If you are a long term part-timer and take a full-time 22.3 position, how does the pension work? I've been told 10 different things. Can I combine my part-time years and fulltime years to get 30 years and leave? And start collecting right then or can I combine them and then have to wait to "full-retirement age" of 65 to start collecting? Do they calculate $55 per year for the part-time years when adding the two together? Example 20 yrs p.t.(20 x $55 = $1,100) + 10 yrs friend.t.(10 x $108 = $1,080) === $2,180? Thanks in advance.
Pension Question
- Thread starter FAVREFAN
- Start date
UnconTROLLed
perfection
varies. Here, you get credits based on hours.
If you work PT for 5 years, 20 hours a week, you'll end up with 2.5 FT years credit. If you work FT hours as a PT'er, you are credited up to 1 year worth of pension credit.
I worked 5 years part-time with 2.9 years pension credit. almost 11 years in, roughly 6 FT 22.3, with roughly 8.9 pension years.
If you work PT for 5 years, 20 hours a week, you'll end up with 2.5 FT years credit. If you work FT hours as a PT'er, you are credited up to 1 year worth of pension credit.
I worked 5 years part-time with 2.9 years pension credit. almost 11 years in, roughly 6 FT 22.3, with roughly 8.9 pension years.
As stated above, benefits vary in different plans. Talk to the plan administrator at both UPS and your local. In some Teamster plans, you'll get an unreduced benefit from the union plan when you attain 30 combined years. UPS, however, reduces under age 65. Your plan administrators will have the correct information available in the respective Summary Plan Descriptions (SPD's).
