Pension Question for Central States -Married People only

[upschuck]

Does the monthly pension that you receive change depending upon which option you choose?

Yes, depending on age of spouse.

 

[UpstateNYUPSer(Ret)]

Yes, depending on age of spouse.

How so?

 

[upschuck]

So the ideal would be to leave her off and buy a term policy with the extra $$$.

I consider myself, self-insured.

 

[1989]

So the ideal would be to leave her off and buy a term policy with the extra $$$.

Most people do, from what I hear.

 

[upschuck]

How so?

My wife is about the same age as me, so not as much deducted as if she was 20 years younger, because she would potentially draw 20 years more from the plan.

 

[UpstateNYUPSer(Ret)]

Most people do, from what I hear.

Our retirees just lost 29%—-I wonder how many of those who chose that option would now like to have a re do?

 

[UpstateNYUPSer(Ret)]

My wife is about the same age as me, so not as much deducted as if she was 20 years younger, because she would potentially draw 20 years more from the plan.

So it is actuarially based?

 

[upschuck]

So it is actuarially based?

I guessing so, if I remember correctly, mine would be cut about $400/month for maybe wife getting 75% of that amount, I think.

 

[1989]

Geeez, the govt gives you $255 as a death benefit...what more do you need?

 

[UpstateNYUPSer(Ret)]

My ex will be getting 16% of my pension. She will get about $800/month if she waits until she is 65 and about half if she starts drawing when I do.

Mine would not change.

 

[1989]

My ex will be getting 16% of my pension. She will get about $800/month if she waits until she is 65 and about half if she starts drawing when I do.

Mine would not change.

Different from spouse survival ship.

 

[Mugarolla]

He/she should have to opt out, not in.

In the old Central States Plan, and the new UPS plan, the spouse has to opt out of the joint and survivor annuity.

In most, if not all states, the spouse has a legal right to at least a portion of that pension.

If I choose for my pension to end at my death. I sign the paperwork, I am the participant.

Your spouse has to sign off on not taking the joint and survivor benefit. Read your plan policy.

You wife would have to sign of on that

Correct.

No, but since you are currently my beneficiary, when I retire you will not be required sign off when I choose single life.

I believe that your spouse legally has to be your beneficiary if you are married.

True. You guys are making it sound like you have to add her as a beneficiary whereas with our fund she would have to opt out.

They have not read their plan summaries.

In fact, in the UPS Plan, the default pension for a married person is the qualified joint and survivor annuity. You must opt out of that if you want a single pension, and yes, your spouse has to sign off on it.

Does the monthly pension that you receive change depending upon which option you choose?

Yes, depending on the difference in your ages.

 

[IVE GOTTA PACKAGE 4U]

In the old Central States Plan, and the new UPS plan, the spouse has to opt out of the joint and survivor annuity.

In most, if not all states, the spouse has a legal right to at least a portion of that pension.



Your spouse has to sign off on not taking the joint and survivor benefit. Read your plan policy.



Correct.



I believe that your spouse legally has to be your beneficiary if you are married.



They have not read their plan summaries.

In fact, in the UPS Plan, the default pension for a married person is the qualified joint and survivor annuity. You must opt out of that if you want a single pension, and yes, your spouse has to sign off on it.



Yes, depending on the difference in your ages.

That's what I was trying to say you just can't cut your wife out of your pension when you die. It's not like throwing a dead cat in the dumpster

 

[Mugarolla]

That's what I was trying to say you just can't cut your wife out of your pension when you die. It's not like throwing a dead cat in the dumpster

Yup.

I gave you credit. I replied "correct" to your post.

 

[BigUnionGuy]

My ex will be getting 16% of my pension.

That's getting off cheap.

I'm guessing she had a job, the majority of the time ?

In most, if not all states, the spouse has a legal right to at least a portion of that pension.

That can depend on how long you were married.

They have not read their plan summaries.

Yep.

In fact, in the UPS Plan, the default pension for a married person is the qualified joint and survivor annuity. You must opt out of that if you want a single pension, and yes, your spouse has to sign off on it.

How much does your spouse love you ?

Welp.... there's a litmus test.



-Bug-

 

[UpstateNYUPSer(Ret)]

New York rules are 2% for each year that you were married while working at UPS.

Yes, I got off cheap.

 

[1989]

New York rules are 2% for each year that you were married while working at UPS.

Yes, I got off cheap.

Good thing you weren't married 50 years

 

[Mugarolla]

That can depend on how long you were married.

True.

How much does your spouse love you ?

Welp.... there's a litmus test.

How many can pass that "test?"

 

[IVE GOTTA PACKAGE 4U]

Good thing you weren't married 50 years

No woman is that crazy

 

[UpstateNYUPSer(Ret)]

Good thing you weren't married 50 years

It’s capped at 50%.