BrownFlush
Woke Racist Reigning Ban King
Western?
What's the earliest you can retire?
- Thread starter SLW
- Start date
Steven Coofer
New Member
ski or die
Ski or Die
local 710
BrownFlush
Woke Racist Reigning Ban King
Nice....
20 more years please...that would be 1.4 million but who countin'
Been In Brown Too Long
Ex-Package Donkey
Kind of a terrible way to live life. Plan to live, not to die. The majority will live to see a pension. I know I did, retired at 49.
For me, I worked part time for ten years. five at the local sort. Five years as a cover driver working full time hours. My part time years count for what? Its not defined by the contract, just a hand shake between UPS and my local. I'm told it will be half! Basically, 10 years equals five full time? Again, not in writing. I then need 30 years full time. So I wont be able to retire until the age of 65. Part time age was 25 - 35, 10 years. full time 35-65 = 30 years. Total of 40 years! Minus the Five I'm told will count towards my full time-5 is age 60. However, when I get my retirement eligibility, it says I can retire are age 62 without taking an early retirement hit. So in the Central Pa Teamsters, you need 30 full time years and age of 57. Plus NO health care insurance except cobra!
Looks to me like you can retire at 57 but you'll take a hit:
A feeder buddy of mine retired out of Harpa last year, he definitely did not have 30 years FT, I don't think he even had 25.
No, it's not central states. Different supplement, different pension. 7 locals, all in PA I think?
That must have changed since I retired. Out at 62 with full service amount. But, no medical.
Ya'lls pension seems a little complicated, they made some big changes a few years back but a lot of guys are still grandfathered under parts of the old plan. I don't think that chart covers everything at least from what was explained to me. I don't really understand the RIP account or how it works and the plan summary doesn't really go into it. I was talking to a Harpa feeder driver about 7 years ago who was getting ready to retire, I think he was the #1 guy in the building at the time, he had all his paperwork with him and it seemed like he had a bunch of different options. One option he could take a lump sum payout of like $130k and still get $1900/month? Numbers arent exact but it was something like that. Sounded pretty crazy to me.
Shiftless
Well-Known Member
Really is interesting in the difference in Teamster retirements by region. There are guys here posting they already have taken in retirement total payments over 800K. Lumping at 130K doesn't sound so good.
What I don't see on the above chart is the options associated with taking retirement. As an example: Survivor Spousal option.
Its in the details I'm sure!
What I don't see on the above chart is the options associated with taking retirement. As an example: Survivor Spousal option.
Its in the details I'm sure!
Last edited:
Overpaid Union Thug
Well-Known Member
Have you tried the pension calculator on UPSers.com?
DELACROIX
In the Spirit of Honore' Daumier
I believe that the pension calculator on UPSer.com only applies for those under the IBT/UPS pension fund. I scanned the Central Pa articles 65 and 67, It appears that the part time service years are covered under the UPS Pension Plan, a defined benefit plan controlled by the company. The years of service monetary benefits are listed under Article 34 (Master), that is a totally separate pension plan than your full time years. When you selected to retire they will add those part time years to your full time service to provide a total monetary benefit once you become eligible.
Darthups@ has 10 years part time and therefore eligible for 1/3 of what a 30 year part time pension benefit according to when he leaves and become full time, there is a 6 % penalty for every year prior to age 65 under that plan, so if he retires at age 57 he will have to subtract 48 % from roughly 400 dollars..about 250 a month from just those part time years.
Apparently the Central Pa full time pension plan is a monetary contribution plan that required the company to provide a little over 2000 a month for any full time union employee, that is a lot of money and if things work out in a perfect world ... It should provide a good benefit for those just starting into that plan. Something happened back in l987 with pension benefits, I do not know the details?
Also with your Health and Welfare... the part timers in the Central Pa are covered under "TeamCare" and the full timers are under a Union Controlled H/W plan..I could not find any language about retiree's H/W benefits under the supplement. I am under "TeamCare" in the Central and we do have retiree H/W benefits prior to reaching age 65, that is a major issue when one thinks about taking the plunge..I believe that COBRA benefits for the same amount of coverage could add up to over 2,000 a month for an individual, let alone any spouse or dependents.
It has always been a sore spot with me on just how many Pension and Health and Welfare plans our members are under and the discrepancy of monetary and coverage benefits in each one, it should not be that confusing. For example the Western Conferences plans pay almost twice as much for the same amount of service years as those under the Central with it's IBT/UPS plan and those part time years are counted with their full time years to provide a superior monetary benefit with an early pension option.
The bottom line is most of our members are really in the dark to what we are eligible for, hence the constant same questions appear over and over again on B/C.
Darthups@ has 10 years part time and therefore eligible for 1/3 of what a 30 year part time pension benefit according to when he leaves and become full time, there is a 6 % penalty for every year prior to age 65 under that plan, so if he retires at age 57 he will have to subtract 48 % from roughly 400 dollars..about 250 a month from just those part time years.
Apparently the Central Pa full time pension plan is a monetary contribution plan that required the company to provide a little over 2000 a month for any full time union employee, that is a lot of money and if things work out in a perfect world ... It should provide a good benefit for those just starting into that plan. Something happened back in l987 with pension benefits, I do not know the details?
Also with your Health and Welfare... the part timers in the Central Pa are covered under "TeamCare" and the full timers are under a Union Controlled H/W plan..I could not find any language about retiree's H/W benefits under the supplement. I am under "TeamCare" in the Central and we do have retiree H/W benefits prior to reaching age 65, that is a major issue when one thinks about taking the plunge..I believe that COBRA benefits for the same amount of coverage could add up to over 2,000 a month for an individual, let alone any spouse or dependents.
It has always been a sore spot with me on just how many Pension and Health and Welfare plans our members are under and the discrepancy of monetary and coverage benefits in each one, it should not be that confusing. For example the Western Conferences plans pay almost twice as much for the same amount of service years as those under the Central with it's IBT/UPS plan and those part time years are counted with their full time years to provide a superior monetary benefit with an early pension option.
The bottom line is most of our members are really in the dark to what we are eligible for, hence the constant same questions appear over and over again on B/C.
I could of retired months ago! WHAAAAAAA!
ski or die
Ski or Die
Retired when 49 with full pension and health insurance. Lotta good that did. My spouse works me harder than when I was employed. I'm thinking of forming a union and becoming a steward again. I'll file so many grievance's they will be coming out her ears.
Non sequitur
Well-Known Member
As soon as you quit boom retired
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