34 (Master) a weekly monetary contribution per collective bargaining member (part time or full time).
The Western region has a good pension pay out but if you compare it to what the long term full time managers it is still peanuts to what they will enjoy. Add that to free full medical coverage till 65 for themselves and their spouses, that is why you do not see too many of our management people with the service requirement of 25 years hanging around after 55. In fact most of them can live off they stock sell backs quite comfortably.
I often wonder why UPS is still keeping the UPS Pension Plan for their active part time Union employees anymore. It takes 5 years to become vested and the turnover ratio among our part time workforce is pathetic. Why is it not on the chopping block with the UPS Retirement Plan. The only reason I believe that it is a money maker considering the low percentages of those vested to even collect a adequate pension. In the Central most of our full timers have vested interest under the UPS Pension Plan as part timers, different from you guys in the Western. Those prior vested years have not been improved over the last several contracts, the plans only pays for those years as a part timer with the percentage of a 30 year pension. That is added to the current IBT/UPS (Central States) formula and that is your monetary benefit when you retire.
Bottom line is that it is a (defined benefit plan) and only pays an annual contribution to pay for the benefits promised. Unlike the Western (monetary contribution plan) the company has no responsibility to pay according to Article 34 (Master) a weekly monetary contribution per collective bargaining member (part time or full time).
cachmeifucan
Well-Known Member
I thought they got rid of part time pension a couple years ago. That's probably why they got the raise. Soon full-time pension for management turns in 401k match.
PT Car Washer
Well-Known Member
Hub PT sup with 10 years in told me they will continue to gain pension benefits until 2023.
dudebro
Well-Known Member
I'm pretty sure there's an estimate on upsers.com if you go into the retirement section. Otherwise, make HR tell you.
dudebro
Well-Known Member
You can, but in my experience, the penalty is significant for early retirement.
Old Man Jingles
Rat out of a cage
Age 65
