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What are the requirements for retirement benefits?

Retirement Eligibility Requirements Age 65 with five or more years of service credit, or. At least age 62, meet the Rule of 80 (combined age and years of service credit equal at least 80), and have at least five years of service credit.

How long do you have to work at UPS to get a pension?

The Contribution-Based Pension is based on all Contributions paid on your behalf while you were a Participant in the Central States Pension Plan. You must have at least 5 years of Vesting Service. If you do not have Employer Contributions on or after January 1, 1999, you must have 10 years of Vesting Service.

How much pension do you get from UPS?

Baseline early retirement: $2,500 for 25-at-57. $3,500 for 30 and out at 57. $150 for each additional year pension credit up to $4,700 for 38 years of credit. But annual accrual has risen to the point that UPS Teamsters can retire at 30 years with approximately $4,000 per month.

What is the pension plan for UPS?

The UPS Pension Plan is noncontributory and includes certain eligible employees of participating domestic subsidiaries and members of collective bargaining units that elect to participate in the plan. This plan generally provides for retirement benefits based on service credits earned by employees prior to retirement.

How do I collect my retirement?

To qualify for retirement benefits, a worker must pay into Social Security, earning 40 credits over a minimum of 10 years, and cannot make a claim before age 62. Spouses and children also may be able to claim Social Security survivor benefits based on a worker's earnings history.

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How do I know if I have retirement benefits?

To track other resources you may have in retirement, start by getting your Social Security statement and an estimate of your retirement benefits on the Social Security Administration's website, www.socialsecurity.gov/mystatement.

How long is vested in UPS pension?

Employees become 100% vested in the UPS Retirement Contribution after three complete years of service.

When can you claim your retirement?

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

How much pension do you get from UPS?

Baseline early retirement: $2,500 for 25-at-57. $3,500 for 30 and out at 57. $150 for each additional year pension credit up to $4,700 for 38 years of credit. But annual accrual has risen to the point that UPS Teamsters can retire at 30 years with approximately $4,000 per month.

Does UPS have early retirement?

If you or your spouse are eligible for early retirement from UPS, you might have received a voluntary retirement program (VRP) offer. This means that instead of waiting to retire, you would cease working at UPS within the next year and receive a voluntary retirement payment.

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