Years of service for retirement
01-02-2017, 12:56 PM
#1
New Hire
Thread Starter
Joined APC: Jan 2017
Posts: 6
Years of service for retirement
Is there a minimum number of years required to qualify for retirement benefits at UPS? I've only got 9 years left to go and would like to make sure if I switch to UPS that I will retire with benefits at age 65. (Wife would like a couple of years of healthcare until she hits 65!)
Thanks!
Thanks!
01-02-2017, 03:52 PM
#2
Gets Weekends Off
Joined APC: Dec 2005
Position: Leftof longitudinal
Posts: 1,899
A crew member is vested after one year of work for both the Defined Benefit Plan and the Defined Contribution Plan. If you retire at 65, you have options to maintain your spouse/dependents on company healthcare or options to shop the market with some funding provided by the contract.
03-09-2017, 01:52 AM
#4
Gets Weekends Off
Joined APC: Oct 2014
Position: Retired from APC.
Posts: 507
Originally Posted by PopCultureRef
What combination of age and service qualify for a A plan payout? For example, can you resign at age 48 with 3 years as an FO and get pension? ( I doubt it, so there must be more to it than just the one year vesting).
03-09-2017, 06:38 PM
#5
Line Holder
Joined APC: Dec 2011
Position: 757/767 Captain
Posts: 51
Originally Posted by FTFF
Yes you would have your pension ($9,600/yr value) but you couldn't start taking it until you are of retirement age.
03-12-2017, 08:44 PM
#8
Line Holder
Joined APC: Dec 2011
Position: 757/767 Captain
Posts: 51
Originally Posted by 767pilot
Hypothetically, couldn't he take it at any age with the 8% a year hit?
Taking retirement prior to Age 60 and NOT taking the distributions until Age 60 would give him his full vested years.
03-12-2017, 09:40 PM
#9
Gets Weekends Off
Joined APC: Mar 2005
Position: 757 Capt
Posts: 679
Originally Posted by CargoDriver
Correct. Taking retirement distributions prior to Age 60 results in an IRS penalty of 8% per year.
The 8% is not an IRS penalty, it is a contractual penalty. Those who have retired before 60 tend to not draw on their A plan until they are 60 instead of taking that hit.
03-13-2017, 08:29 AM
#10
Line Holder
Joined APC: Dec 2011
Position: 757/767 Captain
Posts: 51
Originally Posted by Pilot7576
''
The 8% is not an IRS penalty, it is a contractual penalty. Those who have retired before 60 tend to not draw on their A plan until they are 60 instead of taking that hit.
The 8% is not an IRS penalty, it is a contractual penalty. Those who have retired before 60 tend to not draw on their A plan until they are 60 instead of taking that hit.
Oops. That is correct. Where did we get the 8% number?
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