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Whoa, that monthy amount is based on the interest it is expected will be earned over the next 40 years not now. If it is a pension employee contributions might be available but since he said he contributed none that would explain why there isn't anything to roll over. There is a major difference between a pension and a 401B.
I don't really understand what the OP does not understand, he is now qaulified for a pension, something very rare these days, he gets his pension or it starts at age 65. He is now 25 why should he expect them to pay him now? why would anyone expect a pension which is for retirement to be paid to them any earlier than the set retirement age?
According to current regs, the OP cannot begin to collect social security until he attains age 67. If the UPS pensions kicks in at age 65, he'll be getting that money two years before his "official" retirement.
According to current regs, the OP cannotbegin to collect social security until he attains age 67. If the UPS pensions kicks in at age 65, he'll be getting that money two years before his "official" retirement.
Not so. He will be able to begin collecting Social Security at age 62, with reduced benefits for life. Sixty-seven will be his "full retirement age".
By the way, all these Social Security retirement ages have little to do with peoples' actual retirement; they are just ages at which certain levels of retirement benefits become available from Social Security if one applies for them and has qualified for them by 40 quarters of work on which FICA taxes were paid. Some people retire at those ages, some people retire before, and some people keep working beyond them.
I got the summary at in the year 2051 I can expect a monthly payment of $320... again I never expected to get it this early. I just asked some of you if you knew why they started it at 65 and not earlier. It says if you put 10 years at UPS then you can get your pension at 50.
Not so. He will be able to begin collecting Social Security at age 62, with reduced benefits for life. Sixty-seven will be his "full retirement age".
By the way, all these Social Security retirement ages have little to do with peoples' actual retirement; they are just ages at which certain levels of retirement benefits become available from Social Security if one applies for them and has qualified for them by 40 quarters of work on which FICA taxes were paid. Some people retire at those ages, some people retire before, and some people keep working beyond them.
Sorry - slip of the finger. I left out the critical word "full". I will now go stand in the corner for 10 minutes.
I got the summary at in the year 2051 I can expect a monthly payment of $320... again I never expected to get it this early. I just asked some of you if you knew why they started it at 65 and not earlier. It says if you put 10 years at UPS then you can get your pension at 50.
If you returned to UPS, would your previous employment be counted toward those 10 years?
yes at anytime it still counts is what they have told me. which is always good if I can work another 5 years and get it at 50.
To be honest UPS is Hard work for someone who is out of shape when it comes to unloading trucks and sorting packages. In my 6 years there They were a wonderful company to work for, and the benefits are good also. I quit because I had another full time job it was taking a toll on my body.
Last edited by Jamerschris; 09-13-2011 at 09:08 AM..
Reason: didnt get to type everything
I got the summary at in the year 2051 I can expect a monthly payment of $320... again I never expected to get it this early. I just asked some of you if you knew why they started it at 65 and not earlier. It says if you put 10 years at UPS then you can get your pension at 50.
It's a matter of "vesting" for the employee and accruing interest for the pension fund. Defined benefit retirement plans/pensions are increasingly rare these days so count your blessings.
But thanks for posting this. It reminded me that back in a former life I was with the, then, Retail Clerks Union for six years. It's since been rolled into the United Food and Commercial Workers Union and I just contacted their pension fund to see if I have anything coming (I'm 65). If I do, I win. If I don't, I've lost nothing.
I got the summary at in the year 2051 I can expect a monthly payment of $320... again I never expected to get it this early. I just asked some of you if you knew why they started it at 65 and not earlier. It says if you put 10 years at UPS then you can get your pension at 50.
My husband's employer had a company paid pension like that and he was eligible for the monthly check at 59 1/2. A company paid pension 100% funded by the employer is getting to be a thing of the past.
Hold on to all your records and paperwork for the next 40 years and hope you are fortunate enough that your next employer has this benefit. People confuse 401k that employees contribute to, to company paid pensions.
Extra money from former employers will come in handy when you retire.
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