TForce | Pension Proof

[CFer]

Well that is kind of a big difference. If, say you get $2200 a month plus $1800 ss, compared to $2200 total.

It sure is a big difference. I have no idea how accurate the statement Old School is but I can verify that the union pension monthy payment does not include SS payments.

 

[begone]

all the teamster pension hipe ,I would like to know why the TEAMSTERS ,ant ups cut the pension from 100.00 credit year to 80.00 .on 30 years that would be 3000.00 per month...ummm at 80.00 would be 2400.00
guess i'm not very bright but the big O pension sound a little better to me,,,,by the way that info came right from a ups package driver

 

[imported_Silverhawk1]

So is the age requirement 55 or older? Being from MC we haven't got the info yet so please be parient of my ignorance.

GT They key word here is 30 years. The way it is currently is after you have 30 years of service you can retire at age 55 without any penalties

If you only have say...20 years and want to retire. then you would have to wait until you were 62 years old to draw it without penalties.

You can however draw your pension anytime after you are vested. but if you don't meat the above criteria. then I believe that you would have to take a penalty for each year below the age of 62. Do not quote me on the amount of the penalty but I think that it is a 5% per year penalty.

I hope this helps you understand. I personally am shooting for the 30 and out at age 55 plan!

 

[accelerator]

There are plenty of examples of OVNT retirement's. I wanted to know about mine so I inquired. This is what I got back I have 20 years. If I retired right now at 56 I would get $770.83 if I took the 50%Joint Survivor it would be $721.42. 100% Joint would be $677.94 Level income at 62 $1442.10 based on income of $52,314.97. If you want to know what you get just ask the company, don't go off on some rant

Actually this is correct, they take your 5 best (last) years with the company, If any of you have the last benefits enrollment book for 2005-2006 it says in there towards the back if I remember correctly. and it gives you the how to figure instructions , rather simple actually. If I had figured mine out correctly I will recieve after 26 years 2000.00 and this is above and beyond your SS check it does not include your SScheck.

My new jobclass is "Freight Redundancy Specialist".

This Person will have the ability
to tolerate mentally challenged dispatchers
who excell in the art of ignorance redundancy,
and can withstand driving 18 wheelers at
top end speeds in circles.

 

[HEAVY-METAL]

Skeeter; The example I gave, the guy IS getting S.S. supplement. After he reaches the age to get S.S. the difference is only about a buck-&-a-half off. And I did see the paperwork that showed that.

 

[HEAVY-METAL]

Greezy; First check out my reply post #25. Also, when I can reach my friend to get more info, I will pass it on.

About "age 55 or over", the way it was set up prior to UPS (not sure of what if any changes) you can retire with full ben's with 30 yrs. at age 55 or 25 yrs. at age 60. One little something I heard is a "85-&-out". In other words, if your age and years of service equals 85 you can go with full ben's

 

[Teamster251]

Skeeter I only have a 9 more years to go until my 30 years of service. The only thing is... I will only be 51 years old and I will have to work an extra 4 years more after that.... And I don't think I will be taking home as much as you. You line haul drivers make quite a bit more then the city dose.

Difference between UPGF pension from UPS/LTL pension is thier is NO difference in job class to determine your pension rate.

30 years at certain age gets "X" amount requardless of wether you were a cityman, linehaul driver, driver/dock combo, pacakge car driver, full time insider, feeder driver, shifter, premium service driver, dockworker.

 

[HEAVY-METAL]

teamster; Do you mind if I discuss something w/you as private msg? I just have some questions for you that really don't need to be on the boards. Awaiting your reply.

 

[Teamster251]

all the teamster pension hipe ,I would like to know why the TEAMSTERS ,ant ups cut the pension from 100.00 credit year to 80.00 .on 30 years that would be 3000.00 per month...ummm at 80.00 would be 2400.00
guess i'm not very bright but the big O pension sound a little better to me,,,,by the way that info came right from a ups package driver

The credit may have been cut in a certain pension plan, most likely the cental states judging by your location.

Changes are continuious with that plan to help it recover and maintain a healthy. comback

But the retiremet amount you recive is not solely based on you years of credit as you say, ie 100 per year.
It is base on monetary contributions and a formula of hour and years.

However what you say is true in the fact that 100 was reduced to 80 in the years over 30 forumula.

