Yes there is a survivorship option, I’m just talking about the market, ups or whatever going under. My pension statements say that I will get so much per month, but in small print it says 36months guaranteed. So after 3 yrs my pension is no longer guaranteed.
No, it’s not what happens at all, central states just went through all of this, it would be reduced, but you still would receive money from the PBGC
That's only if the fund goes under and you will still get some money if it does go under
All the more reason to take the lump sum. What about where it says only guaranteed for 36 months? Were they just joking when they put that on? Those damn pranksters!No, it’s not what happens at all, central states just went through all of this, it would be reduced, but you still would receive money from the PBGC
Home Page | Pension Benefit Guaranty Corporation
www.pbgc.gov
But it says only guaranteed for 36 months. Some money, ha! Like $100 bucks a month
You better go check into it
I will
Measure twice cut once
I’m sure, I’m only repeating what the old heads in my building have told me. I’m not close yet so I haven’t checked, but I need to.
Sometimes Those old guys actually know a couple of things
I'm not even close yet either but a near retired UPS lifer was telling me you can draw from your 401k at 55 with no penalty if you have 30 years with the same co, have you seen this?
I wonder if they would still insure it once they learn that we were informed that only 36 months of payments are actually guaranteed? I’m not taking that chance, which is why I would elect for the lump sum.
Yes the rule of 55
I spent a good deal of time looking at it last weekend. It's based on 0.5% per month (6% per year) reduction for every month you begin to draw the pension before age 65. If you wait til age 65 to start drawing it, you get the full amount you're entitled to.
You do not have to have 30 years in with your employer. They two key points are leaving your employer between the ages of 55 and 59 1/2 and making the choice to withdraw funds from your 401(k) at that time. When I left my former employer (retired at 55), they gave me the choice if I wanted to take my 401k money out without penalty. I chose to leave it in (not take the withdrawal at age 55), then did a direct rollover into an IRA. Taking the money out at that time would have greatly increased my income and I did not want to be in a higher tax bracket and pay more out in income tax from my 401(k).
Wrong. I had 3 years PT and receiving the pension for it.
