Would an older (47yr old) new hire be able to collect a pension from UPS or is there a minimum amount years that need worked?

Thanks

 

Using average math...if you are hired at 48 years old and retire around 15 years or so, you should be able to retire as a captain. The current contract would have the last captains retiring at $4,200/mo X years of service = $63,000/yr.

I know a lot of folks will point out that the current contract has some odd retirement calculations after the amendable date, it falls back to 1% of the average earnings. That would put the multiplier around $3,500 vs $4,200. Your retirement benefit will be whatever is in the next contract.

MBB

 

Plus X years of 12% defined contribution and whatever you do with your 401K (plus catch-up during your final working years).

 

Can you retire at 60 or do you have to put in a minimum age if under x amount of years?

While we are at it....what are the minimum days off in a 28 day bid? 14? I saw that referenced but I couldnt find a hard number. At the ACMI carrier I am at guys will say we can get a 7 on/7 off schedule but the reality is that it is 17 days on and 18 days on for reserves in a 30/31 day month. That is about 2-3 days too many (just my thoughts on it). I would be driving to SDF from Ohio (3.5 hours) so I would be gone the whole block of scheduled time (commuting lite)
THANK YOU!

 

13-18 years at UPS would be grand as a starting point I would think.

 

I'm 49... and can outrun 1/2 the kids my age. I'm in the "older" category now ?




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ANS: Yes, you would collect the Defined Benefit Plan (DBP or "A" Plan "Pension") as defined in the Collective Bargaining Agreement in Article 15 of the UPS/IPA "contract" if you are vested.
Vesting : "Crewmembers shall be fully vested after completing one (1) vesting year. For purposes of this section, vesting years will be counted from the crewmember’s initial date of hire with the Company.
A vesting year for the purpose of this section shall be the first twelve (12) months of employment provided the crewmember completes 750:00 hours of service in such twelve (12) month period.

Each Pay period is a minimum of 75 hours credit, 13 per year, so can achieve in first year of employment for early classes, and if hired later in the year, will be vested in the second calendar year of employment (usually still in the first 12 months of employment) but the next calendar year.
example: Hired Jan 2017, will be vested by end of 2017. Hired October 2017, will be vested by end of 12 months (normal case) and be vested in 2018.
You can leave at any time and will keep your earned DBP. Early retirement is age 55 and normal retirement is 60.

 

Thanks for the update Pheidippides!!!

 

The 14 off is for reserve in a 28 day bid period, line holders are guaranteed 11 or 12 in a 28 day period most week on week off lines have at least 14 days off , at the beginning expect base trip lines, with 16 or 17 out of 28 days working, they are the garbage that the company Couldn't fit on other lines, no patterning at all.

 

How long would you guess that one would have to work that type of schedule before they were able to hold a better line out of SDF or MIA. ?