Ups 25 Year Service Retirement

[tunemixer]

I'm just repeating what I was told this past week. We are in local 597 . There isn't a 25 and 55 or 30 and out anymore .That ended this past January when they also did away with the up front money ( up to $50,000 ) you could take from your pension.
I have NO CLUE about management and nor do I care.
As I said I hope its just talk. But seems like everytime there has been JUST TALK something has followed.

 

[purplesky]

I'm just repeating what I was told this past week. We are in local 597 . There isn't a 25 and 55 or 30 and out anymore .That ended this past January when they also did away with the up front money ( up to $50,000 ) you could take from your pension.
I have NO CLUE about management and nor do I care.
As I said I hope its just talk. But seems like everytime there has been JUST TALK something has followed.

Ok so this applies just to your local. I have never heard of the upfront money option. I would love a lump sum option. We have never had a 25 and 55 out in my region. Its still 57 and 25.

 

[UpstateNYUPSer(Ret)]

It's not just talk. Local 687 has hinted that it will be raising the full pension retirement age to 57. On a more positive note, there has also been talk of reducing the multiplier for our union dues from 3 to 2.5. I guess the BA has been doing well at Turning Stone (Indian casino near Syracuse, NY).

 

[purplesky]

It's not just talk. Local 687 has hinted that it will be raising the full pension retirement age to 57. On a more positive note, there has also been talk of reducing the multiplier for our union dues from 3 to 2.5. I guess the BA has been doing well at Turning Stone (Indian casino near Syracuse, NY).

So will you still have a 25 and out? In my hub there are only a handful of people who could actually get out at 25 and 55 much less 25 and 57. It would be nice to have the option but I can see why so many people who can retire are sticking around. If you dont have a decent 401K balance or other investments it might be rough at 25 and out. After paying medical and tax the amount left will not be much. When the economy was good it was more realistic to find another decent job after UPS.

 

[UpstateNYUPSer(Ret)]

So will you still have a 25 and out? In my hub there are only a handful of people who could actually get out at 25 and 55 much less 25 and 57. It would be nice to have the option but I can see why so many people who can retire are sticking around. If you dont have a decent 401K balance or other investments it might be rough at 25 and out. After paying medical and tax the amount left will not be much. When the economy was good it was more realistic to find another decent job after UPS.

We never had 25 and out.

 

[tunemixer]

The last driver that retired from our center had 40 years and was 61. He was maxed out He couldn't make anymore money. He took the 50k up front and it reduced his pension by approx. 320.00 a month.

 

[purplesky]

The last driver that retired from our center had 40 years and was 61. He was maxed out He couldn't make anymore money. He took the 50k up front and it reduced his pension by approx. 320.00 a month.

Man 40 years! How much does he get per month for retirement?

 

[tunemixer]

I believe he is making about 4800.00. Buts that before the up front deduction. And I don't know if he took the 25% spouse deduction. I know I am making 4179.00 a month with 26 years. But thats because I am going to be 62 . The pension max is 64 so am closer to the max. So if somebody with the same years at age 57 retired the same time they would receive less money. I'm NOT taking the spouse deduction and applying some of that money to a life insurance policy that will be handed down to my kids if my wife collects on me. I'm not throwing away over a 1000.00 a month so my wife can collect 3000.00 a month . Besides. I'm going to fool them all and live to be 100 years old.
Our BA told me over 80% of the retirees are taking the full benefit and opting to put the money they save to work another way.Why throw that 1000.00 plus away? Put the money to work for your family.Do the math. I guess its what ever works for you. I know whats going to work for me.

 

[purplesky]

I believe he is making about 4800.00. Buts that before the up front deduction. And I don't know if he took the 25% spouse deduction. I know I am making 4179.00 a month with 26 years. But thats because I am going to be 62 . The pension max is 64 so am closer to the max. So if somebody with the same years at age 57 retired the same time they would receive less money. I'm NOT taking the spouse deduction and applying some of that money to a life insurance policy that will be handed down to my kids if my wife collects on me. I'm not throwing away over a 1000.00 a month so my wife can collect 3000.00 a month . Besides. I'm going to fool them all and live to be 100 years old.
Our BA told me over 80% of the retirees are taking the full benefit and opting to put the money they save to work another way.Why throw that 1000.00 plus away? Put the money to work for your family.Do the math. I guess its what ever works for you. I know whats going to work for me.

Man that is great Tunemixer,
Thats a pretty good chunk of change and you have earned it. I hope you enjoy your retirement. Must be a nice feeling to retire from Brown.

 

[Catatonic]

I know I am making 4179.00 a month with 26 years. But thats because I am going to be 62 . The pension max is 64 so am closer to the max.

That is more than management/non-union monthly pension for the same time and age.
Management is not COLA adjusted ... is the Teamsters pension COLA adjusted each year?

 

[tunemixer]

Good question about the COLA. I will have to ask my BA. He is in our building often.
I am looking foward to retirement.
I help out with a local high school football team. I am also going to coach baseball at the JV level at the same school in the spring. I stay pretty active. I'm in preety decent shape. My back is great. My legs are great. My blood pressure is great. Just had it taken a month ago. 112 /68. I don't take any meds. Looking foward to a long and healthy retirement. A little over 11 weeks . And I have a week and two days left to take off.We get the four day weekend for Thanksgiving. I'm ging to work two days after Christmas so they will have to pay me for New Years Eve.

 

[rod]

That is more than management/non-union monthly pension for the same time and age.
Management is not COLA adjusted ... is the Teamsters pension COLA adjusted each year?

