Pension kicks in after 5 years? (55, pension plan, state, relations)

[Jamerschris]

I work at UPS and my pension kicks in after 5 years. is what I was told.... and I cant get it until im 55, is there anyway I could take a penalty hit If I were to quit after 5 years? anyone know

[PacificFlights]

do you mean you are vested after 5 years? Our pension plan is a pure pension plan, you are vested after 7 years meaning the pension is always there for you even if you no longer work there, but you can't access the money until the company retirment age of 55. i think until you reach the company retirment age, the money is technically the companies only set aside to cover pensions for all covered people, but not actually your money. But if you have a 401k and such, thats your money.

[janetvj]

Originally Posted by PacificFlights

do you mean you are vested after 5 years? Our pension plan is a pure pension plan, you are vested after 7 years meaning the pension is always there for you even if you no longer work there, but you can't access the money until the company retirment age of 55. i think until you reach the company retirment age, the money is technically the companies only set aside to cover pensions for all covered people, but not actually your money. But if you have a 401k and such, thats your money.

This is similar to the plan that my employer provided. You were vested after 5 years but if you left before 30 years you would have to wait until normal retirement age of 62 before you could collect. If you have a full 30 years of service there is no age requirement. And the pension amount for only 5 years of service is very minimal - you certainly couldn't live on it. The more years of service you have the higher the pension.

[Grandpa Pipes]

Originally Posted by Jamerschris

I work at UPS and my pension kicks in after 5 years. is what I was told.... and I cant get it until im 55, is there anyway I could take a penalty hit If I were to quit after 5 years? anyone know

Why are you asking this question here......the wrong place to ask.

UPS is union with the Teamsters being the union that represents the workers. Ask your union shop rep or inquire at the union hall. If that doesn't satisfy you then ask at your companies Human Relations department.

C-D IS THE WRONG PLACE TO ASK.

[Jamerschris]

I figured that there were some fellow UPS workers on here I could ask. Sorry If I offended you.

[MadManofBethesda]

Originally Posted by Tightwad

Why are you asking this question here......the wrong place to ask.

UPS is union with the Teamsters being the union that represents the workers. Ask your union shop rep or inquire at the union hall. If that doesn't satisfy you then ask at your companies Human Relations department.

C-D IS THE WRONG PLACE TO ASK.

Originally Posted by Jamerschris

I figured that there were some fellow UPS workers on here I could ask. Sorry If I offended you.

There was nothing wrong with your question, and your logic for asking it here is sound. Conversely, there was no reason for the sarcastic response you received from the previous poster.

It's at times like this that I wish C-D had an "anti-rep" button so that we could express our disapproval with a post just as we can rep one we like.

[Grandpa Pipes]

Originally Posted by Jamerschris

I figured that there were some fellow UPS workers on here I could ask. Sorry If I offended you.

You didn't offend me at all. However, THE best place to get this kind of info is where I suggested that you ask. It's your future isn't it? If it were me I'd want exact info from the very people that have first hand knowledge of your pension plan/rights.

I'd rather inform in a blunt , but direct ,manner to get the OP's attention so that no real harm is done with bad or half baked opinions so common on net boards. Some folks see that as sarcatic but it's not. Not at all.........

[Samantha S]

Originally Posted by Jamerschris

I work at UPS and my pension kicks in after 5 years. is what I was told.... and I cant get it until im 55, is there anyway I could take a penalty hit If I were to quit after 5 years? anyone know

Go to your HR or union rep and ask for a "Summary Plan Description".

They are required to give you one if you ask. This should explain your plan, how it works, how your benefit grows, when you can retire, etc. in layman's terms.

You also have the right to receive annually a personal statement of benefits from the plan administrator. If they are not already providing this, ask about it.

[MadManofBethesda]

Originally Posted by Tightwad

Why are you asking this question here......the wrong place to ask.

Originally Posted by Tightwad

I'd rather inform in a blunt , but direct ,manner to get the OP's attention so that no real harm is done with bad or half baked opinions so common on net boards. Some folks see that as sarcatic but it's not. Not at all.........

The reason that some folks see that as sarcastic is that you used an emoticon to specifically indicate that you were being sarcastic.

[Grandpa Pipes]

Originally Posted by MadManofBethesda

The reason that some folks see that as sarcastic is that you used an emoticon to specifically indicate that you were being sarcastic.

This is sarcastic,pal....