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<blockquote data-quote="vantexan" data-source="post: 927523" data-attributes="member: 24302"><p>I'll have a go...under the old plan you were fully vested after 5 years, which means you are entitled to a monthly payment upon retiring at atleast 55. Take your highest 5 paid years before the pension was terminated in 2008, average them together, take 2% of that number, multiply the 2% by the number of years you worked at least 1000 hrs that year, and you'll have your annual pension. Divide by 12 and you'll have your monthly payment. For example, your 5 highest paid years averaged to 40,000. Take 2% which is $800, multiply it by years of service(the maximum you can count is 25, even if you work more years than that). 25 times $800 is $20,000, which is 50% of your highest annual average(50% is the most you can get). You got the full pension at 60, and could take it as early as 55, but each year you took it early would cost you 3% a year, or 15% less at 55.</p><p></p><p>The new cash balance plan places a percentage of your annual gross pay into an account for you, and pays interest on the account in the amount of 1% each quarter of whatever you have in the account. There are 4 percentages that determine how much goes into the account, 3, 5, 7, and 9%. You'll start at 3%, and you'll eventually move up into the higher percentages based on a point system, which is your age plus years of service combined. Thus if you start at 25, you'll have 75 points at age 50(75 being required to reach 9%). The sad part is that if you are only getting 3% raises and 3% placed in your retirement plan, you'll have very little in that plan the first 10 years. The old pension would've most likely earned you at least a $500 to $600 a month payment after your first 10 years.</p><p></p><p>Hope this helps!</p></blockquote><p></p>
[QUOTE="vantexan, post: 927523, member: 24302"] I'll have a go...under the old plan you were fully vested after 5 years, which means you are entitled to a monthly payment upon retiring at atleast 55. Take your highest 5 paid years before the pension was terminated in 2008, average them together, take 2% of that number, multiply the 2% by the number of years you worked at least 1000 hrs that year, and you'll have your annual pension. Divide by 12 and you'll have your monthly payment. For example, your 5 highest paid years averaged to 40,000. Take 2% which is $800, multiply it by years of service(the maximum you can count is 25, even if you work more years than that). 25 times $800 is $20,000, which is 50% of your highest annual average(50% is the most you can get). You got the full pension at 60, and could take it as early as 55, but each year you took it early would cost you 3% a year, or 15% less at 55. The new cash balance plan places a percentage of your annual gross pay into an account for you, and pays interest on the account in the amount of 1% each quarter of whatever you have in the account. There are 4 percentages that determine how much goes into the account, 3, 5, 7, and 9%. You'll start at 3%, and you'll eventually move up into the higher percentages based on a point system, which is your age plus years of service combined. Thus if you start at 25, you'll have 75 points at age 50(75 being required to reach 9%). The sad part is that if you are only getting 3% raises and 3% placed in your retirement plan, you'll have very little in that plan the first 10 years. The old pension would've most likely earned you at least a $500 to $600 a month payment after your first 10 years. Hope this helps! [/QUOTE]
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