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Workers who exclusively work part-time for UPS aren’t eligible for its pension plan administered jointly by the International Brotherhood of Teamsters -- usually known as the UPS/IBT pension plan -- although they may receive a pension from the UPS pension plan.
UPS RETIREMENT PLAN is a Defined Benefit Plan providing retirees with a predetermined monthly retirement benefit upon reaching a specific age. The retirement benefit paid to a retiree is typically calculated using a formula which often employs years of credited service under the plan and salary information.
Pensions offer greater stability than 401 (k) plans. With your pension, you are guaranteed a fixed monthly payment every month when you retire. Because it's a fixed amount, you'll be able to budget based on steady payments from your pension and Social Security benefits. A 401 (k) is less stable.
Army Ups Mandatory Retirement Age. The U.S. Army has raised the mandatory retirement age for active duty soldiers to age 62, from age 55.