No COLA---at least not in Central States. I feel lucky just to be getting the same amount a month I did 8 years ago when I retired. If SS hangs in there that will be a big boost for me next March when I turn 62. I really have no problem living on my Teamster pension plus my investments. SS will just mean I will upgrade some of my toys. Once again-- the secret to a happy retirement is to stay active and plan ahead.

 

[tunemixer]

I'll get my first pension check the first of Feb. and I will get my SS check the second Weds of Feb. Between the two I will make more then I was when I was working. I am soooooo looking foward to turning most of my uniforms. I'll hang onto a couple of things to use when I change the oil in my car and things like that.

 

[SKAGITDRIVER]

western conf has a peer 80 program. Your years of service and your age added together equal 80 and you can retire I have 3 1/2 years left for me to retire at 54

 

[grgrcr88]

I will be retiring Dec 30th. I will have 26 years as a driver. I will be 62. There is no more 25 or 30 and out. The deal is if you aren't 57 you can't collect. And if you leave before 57 you have to wait until you are 64.Thoe retiring at 57 will receive a pension but at a reduced rate. The pension is based on age 64. Thats when it maxes out. For those of you who leave at 57 you won't receive your full benefit.The closer you are to 64 the more you will get. I am getting almost 600.00 more a month with 26 year then a driver that retired with 30 years at 52. That of course was before the age 57 deal took place. For those that left as part timers or drivers to go into management they will have to wait until they are 64 to ge the union pension.
As far as benefits. I will get my benefits until I am 65. at that point medicare takes over. If you are married and your wife is 62 she will also receive them. If you leave before 62 you can buy them through the union for you and your wife . But you or she has to be at least 57.
I turn 62 on Dec 7th . I could go at that time. but by working through peak I will receive all of my vacation as a bonus.

Not in the Central

 

[Bryishre]

I hope it changes down the road. I will have my 30 years when im 48. Ill be in feeders most of the time. But still if i have to work till im 60 Thats a lot of work.

 

[rod]

I'll get my first pension check the first of Feb. and I will get my SS check the second Weds of Feb. Between the two I will make more then I was when I was working. I am soooooo looking foward to turning most of my uniforms. I'll hang onto a couple of things to use when I change the oil in my car and things like that.

Trust me --- turn it all in or throw it all away. After you retire you won't want to put on brown again. Besides that it is just as cheap to take advantage of oil change specials than it is to go out and buy 5 quarts and a filter. Heres a hint for ya--- UPS uniforms burn real good in a bonfire

 

[The Milkman]

So will you still have a 25 and out? In my hub there are only a handful of people who could actually get out at 25 and 55 much less 25 and 57. It would be nice to have the option but I can see why so many people who can retire are sticking around. If you dont have a decent 401K balance or other investments it might be rough at 25 and out. After paying medical and tax the amount left will not be much. When the economy was good it was more realistic to find another decent job after UPS.

 

[The Milkman]

So will you still have a 25 and out? In my hub there are only a handful of people who could actually get out at 25 and 55 much less 25 and 57. It would be nice to have the option but I can see why so many people who can retire are sticking around. If you dont have a decent 401K balance or other investments it might be rough at 25 and out. After paying medical and tax the amount left will not be much. When the economy was good it was more realistic to find another decent job after UPS.

I started at age 30 on 9-15-82..I had my 25 on 9-15-07. Took all my sick days and vacations and retired on 1-1-08. In our local 177 (East Coast)you could leave at 55 with 25 for full benefit. 30 years regardless of age also applied. When you have 20 years of pension credit you qualify for medical but if you leave before 55 you get less pension benefit on sliding scale.

Our pension is 3700 monthly. I took 50k up front and wife pension. After taxes that I selected, I clear a hair under 3g monthly. I rolled the 50k into my 401k then moved it all to my own fund that I chose. I pay 50 bucks monthly for medical for me and the wife.

I took out a long term care policy that was offered just before I retired with no medical questions asked with Met Life. I stumbled across the offer while on Upsers.com. It is a good deal if it becomes available to you. I worked at the customer counter my last 8 years and if it was offered in the center in the am meetings, I was unaware of the offer..Just Love not having to deal with all the BS anymore. Good luck to all who finish the race and cross the retirement line!!!!!!!!

 

[purplesky]

I started at age 30 on 9-15-82..I had my 25 on 9-15-07. Took all my sick days and vacations and retired on 1-1-08. In our local 177 (East Coast)you could leave at 55 with 25 for full benefit. 30 years regardless of age also applied. When you have 20 years of pension credit you qualify for medical but if you leave before 55 you get less pension benefit on sliding scale.

Our pension is 3700 monthly. I took 50k up front and wife pension. After taxes that I selected, I clear a hair under 3g monthly. I rolled the 50k into my 401k then moved it all to my own fund that I chose. I pay 50 bucks monthly for medical for me and the wife.

I took out a long term care policy that was offered just before I retired with no medical questions asked with Met Life. I stumbled across the offer while on Upsers.com. It is a good deal if it becomes available to you. I worked at the customer counter my last 8 years and if it was offered in the center in the am meetings, I was unaware of the offer..Just Love not having to deal with all the BS anymore. Good luck to all who finish the race and cross the retirement line!!!!!!!!

Thanks for the info Milkman,
I hope to finish the race with enough money to live and hopefully find a part time job that I want to get out of bed for. Its great to here the retirement stories from other UPSERS who got out alive and kicking from UPS. If I have a 25 and out thats what I am shooting for although its hard to say what the future holds. Sure hope the markets hold up long term because they really have a huge effect on all the pensions.