Questions I Should Ask The Pension Rep About Retirement ?

[DorkHead]

In Upstate NY we go to the Pension Fund office in Syracuse about a year or so ahead of our projected retirement date to start the process.

Well, you can go to the PFO in Syracuse anytime you want. What matters is the date that you are eligible to retire. The process starts when you receive your packet, make your choices, sign the required documents in the packet, bring required certificates, and send them in by mail or in person. It usually takes at least 2 months. Most people schedule their final meeting when they are in their first week of their final vacations. All retirements start on the 1st of the month.

 

[Tough Guy]

Do vacation days, and personal days count toward "hours worked". A previous poster said something about having to accrue 2080 hours a year or something.

 

[DorkHead]

Do vacation days, and personal days count toward "hours worked". A previous poster said something about having to accrue 2080 hours a year or something.

That depends on what fund your in. In mine, we need at least 1000 hrs to get credit for a full pension year. Yes, your vacation, sick and optional days (hours) count towards those hours even though they might not be recorded as "hours worked". UPS is contributing the same monies on those hours just like actual working hours. So, when you receive your yearly pension contribution statement, if on 1/1/2015, it states you have 29.5 years accumulated, then all you need is 500 more hours to get credit for the full year. Subtract your hours for vacation, sick, and optional days, and the remaining hours are what you have to work that year to retire. This is only for your last year.
Ex: 29.5 years accumulated
hours needed = 500
vac, sick , rovers = 342
must work = 148 hrs. or 3.7 weeks

 

[O/C]

That depends on what fund your in. In mine, we need at least 1000 hrs to get credit for a full pension year. Yes, your vacation, sick and optional days (hours) count towards those hours even though they might not be recorded as "hours worked". UPS is contributing the same monies on those hours just like actual working hours. So, when you receive your yearly pension contribution statement, if on 1/1/2015, it states you have 29.5 years accumulated, then all you need is 500 more hours to get credit for the full year. Subtract your hours for vacation, sick, and optional days, and the remaining hours are what you have to work that year to retire. This is only for your last year.
Ex: 29.5 years accumulated
hours needed = 500
vac, sick , rovers = 342
must work = 148 hrs. or 3.7 weeks

Those 1000 hours do count for a vested year but do they count as a credit year, there is a difference, the credit year means more because it affects your pension monetary benefit. If you are full time you need at least 2080 hours to collect a full credit year, anything less than that they start subtracting months from your service. Vesting only means that you can retire, your monthly benefit depends on your credit years. Could be wrong because every pension plan has their own formulas.

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[DorkHead]

When I received my packet, it states my earliest day I am eligible to retire with a defined benefit amount. That is the amount I will receive monthly. This is only for the last year to be eligible. So yes, this counts as my 30th credit year, even though I will be short by 4 months of 30 actual employed years. I do not have to work the full year. I can work longer if I choose and my benefit will increase slightly, but I am getting out at the first possible opportunity.

 

[Xexys]

Unless they've changed the rules, you only need 1650 hours or so to fulfill your obligation for a full credit year. It has never been 2080 hours.

 

[brownmonster]

My pension fund sends me stuff all the time. If Jane retires at 57 with 29 years, if Joe retires at 60 with 34 years, etc. When I'm near the end, I'll give them a tentative date and they can tell me what I'll get. I know within a hundred bucks what it will be.

 

[UpstateNYUPSer(Ret)]

Unless they've changed the rules, you only need 1650 hours or so to fulfill your obligation for a full credit year. It has never been 2080 hours.

The minimum hours varies depending upon which fund you are in. The Upstate NY Pension Fund only requires 1000 hours for a full timer to get a year of pension credit. I personally feel that this should be raised to at least 1500, preferably to 1800, which could cut down on the number of "dead days" taken and increase the employer contributions to the fund, which is in critical status.

 

[Babagounj]

http://www.nettipf.com/
New England Teamsters & Trucking Industry Pension Fund
1 Wall Street, Burlington MA, 01803-4768
If you would like to visit our office to discuss your pension benefits please feel free to stop in any time Monday thru Friday 8am to 4pm. We have plenty of free parking and appointments are not necessary.
1800 Hrs needed to acquire a full pension
year's credit .
Please note that it does not matter if your last day is on the first or last of that month . Everyone must wait until the 3rd week of the next month for your hours to be credited to your account .

If you have a member id and password , then you can check on your account yourself .

 

[3 done 3 to go]

We have had more than one retiree who went there thinking they were going to retire on this date only to find out that, for whatever reason (dead days), they would have to work up to a year longer. For the most part the process is seamless.

I sent an inquiry e-mail and was surprised to learn that I will be eligible to retire 9 months earlier than I had thought. I plan on requesting annual updates just to make sure I am still on track.

For the e mail inquiry. By any chance do you have it still? Or, where to find it. For some reason I keep procrastinating. Over the process

 

[UpstateNYUPSer(Ret)]

For the e mail inquiry. By any chance do you have it still? Or, where to find it. For some reason I keep procrastinating. Over the process

http://www.nytfund.org/pension_email.html

 

[3 done 3 to go]

http://www.nytfund.org/pension_email.html

Just sent message. Thanks

 

[Edups]

http://www.nettipf.com/
New England Teamsters & Trucking Industry Pension Fund
1 Wall Street, Burlington MA, 01803-4768
If you would like to visit our office to discuss your pension benefits please feel free to stop in any time Monday thru Friday 8am to 4pm. We have plenty of free parking and appointments are not necessary.
1800 Hrs needed to acquire a full pension
year's credit .
Please note that it does not matter if your last day is on the first or last of that month . Everyone must wait until the 3rd week of the next month for your hours to be credited to your account .

If you have a member id and password , then you can check on your account yourself .

Is it true that if I get a 156 clicks(days) I will get credit for the following years vacation?

 

[3 done 3 to go]

http://www.nytfund.org/pension_email.html

Just got pension print out. I will have my 30 at 51. 1500 more a month for 55. Still leaning towards 51. Union keeps us down as bad as the company. Sickening. For being 3 yrs behind the reduction --bastards

 

[UpstateNYUPSer(Ret)]

My projections were about $1,600 at age 55 (2016) and $4,400 if I stay for 30 (7/1/18). Both of these are after the 16% that will go to my ex.

 

[3 done 3 to go]

Mine are 4100 at age 51 to 5500 at age 55. I may be able to hang on with our air bid we just got. For the age 55. 51 for delivery is about it for me. It would be a drop down to 27 an hr. An option.

 

[Catatonic]

My projections were about $1,600 at age 55 (2016) and $4,400 if I stay for 30 (7/1/18). Both of these are after the 16% that will go to my ex.

I guess you'll be staying until 3rd quarter 2018.

 

[brownmonster]

Mine are 4100 at age 51 to 5500 at age 55. I may be able to hang on with our air bid we just got. For the age 55. 51 for delivery is about it for me. It would be a drop down to 27 an hr. An option.

I'll get about 3500 at 58 1/2 for 30 years. At least I'm not on Teamcare.

 

[realbrown1]

My projections were about $1,600 at age 55 (2016) and $4,400 if I stay for 30 (7/1/18). Both of these are after the 16% that will go to my ex.

I know a way you can keep that 16%.
But you would have to be willing to get your hands dirty.
Hehehehe.

 

[O/C]

Just got pension print out. I will have my 30 at 51. 1500 more a month for 55. Still leaning towards 51. Union keeps us down as bad as the company. Sickening. For being 3 yrs behind the reduction --bastards

You should be kissing your locals feet with the monetary benefits you guys are getting, lucky you are not in the IBT/UPS plan.

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