realbrown1
Annoy a liberal today. Hit them with facts.
I wasn't talking about the pension.
Pension after 25, 30 or 35 years?
- Thread starter Theoneandonly24
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realbrown1
Annoy a liberal today. Hit them with facts.
Nothing comes out of my paycheck for PEER.
1989
Well-Known Member
Maybe... I thought only PEER contributions could be withdrawn at 80, the rest were added at age 65.
I do know that after 5 years as a pt sup, I get 2.5 years towards 80.
By The Book
Well-Known Member
Right....you still get the hourly contributions for those hours, they just don't get you a point or pension credit. It is rare not to work 500 hours and usually it's the first year you were hired as a part timer. Just to be clear, you get all the monies at one time you just don't get a pension credit towards the rule of 80 if it's less than 500 hours.
By The Book
Well-Known Member
I was saying there isn't a choice, you can't choose peer or something else, it's only peer.
dookie stain
Cornfed whiteboy
clean hairy
Well-Known Member
The Southern Supplement (pages 248-252) has the pension info.
20 yrs at age 62, if I read it right.
then, 25, 30, 35 at any age.
It also has a minimum of working 40 weeks (for full time) and Minimum # of hours per year in a year for full credit each year.
Let's say Employee Joe Work Slow has a gravely ill Family Member, and has to use 12 weeks FMLA, then 3 weeks after all vacation and Option days have been used.
15 from 52 means Joe Work Slow only got in only 37 weeks that year.
So, Old Joe would have to work 36 years to get the 35 yr Pension, if I read it right?
20 yrs at age 62, if I read it right.
then, 25, 30, 35 at any age.
It also has a minimum of working 40 weeks (for full time) and Minimum # of hours per year in a year for full credit each year.
Let's say Employee Joe Work Slow has a gravely ill Family Member, and has to use 12 weeks FMLA, then 3 weeks after all vacation and Option days have been used.
15 from 52 means Joe Work Slow only got in only 37 weeks that year.
So, Old Joe would have to work 36 years to get the 35 yr Pension, if I read it right?
NonDeliverOtherMissed
Well-Known Member
So this whole pension thing starts up automatically when we are hired, and or become full time? We don't have to sign up or enroll? Sorry this was probably answered but when it comes to pensions and 401 stuff, I'm clueless. Where can I read up on this stuff? I have 12 years in total, and about 6 years FT PC driver.
By The Book
Well-Known Member
Your 401 k is your own savings plan, if you enroll, to invest as you choose. If your not in it start now. Your pension is automatically done thru your contract. You dont have a choice you just work until the numbers allow you to receive your pension.
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1989
Well-Known Member
If you work till you die, your pension will be more than enough.
UpstateNYUPSer(Ret)
Well-Known Member
How does a 6 yr FT PC driver not know about their pension and/or 401k?
oldupsman
Well-Known Member
Here's the sad part. I'm sure it's not just him. It's a whole generation who has no clue how these things work.
I just don't see how the union can survive.
Ms.PacMan
Well-Known Member
Years of service equaling 30 (incl pt) bump up your pension though. idk why but I'll give an example from our bldg. Central Region.
27yo off the street hire retires with 25yrs at 52 = $2k/mo
21yo pt, goes driving at 27, retires with 31yrs at 52 = $2500/mo + $300/mo pt pension.
Ms.PacMan
Well-Known Member
It's not.....I talked to a 10yr Pepsi driver who had no idea that he had a pension.
The shape our fund is in, I see more years of service in my future.
UpstateNYUPSer(Ret)
Well-Known Member
This is why planning for retirement is so crucial.
oldngray
nowhere special
I thought I might get grandfathered in when I retired and be protected from future cuts. I certainly was "protected" from any pension increases but the cuts are only a matter of time.
Thank God I out some money away.
Nothing is for certain anymore Pension plans are a scam.
twoweeled
Well-Known Member
I'm not sure what the early retirement is now, but it probably is best to retire early as possible. but if your going to retire early, make sure you start to save NOW!!!
Max out on your 401K, pre tax and post tax. Look into the Roth IRA. There won't be any tax advantage in the Roth, but max it out anyway. max everything you can. You'll naturally adjust to your net income. you'll also have a pretty good account when your able to retire too! If you put it off for a while and start dipping your toe with a smaller contribution, you'll cut your savings a lot in the end. Max out now, you won't regret it. The only problem that will arise (depending on your age now), you won't be able to start taking distributions till 59 1/2. Worry about that later. Save the money NOW!!
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