Example.
Driver A has 33 years service at age 60.
He meets the 30 year and age requirement so he will recieve the full benefit, for sake of agruement, lets say it 3000.
For his three extra years he would have recived 100 more per month for every year over thirty for a total of 3300
Now he will only recieve 80 per year for a total of 3240.

He will also receive his full SocSec. Teamster plans will not decuct any amount from you plan base on what you are projected to recieve from the Gov't and the Gov't can not decuct from thier payment based on you private multi-employer pension fund.

If in fact this so-called package driver had his facts straight. Why do you believe him? Its all here-say just like all the other stuff other Teamsters post on here. Is it becuase the info is negative and only works in your favor or agendas?

 

[Teamster251]

Greezy; First check out my reply post #25. Also, when I can reach my friend to get more info, I will pass it on.

About "age 55 or over", the way it was set up prior to UPS (not sure of what if any changes) you can retire with full ben's with 30 yrs. at age 55 or 25 yrs. at age 60. One little something I heard is a "85-&-out". In other words, if your age and years of service equals 85 you can go with full ben's

Sure fire away, I've stated here before I welcome all question on my PM. If you perfer I'll even give you my personal email address or address and you can come visit me in person. I have nothing to hide.

 

[Teamster251]

teamster; Do you mind if I discuss something w/you as private msg? I just have some questions for you that really don't need to be on the boards. Awaiting your reply.

Sure fire away, I've stated here before I welcome all question on my PM. If you perfer I'll even give you my personal email address or address and you can come visit me in person. I have nothing to hide.

 

[serta]

all the teamster pension hipe ,I would like to know why the TEAMSTERS ,ant ups cut the pension from 100.00 credit year to 80.00 .on 30 years that would be 3000.00 per month...ummm at 80.00 would be 2400.00
guess i'm not very bright but the big O pension sound a little better to me,,,,by the way that info came right from a ups package driver

HMM, sure thats not ups non union employees pension? You are gaurenteed a certain amount at 30yrs service. Which "I think" in central states is 3500.

 

[Greezy Trucker]

GT They key word here is 30 years. The way it is currently is after you have 30 years of service you can retire at age 55 without any penalties

If you only have say...20 years and want to retire. then you would have to wait until you were 62 years old to draw it without penalties.

You can however draw your pension anytime after you are vested. but if you don't meat the above criteria. then I believe that you would have to take a penalty for each year below the age of 62. Do not quote me on the amount of the penalty but I think that it is a 5% per year penalty.

I hope this helps you understand. I personally am shooting for the 30 and out at age 55 plan!

Well that would work for me too if my MC years counted but it is not looking that way... That is why I asked.

 

[Greezy Trucker]

Greezy; First check out my reply post #25. Also, when I can reach my friend to get more info, I will pass it on.

About "age 55 or over", the way it was set up prior to UPS (not sure of what if any changes) you can retire with full ben's with 30 yrs. at age 55 or 25 yrs. at age 60. One little something I heard is a "85-&-out". In other words, if your age and years of service equals 85 you can go with full ben's

Right on....Thanks again, this is all helping me get an idea on where I need to focus my energy.

 

[bad habit]

hey heavy........the northeast changed last year to 30 years at 57......under nmfc...don't know if that does anything to package or not

 

[Teamster251]

hey heavy........the northeast changed last year to 30 years at 57......under nmfc...don't know if that does anything to package or not

Bad Habit the northeast is a big area and has more than one pension plan.

Which plan are you talking about?

nmfc???? What this? This is a rate class.

NMFA has nothing to do with any changes in the pension plans anywhere. Pension plans are run seperately and have no bearing on any changes based on NMFA, UPS MA, Beverage, Bakery, Construction, Trade Show, or anyother Tesamster involved in the pension plan.

New England Teamater and Trucking Industry Pension Fund (NETTIPF) did go through some changes last year involving age requirements.
Minium age was raised to 57.
The reason is longevity. People are retiring earlier living longer. The pension fund has a responsibilty to it members to protect its future and its investments.
This are the reason behind the changes.
If those changes weren't made and the plan suffered twenty years from now you all would be saying how poorly run the plan was.

So what's the point again?

BTW the plan changes do effect package. They are under it just like all Teamsters that contribute to it.

 

[BusterNite]

So is the age requirement 55 or older? Being from MC we haven't got the info yet so please be parient of my ignorance.

55 yrs. of age with 30 yrs. of service or 60 yrs of age with 25 yrs of service. No penalty.