UPS Retirement plan statement

Discussion in 'UPS Freight' started by Skeeter, Oct 30, 2010.

  1. Skeeter

    Skeeter Well-Known Member

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    Got two retirement statements. Very confusing. There is a smaller amount that says it is offset by your accrued benefits from the other plan. Not sure if that is added to the main one or is already figured in. Does anyone know if you have 30 years and retire before you are 65 do you get the full amount?

    Says on the statement normal retirement date which is 65. Can anyone shed some light on this?
     
  2. Goose

    Goose Member

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    I received two also. One is for Social Security and the other is company pension.
     
  3. Skeeter

    Skeeter Well-Known Member

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    How can the one be SS it's under 200 dollars.
     
  4. Apostolic

    Apostolic Super Moderator Staff Member

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    Under 200 dollars?
    Oh my who can live on that?
    I retired when I turned 64,I receive a monthly check from UPS but it is mostly from the old Overnite pension.
    I also receive monthly Teamster pension payments for the 20 years I had in the union before coming to work at Overnite.
    Add to that my SSI monthly payment.
    Let me just say that God has really blessed me with a very good retirement.

    I can't understand why you would only be getting a crummy $200.00 for the amount of time you have in Skeeter?
    Maybe you need to clean your glasses off and re-read that notice once again.
     
  5. northern freighthog

    northern freighthog Member

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    Hell I got over 20 years and mine said 107.00 think we were f again by the Teamsters and UPS. You do know there play pocket pool with each other all day long.
     
  6. Skeeter

    Skeeter Well-Known Member

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    No it's not SS. I think it has to do with some kind of off set from the other plan. Comes out to just under $3000.00

    S.S. wage base is $106,800.00 as of now.
     
  7. Roadrunner73

    Roadrunner73 Well-Known Member

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    I have 4 years in as of this statement. I now have the 5 I need for vesting. My numbers are $270 & $90. I have no clue why 2 statements nor what they mean. It does say this info will be mailed to us every 3 years. Maybe a full disclosure of what we are reading should be sent to us sometime soon.
     
  8. BusterNite

    BusterNite Well-Known Member

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    There are two statements because the Overnite Pension froze when UPS took over the plan. If you had more years with Overnite, the larger amount will be from your Overnite years and the smaller amount statement is from your UPSF years. When you retire you will receive two pension checks per month if you were vested in the Overnite pension plan.
     
    Last edited by a moderator: Oct 31, 2010
  9. BusterNite

    BusterNite Well-Known Member

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    Social security has nothing to do with your Overnite/UPSF pension plan. Two company's, two separate pension plans. Two monthly pension checks at retirement.
     
  10. Apostolic

    Apostolic Super Moderator Staff Member

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    BusterNite,thanks for clearing up this confusion.
    Now I can see your right on,as I retired on the old 22 years I had with Overnite.
    I had taken a withdrawal on the little over 20 years I had as a Teamster,than got reinstated with the Teamsters 2 weeks before my retirement discharge date.
    But that didn't effect me as I may have only lost those 2 weeks,no big deal.
    I receive pension payments from UPS based on my years of service with Overnite because UPS owns the old Overnite pension,and pension payments from the Teamsters due to my years of service prior to my Overnite years.

    Social Security has nothing to do with either pension,that payment is all of the years I worked for employers that paid into it.
    I got my SSI card at age 14,and started drawing on it at age 64.

    So like I say God has really blessed me with a very good retirement between all 3 payments I'm receiving every month.
     
  11. BusterNite

    BusterNite Well-Known Member

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    Also keep in mind that your statements are showing a single pay out option. At retirement if you choose the option that your spouse would continue receiving your monthly pension payments should you pass away, the amounts would be smaller than the single pay out option.
     
  12. BusterNite

    BusterNite Well-Known Member

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    Your welcome Apo, Glad to see you are enjoying retirement, you have been blessed.
     
  13. roadrnnr2007

    roadrnnr2007 Member

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    Hey Busternite or anybody can some one tell me if I am under some kind of UPS pension plan as I started in Sept of 2008 after the Teamster contract was started and after UPS bought out the Teamster pension.

    I have never gotten any info from the company on a pension of any kind, just the 401K.

    Thanks,
     
  14. BusterNite

    BusterNite Well-Known Member

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    roadrnnr2007.....Yes you are covered under the UPS Pension Plan...........Article25.....Section 6.......Retirement.
     
  15. tigerwitha88

    tigerwitha88 Member

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    Wonder why this is? Was the Overnite pension funds kept seperate from the central states pension fund after the UPS buyout?
     
  16. backstrap

    backstrap Member

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    dont worry about a UPS retirement plan. how many
    people you see retiring from UPS. you get old you get
    slow they fire you....
     
  17. karenk

    karenk Member

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    We are not in the central states retirement fund, (this is a good thing for us), UPS spent lots of money buying their guys out of that plan from the teamsters, we were also part of that deal.
     
  18. Skeeter

    Skeeter Well-Known Member

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    Cool that means I'm going to have a nice retirement when the time comes. Thanks, Buster...
     
  19. BusterNite

    BusterNite Well-Known Member

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    UPS purchased the pension plan from Overnite's holding company, as to why it froze and then reopened under the UPS pension plan, I do not know, I'm sure there were many legal issues UPS had to abide by and it may have been beneficial to the company. It does not effect the employee in any negative way other than receiving two separate pension checks at the time of retirement. The funding and dollar ratios used to make up the plan has never changed between the Overnite and the UPS pension plans. The Central states pension funds never had anything to do with the Overnite/UPSF Pension plans.
     
  20. BusterNite

    BusterNite Well-Known Member

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    I have seen most of my friends that I have run with over the years from different terminals (about 9 people) retire from UPSF, all are in there 60's They have had no problems collecting their pension checks. I have not seen one person get fired because they were to old and slow. Hundreds of employee's retire each year from this company.
     

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