THE REALITY OF THE U.P.S. CONTRACT

[O/C]

(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. The benefit formula in the
UPS Pension Plan for current or future part-time employees who
are participants will be increased solely for purposes of the monthly
accrued benefit, effective August 1, 2008 to sixty dollars
($60.00) for each year of future Credited Service to a maximum of
35 years of Credited Service. If a participant is in Covered

Employment on August 1, 2008, he shall receive the sixty dollars

($60.00) benefit formula for the entire 2008 plan year.

It is $55.00 per year from start to 2007 and $60.00 per year from 2008 and on.This is based on 750 hours per year worked .

Stewie, and it stops at 35 credit years, you get no increases. Also you are not eligible for retiree Health and Welfare benefits till age 55 period. That Health and Welfare deductable and co pay is really going to cut into your pension benefit anyway.

 

[PT Stewie]

Stewie, and it stops at 35 credit years, you get no increases. Also you are not eligible for retiree Health and Welfare benefits till age 55 period. That Health and Welfare deductable and co pay is really going to cut into your pension benefit anyway.

My full retirement age for social security is 66 2 that is 7 years from now I have 16 in @ present . For me there will be only medicare. That is why I work a second job @ Brown for the PT pension and to put 35% and 10% pretax and 5% post Teamster 401K plus $20 stock per week away.. Myfull time job has a 25% match upto 5% of salary. If you plan your life only working @ UPS part time you are SOL.

 

[Stonefish]

My full retirement age for social security is 66 2 that is 7 years from now I have 16 in @ present . For me there will be only medicare. That is why I work a second job @ Brown for the PT pension and to put 35% and 10% pretax and 5% post Teamster 401K plus $20 stock per week away.. Myfull time job has a 25% match upto 5% of salary. If you plan your life only working @ UPS part time you are SOL.

I agree with you that's why they call it a part-time job. You are smart to invest like you are.