Thank You! I got with my B.A. this morning and he was able to email me a PDF of it. If anyone is looking for it I guess it is called the UPS Freight Pension Plan "Summary Plan Description" and was distributed a long time ago, dated Jan 1. 2014. I finally have something in print. Whew, peace of mind.
TForce | Pensions, questions asked and answered
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You can retire at 60 with 25 years at full pension, or 55 with 30 years at full pension.
If you retire at 60 with 20 years you will get 70% of pension at 60, 76% at 61, 82% at 62, 88% at 63, 94% at 64 and then 100% at 65 and then on forward.
The problem is for those that are close to having 25 yeas in the ups/OVNT pension that are looking to retire in a few years. Now they can’t without penalty. Where TFI picks up I’m guess you will have to continue working until you are 65 in TFI pension so you are not penalized. We will have to ride it out to see what happens.
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For what it is worth. It was explained to me that UPS will cease contributions on 4/30/21, it will be "frozen". TFI will begin contribution 5/01/21, it will continue to add toward your 25 or 30 or whatever.
It will be drawn out of 2 separate funds when you retire. I guess that means if you have 20 years for UPS and 10 years for TFI you will draw from 2 different funds with a total of 30.
Clear as mud.
Have yet to see anything in writing, except for a few "updates", ask 3 people, get 3 answers..
It will be drawn out of 2 separate funds when you retire. I guess that means if you have 20 years for UPS and 10 years for TFI you will draw from 2 different funds with a total of 30.
Clear as mud.
Have yet to see anything in writing, except for a few "updates", ask 3 people, get 3 answers..
That,s the way our guys draw theirs that transferred from Charlotte's local 71 to Hagerstown Md.
I had pension credit in 3 different locals. One paid me a lump sum (very small lump) and the other two pay proportionately.
I hope you are correct.
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Correct at least till July 31, 2023. Then, anyone's guess...
So far it is all hearsay, even from the people that should know.
This is the #1 issue for Union workers during this transition, or it should be. IMHO of course.
Look for bits and pieces leak out for the next 11 days, then Whammo 4/30/21 all at once.
Could be on the small lump, they pay your actual worth!
(just a thought)
Remember, you asked for that.
Not so much that I asked for it but that you saw a tiny opportunity to strike and took it!
Did you say TINY?Not so much that I asked for it but that you saw a tiny opportunity to strike and took it!
FYI I don't wear glasses, even for reading, since having Cadilac surgeryWell, I guess with your high power bifocals it looked larger than it actually was!
Oh man, no wonder I need glasses. I chose the Yugo surgery thinking it was the same as the Cadilac surgery!
BusterNite
TB Legend
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When we were first purchased by UPS we drew from two different funds if you retired in the first few years of the purchase you were receiving two pension checks, one from Overnnite and one from UPS which were eventually combined to one check from UPS.
seebreeze, did you have the El dorado or Fleetwood Cadilac procedure?
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Maybe the "Coop" de ville?seebreeze, did you have the El dorado or Fleetwood Cadilac procedure?
Not sure, it was the cheap model. Seriously, I had 20/15 vision after surgery.seebreeze, did you have the El dorado or Fleetwood Cadilac procedure?
I'm beginning to lose a little of closeup.
I still read without glasses unless it's very small print.
There Yugo, thinking again.