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<blockquote data-quote="Catatonic" data-source="post: 673398" data-attributes="member: 7966"><p><strong>Re: BD 2 unit person</strong></p><p></p><p></p><p></p><p>I'm not sure I follow your point here. Most men do not look forward to retirement - they wind up getting a job within 6 months to 2 years after retirement or dying. (source: Ernie J. Zelinsky)</p><p>Also, UPS does not offer retirement until age 65 with less than 35 years and at age 60 with 35 or more years of service. </p><p></p><p>If a person takes "early retirement" the amount of your pension is reduced actuarially for the monthly payout plus UPS imposes a penalty of 3% per year as Jingles outlined in this thread. (He was right on if you have 35 years of service so I am assuming he was correct for less than 35 years of service. See below for Jingle's post.)</p><p>I assume the amount paid out in the SRP is to offset the penalty that UPS imposes. Once you do a Net Present Value analysis of the SRP payout versus what UPS penalizes the retiree, there is not much financial difference.</p><p></p><p>This is one of the first things that financial advisers make you aware of when you start working on financial models. The penalty UPS imposes is fairly significant over a 30 year payout but not enough to keep someone from retiring if they are ready.</p></blockquote><p></p>
[QUOTE="Catatonic, post: 673398, member: 7966"] [b]Re: BD 2 unit person[/b] I'm not sure I follow your point here. Most men do not look forward to retirement - they wind up getting a job within 6 months to 2 years after retirement or dying. (source: Ernie J. Zelinsky) Also, UPS does not offer retirement until age 65 with less than 35 years and at age 60 with 35 or more years of service. If a person takes "early retirement" the amount of your pension is reduced actuarially for the monthly payout plus UPS imposes a penalty of 3% per year as Jingles outlined in this thread. (He was right on if you have 35 years of service so I am assuming he was correct for less than 35 years of service. See below for Jingle's post.) I assume the amount paid out in the SRP is to offset the penalty that UPS imposes. Once you do a Net Present Value analysis of the SRP payout versus what UPS penalizes the retiree, there is not much financial difference. This is one of the first things that financial advisers make you aware of when you start working on financial models. The penalty UPS imposes is fairly significant over a 30 year payout but not enough to keep someone from retiring if they are ready. [/QUOTE]
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