How Generous Is the UPS Retirement Plan?
Depending on eligibility, UPS employees can earn a pension plan that allows individuals to retire at age 55 after 10 years of service with the company. Additional retirement benefits include discounted stock purchase options and a 401(k) with the potential for a company match of contributions.
Pension plans are tax-exempt savings vehicles that are rare these days in modern benefit packages. The UPS pension plan is 100 percent paid for by UPS. Mid-range managers can earn up to $4,000 per month after 20 years of employment with the company. The longer the employee's tenure with the company, the bigger their benefit payout is likely to be.
The 401(k) retirement plan features diversified, flexible investment options as well as the possibility of employer match of contributions by eligible employees. Money adds up in the account year after year, allowing employees to comfortably save for retirement. Company match rates may vary, and not every employee is eligible for matching contributions. Most 401(k)s are portable, so the account can be taken with the employee even if he chooses to leave UPS for another employer.
Both the 401(k) and pension plans offer attractive, modern amenities, such as online account management and toll-free customer phone support.