Why does UPS do this? (pension, weather, years, payment)

[Jamerschris]

I recentley quit UPS after 5 1/2 years.. they never took retirement out of my check but I found out after 5 years I was vested. anyway im 25 and they told me they will pay me $320 payment but I cant get it until im 65! lol 40 years from now. and I cant get it earlier I already asked.

[Boompa]

Originally Posted by Jamerschris

I recentley quit UPS after 5 1/2 years.. they never took retirement out of my check but I found out after 5 years I was vested. anyway im 25 and they told me they will pay me $320 payment but I cant get it until im 65! lol 40 years from now. and I cant get it earlier I already asked.

Be a pain about it. There has to be a provision to roll it into a qualified plan at you next job

[Curmudgeon]

Originally Posted by Jamerschris

I recentley quit UPS after 5 1/2 years.. they never took retirement out of my check but I found out after 5 years I was vested. anyway im 25 and they told me they will pay me $320 payment but I cant get it until im 65! lol 40 years from now. and I cant get it earlier I already asked.

And that surprises and distresses you why? These are things you should have researched and understood five and a half years ago. It's more than most have to look forward to nowadays after short-term employment. Do you actually expect to be able to "retire" at age 25? Is this an entitlement attitude I detect here?

To put it into perspective, you can be in the military for 19 years, 364 days, do multiple combat tours overseas and since you're short of the magic 20 years, you walk away with nothing. Speaking of nothing, that's precisely what you have to complain about.

[Escort Rider]

Curmudgeon, in post #3 just above, is correct, but I just want to add that whatever retirement arrangements exist for UPS employees are specified in the contract negotiated between the union and UPS. So UPS didn't just up and decide some practice or policy out of the blue; in fact they don't have the legal right to.

[Curmudgeon]

Understood. But that still doesn't obviate the reality that having a vested pension after so short a period of time is nothing to sneeze at.

[Jamerschris]

No one is complaining here... I was just asking why this was like this

[Keeper]

Did you ask to roll it over or did you ask for a check made out to you? I have to agree it is probably written into the union agreement. Most companies want you roll it over. Did you ask the local co or the headquarters.

[GregoryS]

Originally Posted by Jamerschris

No one is complaining here... I was just asking why this was like this

It's really not a new thing. I worked for Western Electric(part of A.T.&T. at the time) in the 1970's and 80's. Was there for 10 years before the Bell System was broken up and the New Orleans service center was closed. We were union also(CWA). I was vested because I had 10 years but can not collect the small pension until I am 65. Looks like they may have to pay me after all in a few more years. It's really not very much(you can imagine it was calculated in 1980's dollars ) but every little bit helps I guess.

[Tek_Freek]

I joined the carpenters union right out of high school. Spent a year at it and enjoyed it. Winter weather convinced me other work was what I wanted.

I have a pension I'll get at 65. Fine by me.

[flyonpa]

Back in the early 80's I worked for a company with a penison plan, I worked for them for 6 years. (vested @ 5yrs). I was told that if the monthly amount was Less then $50/month (in there plan) they compute the actuarial amount of your pension and pay that to you in a lump sum, (you can then put in your own IRA/Roth???) at that point. If you were over $50/month they pay it when you are 65 as a monthly check. So When i hit 65, I;m looking forward to my $60/month check. Every year since I left i get a letter from them telling me the penision fund is correctly funded.