Pension question
- Thread starter Steamer
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KearsargeCoop
Baseball, dart board
rod
Retired 23 years
Don't even bother looking unless you have at least 30 years in----or you will be in for a major disappointment.
PT Car Washer
Well-Known Member
ManInBrown
Well-Known Member
rod
Retired 23 years
It all depends on where you are.
ManInBrown
Well-Known Member
Brown Biscuit
Blind every day
No one has answered the OP’s question. I would also like to see this information because no way in hell I’m staying here another 20 years unless things drastically change in August.
Buffet Master
FEEDAH FATTY
In our local right now, it's about $190 per month for every year of service. So 10 years would be $1900 a month. Max pension credits nets $7400 a month I believe
DELACROIX
In the Spirit of Honore' Daumier
…or who controls your pension…
It should all be the same or at least close… but there is a thing called politics and another called greed.
Everybody please indicate what local you are under when you ask anything related to pensions and health and welfare benefits.
Generally you are vested after 5 years, right now you start vesting at the age of 21, before that no pension credit. If you quit before that 5 years I believe you get nothing or a next to nothing in a pay out. If you become vested you will get a pension once you reach age 65, before that if you want to collect it will be subject to a six percent penalty for every year prior to age 65.
Presuming you are a part timer under the Central your pay out at age 65 will be 5 percent of a standard 30 year pension when you left that plan.
Roughly….95 dollars a month only at age 65..remember the 6 % penalty.
That will probably cover a happy meal at McDonald’s 40 plus years from now… enjoy
The same formula generally applies to the full timers also unless you hit those listed service levels of 25, 30 and 35. You just get more with your full time years (in some cases)..
@rod got it right…Pathetic ain’t it..
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Over70irregs
Well-Known Member
KearsargeCoop
Baseball, dart board
Why down vote?
There's no magic number. This amount after 5 years, etc. It all depends on what age you retire at.
BigUnionGuy
Got the T-Shirt
Article 34
(i) UPS Part-time Pension Plan
(1) The UPS Pension Plan will be improved to provide monthly benefits for part-time employees not covered by Teamster Pension Plans as follows: The benefit formula in the UPS Pension Plan for current or future part-time employees who are participants will be increased effective August 1, 2004 to fifty-five dollars ($55.00) for each year of past and future Credited Service to a maximum of thirty-five (35) years of Credited Service.
Of course.... you are not going to collect anything until age 65 without the minimum age and years requirement.
Jkloc420
Do you need an air compressor or tire gauge
It's not a lot of money
Big Babooba
Well-Known Member
There is no "One Size Fits All" answer to this question. You have to contact your pension fund
BigUnionGuy
Got the T-Shirt
Yep.
Sadly, people think once they are vested and then leave.... they can start collecting.
Thebrownblob
Well-Known Member
The funds are set up to make sure you put the year in in order to get the full benefit.
Exactly
KearsargeCoop
Baseball, dart board
We've recently been digging into this alot at our center with guys being laid off. Worries they won't meet this 1801 or 40 week requirement for a full credit.
