What exactly happens with a part time 5 year vested pension? Is it worth it to get just a 5 year pension?

[KTea]

I'm a package handler and I have worked at UPS since Peak 2015, I recently graduated from university and got a day job and am trying to start a career. However, I am only 5 months and 400 hours away from getting my 5 years of 750.

Today I got in an argument with my FT Sup over a warning letter I was receiving for call-offs after A) No Verbal warning and B) a total of 4 call-offs in the past year. He is, for lack of a better term, an . At some point during the conversation, all my contemplations of leaving over the years culminated into me putting in my two weeks and him telling me not to come back at all. My coworkers convinced me to talk to the hub manager to at least have the weekend to think about it. The hub manager looked at my attendance and officially rescinded the letter, and apologized for my treatment by my FT. However, I'm not sure if it's worth staying still or not.

Sorry for all the back story, to get to the point;

How would I go about finding how much of a pension I could get if I stayed working until January? And I was also reminded of the ability to cash it out, is there a way to find out the penalties on that? Is it worth it to stick it out the 5 months when I could be using my time for something more relevant to my future and that pays 2-3$ more, with its own pension opportunities?

 

[AnonPreLoader]

Seems to me a lot of this depends on how old you are, but Im inclined to think you should stick it out for the 5 months.

 

[IVE GOTTA PACKAGE 4U]

I'm a package handler and I have worked at UPS since Peak 2015, I recently graduated from university and got a day job and am trying to start a career. However, I am only 5 months and 400 hours away from getting my 5 years of 750.

Today I got in an argument with my FT Sup over a warning letter I was receiving for call-offs after A) No Verbal warning and B) a total of 4 call-offs in the past year. He is, for lack of a better term, an . At some point during the conversation, all my contemplations of leaving over the years culminated into me putting in my two weeks and him telling me not to come back at all. My coworkers convinced me to talk to the hub manager to at least have the weekend to think about it. The hub manager looked at my attendance and officially rescinded the letter, and apologized for my treatment by my FT. However, I'm not sure if it's worth staying still or not.

Sorry for all the back story, to get to the point;

How would I go about finding how much of a pension I could get if I stayed working until January? And I was also reminded of the ability to cash it out, is there a way to find out the penalties on that? Is it worth it to stick it out the 5 months when I could be using my time for something more relevant to my future and that pays 2-3$ more, with its own pension opportunities?

You get absolutely nothing if you don't stay for at least five years.

 

[oldngray]

You get absolutely nothing if you don't stay for at least five years.

Yeah but 5 years on a part time pension isn't even enough for gas money.

 

[IVE GOTTA PACKAGE 4U]

Yeah but 5 years on a part time pension isn't even enough for gas money.

It should be around $300 a month at age 65
But they usually offer you a buyout eventually .

 

[oldngray]

It should be around $300 a month at age 65
But they usually offer you a buyout eventually .

Not for just 5 years. There is a big difference between fully and partially vested.

 

[IVE GOTTA PACKAGE 4U]

Not for just 5 years. There is a big difference between fully and partially vested.

You only need 5 years now.
Maybe @sailfish can shed some light on it. He took a buyout

 

[GameCockFan]

5 years here will get you 170ish a month. A friend worked around 5 years, 4 pt/1ft and got a 10k buyout

 

[oldngray]

Last I heard it was about 40 dollars/month per year of credit here. Kind like getting a little extra play money but not good for much else.

 

[IVE GOTTA PACKAGE 4U]

Last I heard it was about 40 dollars/month per year of credit here. Kind like getting a little extra play money but not good for much else.

Enough to pay for your part B?

 

[BadIdeaGuy]

Last I heard it was about 40 dollars/month per year of credit here. Kind like getting a little extra play money but not good for much else.

In 710 we currently get 60 per month for every year of credit.

 

[IVE GOTTA PACKAGE 4U]

In 710 we currently get 60 per month for every year of credit.

I believe nits the same in the national contract

 

[DriveInDriveOut]

Article 34
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.

 

[IVE GOTTA PACKAGE 4U]

Wow you actually posted something useful
I'm impressed!

 

[DriveInDriveOut]

Wow you actually posted something useful
I'm impressed!

 

[PT Car Washer]

Article 34
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.

Last contract it was raised to $65.mo for a maximum of 35 years. $2275/mo

 

[IVE GOTTA PACKAGE 4U]

Last contract it was raised to $65.mo for a maximum of 35 years. $2275/mo

Don't they have better numbers for 30 and out. For some reason I'm thinking $2500

 

[DriveInDriveOut]

Last contract it was raised to $65.mo for a maximum of 35 years. $2275/mo

He's not going to work there for 35 years.

 

[sailfish]

Not for just 5 years. There is a big difference between fully and partially vested.

You only need 5 years now.
Maybe @sailfish can shed some light on it. He took a buyout

Five years. I think my monthly amount was like two-eighty something.

 

[Re-Raise]

In 710 we currently get 60 per month for every year of credit.

Payable beginning at age 65. If you retire younger than that and want to receive it along with your full-time pension they reduce it.

I just received the paperwork... also in 710