Retirement

[Shiftless]

I'm retiring in 2018. March 1 to be exact. I decided to use all my vacation time..6 weeks beginning the week ending January 6 2018. Do i actually have to work another day in the new year to keep all my benefits or receive my pension????

Not sure what Teamster Conference your retirement is under? But contacting your local union hall in my experience was nothing more than Huh? What? Oh your leaving? Just get a hold of the people who handle your teamster retirement. Mine was the Western Conference and they were very helpful. Are you leaving under peer 80? 82? Do you know for certain you have met the requirements needed for your particular retirement? Same goes for insurance! Make sure you have those items squared away before you walk away!

Then the BIGGEST thing you can do for yourself, STAY BUSY! Keep movin or plan on dyin! 33 years of straight up hustle you cant now just say " I am Mr Beer-man and me and the couch are best friends". Unless your done?

Congrats! Been retired almost 13 years for me, BEST thing I ever did! If you embrace it you will LOVE it!

 

[IVE GOTTA PACKAGE 4U]

I didn't want to be THAY GUY who left a day too early. We did have a guy quit one week before he was vested for 10 years. Later on he tried to get a 10 year pension (because he was "so close"). The union just laughed at him. I see him every time I go to BINGO. I'm going to ask him what he did end up with. I'm sure it isn't squat.

That's a kick in the nuts. Now you only need 5 years

 

[trickpony1]

Approved by the board for March 1 2018

You can change your date at the last minute.
I know a driver that did it.

It sounds to me like you've got your ducks in a row.
-work the first day or week of 2018;
-post and take your vacations/optional/sick days in a row (as an active employee that has health insurance) and;
-be sure to collect the additional check for vacation/sick time earned in 2018.

Good luck.

 

[rod]

That's a kick in the nuts. Now you only need 5 years

He probably is getting a 5 year pension but this guy isn't playing with a full deck so who knows.

 

[IVE GOTTA PACKAGE 4U]

He probably is getting a 5 year pension but this guy isn't playing with a full deck so who knows.

I'm not sure what year they changed it. But you used to need 10 years to be vested or you got nothing.

 

[rod]

I'm not sure what year they changed it. But you used to need 10 years to be vested or you got nothing.

I'm going to find out ----------------------------------------------------------if I remember to ask him.

 

[IVE GOTTA PACKAGE 4U]

I'm going to find out ----------------------------------------------------------if I remember to ask him.

Pension Vesting Change

 

[oldngray]

Pension Vesting Change

I knew late 80's but I couldn't remember what year. It was after I went full time but was retroactive to my part time years.

 

[IVE GOTTA PACKAGE 4U]

I knew late 80's but I couldn't remember what year. It was after I went full time but was retroactive to my part time years.

Unfortunately pension plans need to go. Lifetime jobs rarely exist anymore.

 

[JackStraw]

In my neck of the woods, once you work one day past your seniority date, you earn your vacations. Thus, you can collect your vacation pay and $4100. Who cares if you are taxed at a higher rate?

 

[JackStraw]

Because you'll be taxed at a higher rate;
you won't get accrued vacation time and an additional check and;
you won't have health insurance on your paid out vacations.

I'm surprised Dave agreed with post #27.
He knows better.

 

[barnyard]

Getting 6 vacation checks on one day will be a huge tax hit. So there is that too.

 

[UpstateNYUPSer(Ret)]

Getting 6 vacation checks on one day will be a huge tax hit. So there is that too.

Nope----it is no different then getting 6 vacation week checks while working.

 

[JackStraw]

Getting 6 vacation checks on one day will be a huge tax hit. So there is that too.

Yes but you also get your pension ck too.
Instead of getting your vacation checks strung out over 6 weeks and THEN collect your pension ck., Why not collect both at the same time? Sure you'll get hit with a higher tax on the lump payment, but do the math.

 

[UpstateNYUPSer(Ret)]

Yes but you also get your pension ck too.
Instead of getting your vacation checks strung out over 6 weeks and THEN collect your pension ck., Why not collect both at the same time? Sure you'll get hit with a higher tax on the lump payment, but do the math.

NO YOU WON'T!!!

I am retiring 6/22/18. My last work day is 4/30/18.

I am taking 4 personal days (5/1-4) and 5 sick days (5/7-11) followed by 6 consecutive weeks of vacation. I will be paid for the vacations on 5/4 (2 weeks prior) followed up by checks on both the 11th and 18th. I will then go without any income until I receive my first pension check on 7/1.

If I were to work until 6/22 and then start my vacations the following week I would receive 6 weeks of vacation pay on 6/15, taxed at their regular rate, and would receive my first pension check on 7/1.

 

[JackStraw]

I am Retiring Nov. 1 My last day of work will be Oct.31. I will receive my first pension check on Nov.1 and on Thusday I will get one check for 6 weeks vacation.

 

[UpstateNYUPSer(Ret)]

I am Retiring Nov. 1 My last day of work will be Oct.31. I will receive my first pension check on Nov.1 and on Thusday I will get one check for 6 weeks vacation.

No. You will receive 6 separate checks two weeks prior to the Friday of the first vacation week.

 

[JackStraw]

Sorry bro that's not the way it's gonna go down.

 

[trickpony1]

Instead of getting your vacation checks strung out over 6 weeks and THEN collect your pension ck., Why not collect both at the same time? Sure you'll get hit with a higher tax on the lump payment, but do the math.

The company loves people like you.
By doing it your way:
-the company doesn't have to pay your benefits compared to if you actually took your 6 weeks in a row and;
-you don't get that extra vacation time/check that you would have gotten if you worked the first week of 2018 and then took your 6 weeks in a row as an active employee.

You saved the company a bunch of money.

I know people that have done this.
I don't know why this is so difficult.

 

[UpstateNYUPSer(Ret)]

Sorry bro that's not the way it's gonna go down.

I won't be here to find out but I am pretty sure that mine is the correct scenario.

They are not going to give you one check for 270 hours------the system is only setup to recognize 168 hours as the weekly limit.

You will receive 6 separate checks for 45 hours each taxed at their regular rate.