Retirement Estimator/Calculator

[Just A UPS Guy]

because according to the retirement calculator, the longer you wait to draw the pension, the more money it will be.

I don't know, that calculator doesn't work for my plan, but that doesn't sound right. Every plan that I know of is basically either you work X years and you get Y money, or you have X contributions and you get Y money. Does the calculator maybe presume you're working those years that you are waiting?

 

[BrownFlush]

because according to the retirement calculator, the longer you wait to draw the pension, the more money it will be.

Time is a funny thing.
More money each month versus less months to receive it.

 

[Slay the Jaberwocky]

I found it to be very accurate

Yes, me too!
It must be a clerical or simple oversight issue. It would be very easy, I believe, to remove the ‘monthly benefit amounts do not reflect the latest collective bargaining agreement,’ wording.
Anyhoo, I was distantly hoping it was an accurate disclaimer.

 

[Red Headed Stranger]

I'm not 100% sure, but the reason for the disclaimer may be that it is giving an estimate based on your estimated number of hours worked for a particular time period (ex. for a part-timer who needs 750 hours per year to receive a full year pension credit and plans to retire July 1st), it may show a half-year estimated pension credit when, in fact, they have already achieved 3/4 year pension credit by July 1st because they have worked 501 hours or more for that year. Again, strictly a guess on my part.

 

[Grey]

I don't know, that calculator doesn't work for my plan, but that doesn't sound right. Every plan that I know of is basically either you work X years and you get Y money, or you have X contributions and you get Y money. Does the calculator maybe presume you're working those years that you are waiting?

Doesn’t work for me either. Are you in the west?

 

[Just A UPS Guy]

Doesn’t work for me either. Are you in the west?

Yeah.

 

[Slay the Jaberwocky]

Seriously I really cannot believe how many people post on here without a clue to how much they will get in retirement

I know exactly, within a few dollars, how much I will be receiving when I retire.

The question was—-is the ‘retirement estimator,’ on the UPSers website accurate! If it is, then why is the disclaimer still on the website? It leads one to believe that the pension benefit will be higher.

The new, up to $1000 extra monthly, for 35 years of service, collective bargaining agreement ‘enhancements’ would be available on Jan 1, 2024.

However, the ‘retirement estimator‘ tool had a disclaimer stating, ‘the monthly benefits amounts below DO NOT reflect the newest collective bargaining agreement.’

So, now the question is—-has anybody retired this year and have they noticed a big difference in their actual pension versus what was reflected on the ‘retirement estimator?’

If you haven’t retired, and/or, you don’t know, then this thread is not for you!

I have called the UPS retirement number, and they, too, could not give me a definitive answer, nor the union hall.

 

[Thebrownblob]

I know exactly, within a few dollars, how much I will be receiving when I retire.

The question was—-is the ‘retirement estimator,’ on the UPSers website accurate! If it is, then why is the disclaimer still on the website? It leads one to believe that the pension benefit will be higher.

The new, up to $1000 extra monthly, for 35 years of service, collective bargaining agreement ‘enhancements’ would be available on Jan 1, 2024.

However, the ‘retirement estimator‘ tool had a disclaimer stating, ‘the monthly benefits amounts below DO NOT reflect the newest collective bargaining agreement.’

So, now the question is—-has anybody retired this year and have they noticed a big difference in their actual pension versus what was reflected on the ‘retirement estimator?’

If you haven’t retired, and/or, you don’t know, then this thread is not for you!

I have called the UPS retirement number, and they, too, could not give me a definitive answer, nor the union hall.

It’s not necessarily $1000 extra, the people retired this year didn’t get the extra thousand dollars. They got a few hundred more but not $1000. @Wally should be pleased

 

[DELACROIX]

It’s not necessarily $1000 extra, the people retired this year didn’t get the extra thousand dollars. They got a few hundred more but not $1000. @Wally should be pleased

Then …. when will they get that 1,000 increase 2025, 2026, 2027 or 2028 ?

 

[Thebrownblob]

Then …. when will they get that 1,000 increase 2025, 2026, 2027 or 2028 ?

Complicated

 

[DELACROIX]

Then …. when will they get that 1,000 increase 2025, 2026, 2027 or 2028 ?

Complicated

IT’S…….

 

[Thebrownblob]

IT’S…….

Service years, pension credit, part-time years, etc. etc.. just now learning some of the stuff the $1000 dollars is not exactly what we thought.

 

[DELACROIX]

Service years, pension credit, part-time years, etc. etc.. just now learning some of the stuff the $1000 dollars is not exactly what we thought.

Despicable …

 

[Slay the Jaberwocky]

It’s not necessarily $1000 extra, the people retired this year didn’t get the extra thousand dollars. They got a few hundred more but not $1000. @Wally should be pleased

Yes, some did receive exactly $1000 more! Drivers over 50 years of age and with 35 years of service are right now, receiving $1000 more, for a total of $5300. This is Houston (Sweetwater Hub)

So, once again, the UPSers.com website is stating that the retirement dates that are being entered into the different scenarios and the relevant monthly retirement benefits, ‘do not reflect the newest collective bargaining agreement monthly benefit enhancements.’

Has anyone who has retired THIS YEAR experienced seeing their retirement estimates on the website and then subsequently, noticed the ‘enhancement’ or increase on their actual, real time pension benefit?

 

[Thebrownblob]

Yes, some did receive exactly $1000 more! Drivers over 50 years of age and with 35 years of service are right now, receiving $1000 more, for a total of $5300. This is Houston (Sweetwater Hub)

So, once again, the UPSers.com website is stating that the retirement dates that are being entered into the different scenarios and the relevant monthly retirement benefits, ‘do not reflect the newest collective bargaining agreement monthly benefit enhancements.’

Has anyone who has retired THIS YEAR experienced seeing their retirement estimates on the website and then subsequently, noticed the ‘enhancement’ or increase on their actual, real time pension benefit?

Four people retired since the beginning of the year all of them older than 55. All of them thought they were getting $1000 and did not. everybody’s situation is different.

 

[Wally]

So you waited 5 years to make your first post?

Like a pension, good things take time.

 

[Wally]

Four people retired since the beginning of the year all of them older than 55. All of them thought they were getting $1000 and did not. everybody’s situation is different.

The enhanced option was only for certain plans I believe.

 

[Slay the Jaberwocky]

The enhanced option was only for certain plans I believe.

Yes, thank you. Each persons service time is/can be different. I’ve been watching mine, the disclaimer is deceiving. Obviously, they should remove it if it’s invalid!

 

[Thebrownblob]

Yes, thank you. Each persons service time is/can be different. I’ve been watching mine, the disclaimer is deceiving. Obviously, they should remove it if it’s invalid!

Yep

 

[DELACROIX]

Yes, thank you. Each persons service time is/can be different. I’ve been watching mine, the disclaimer is deceiving. Obviously, they should remove it if it’s invalid!

You don’t know till you retire and even then they will come back admit a mistake and change your formula. I can guarantee you that it will not be in your favor.

Everything is “Subject to Change”… especially Retirement and Health and Welfare benefits.