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UPS Union Issues
Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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<blockquote data-quote="Mugarolla" data-source="post: 2195026" data-attributes="member: 8481"><p><strong>Early Retirement Reduction After 20 Years</strong></p><p><strong>of Service</strong></p><p></p><p>If you have 1,200 hours of service which includes 600</p><p>hours of service in 1993 or later and a pension effective</p><p>date of January 1, 1994 or later, and you have 20 or more</p><p>years of credited service, the early retirement reduction</p><p>described above is made for each month you are younger</p><p>than age 62 on the effective date of your pension. If you</p><p>have 600 hours of service in 1999 or a later year and a</p><p>pension effective date on or after January 1, 2000, the</p><p>1,200 hours of service requirement does not apply.</p><p></p><p><strong>Early Unreduced Retirement</strong></p><p><strong>Pension at Age 62</strong></p><p></p><p>When you have reached age 62 and have 20 or more</p><p>years of credited service, you will qualify for the normal</p><p>benefit amount with no reduction because of your age,</p><p>provided you also meet certain hours of service</p><p>requirements detailed here:</p><p></p><p>If you have 600 hours of service in 1999 or a later year</p><p>and a pension effective date on or after January 1,</p><p>2000, you are eligible for an early unreduced pension</p><p>when you have reached age 62 and have 20 or more</p><p>years of credited service, including predecessor plan</p><p>vesting service.</p><p></p><p>Otherwise, you must have an effective date on or after</p><p>January 1, 1994 and at least 1,200 hours of service</p><p>that includes 600 hours of service earned in 1993 or</p><p>later. In this case, predecessor plan vesting service</p><p>may not be used in determining your eligibility for the</p><p>unreduced pension.</p><p></p><p><strong>30 and Out Pension</strong></p><p></p><p>The 30 and Out pension provides an unreduced pension</p><p>benefit payable at any age. It is essentially an early</p><p>retirement pension with no reduction for age. The basic</p><p>requirement for the 30 and Out pension is 30 years of</p><p>credited service, at any age. However, there are also hours</p><p>of service requirements for 30 and Out, detailed here:</p><p></p><p>If you have 600 hours of service in 1999 or a later year</p><p>and a pension effective date on or after January 1,</p><p>2000, and 30 years of credited service, including</p><p>predecessor plan vesting service, you are eligible for</p><p>the 30 and Out pension.</p><p></p><p>Otherwise you must have an effective date on or after</p><p>January 1, 1996 and at least 1,200 hours of service</p><p>that includes 600 hours of service earned in 1995 or</p><p>later. In this case, predecessor plan vesting service</p><p>may not be used in determining your eligibility for the</p><p>unreduced pension.</p></blockquote><p></p>
[QUOTE="Mugarolla, post: 2195026, member: 8481"] [B]Early Retirement Reduction After 20 Years of Service[/B] If you have 1,200 hours of service which includes 600 hours of service in 1993 or later and a pension effective date of January 1, 1994 or later, and you have 20 or more years of credited service, the early retirement reduction described above is made for each month you are younger than age 62 on the effective date of your pension. If you have 600 hours of service in 1999 or a later year and a pension effective date on or after January 1, 2000, the 1,200 hours of service requirement does not apply. [B]Early Unreduced Retirement Pension at Age 62[/B] When you have reached age 62 and have 20 or more years of credited service, you will qualify for the normal benefit amount with no reduction because of your age, provided you also meet certain hours of service requirements detailed here: If you have 600 hours of service in 1999 or a later year and a pension effective date on or after January 1, 2000, you are eligible for an early unreduced pension when you have reached age 62 and have 20 or more years of credited service, including predecessor plan vesting service. Otherwise, you must have an effective date on or after January 1, 1994 and at least 1,200 hours of service that includes 600 hours of service earned in 1993 or later. In this case, predecessor plan vesting service may not be used in determining your eligibility for the unreduced pension. [B]30 and Out Pension[/B] The 30 and Out pension provides an unreduced pension benefit payable at any age. It is essentially an early retirement pension with no reduction for age. The basic requirement for the 30 and Out pension is 30 years of credited service, at any age. However, there are also hours of service requirements for 30 and Out, detailed here: If you have 600 hours of service in 1999 or a later year and a pension effective date on or after January 1, 2000, and 30 years of credited service, including predecessor plan vesting service, you are eligible for the 30 and Out pension. Otherwise you must have an effective date on or after January 1, 1996 and at least 1,200 hours of service that includes 600 hours of service earned in 1995 or later. In this case, predecessor plan vesting service may not be used in determining your eligibility for the unreduced pension. [/QUOTE]
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Teamsters Applaud Treasury Decision to Deny CSPF Cuts, Protect Retiree Pensions
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