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Driver Buyouts?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 821926" data-attributes="member: 12570"><p>I think any driver buyout would have to be coupled with a two-tiered wage structure with a longer wage-progression schedule to make any sense.</p><p> </p><p>I will use myself as an example of why a buyout may not be the best option. I have 22 years of service and I am covered by the NYS Teamsters. We have to have 30 years of service and be at least 55 to receive a normal pension. If I am offered and accept a buyout I would then have 6 years before I could begin receiving pension payments. I would not be able to access my 401k without penalty until I am 59 1/2 unless I go with the 72t option. Our pension is in a rehab plan and could not afford to start paying pensions early for such a large number of newly "retired" employees. They also cover our medical benefits and, as with the pension, this could cause a strain.</p><p> </p><p>A buyout would have to be lucrative enough to cover me for the 6 years or so before I could start drawing on my pension. I can't imagine them offering more than 2 years salary, if that. I just don't see it happening.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 821926, member: 12570"] I think any driver buyout would have to be coupled with a two-tiered wage structure with a longer wage-progression schedule to make any sense. I will use myself as an example of why a buyout may not be the best option. I have 22 years of service and I am covered by the NYS Teamsters. We have to have 30 years of service and be at least 55 to receive a normal pension. If I am offered and accept a buyout I would then have 6 years before I could begin receiving pension payments. I would not be able to access my 401k without penalty until I am 59 1/2 unless I go with the 72t option. Our pension is in a rehab plan and could not afford to start paying pensions early for such a large number of newly "retired" employees. They also cover our medical benefits and, as with the pension, this could cause a strain. A buyout would have to be lucrative enough to cover me for the 6 years or so before I could start drawing on my pension. I can't imagine them offering more than 2 years salary, if that. I just don't see it happening. [/QUOTE]
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