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What's the earliest I can retire and get full medical??
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<blockquote data-quote="104Feeder" data-source="post: 1051246" data-attributes="member: 42554"><p>I think you are referring to the bonus they pay depending on how our investments work. The PEER is pretty straight forward, say you started at age 20 you have 30 years of work and 30 years of age til you hit your 80 points (on date of hire not birthday). 5 years til you are vested. 500 hours in a year gets you credit toward a vested year of coverage, so if you work past the hire date where you hit your 80 you increase your benefit. There was a meeting some years ago where I remember a fight because they had to reduce the bonus but I think they explained it pretty well. I believe it was reduced by half, and some of it had to do with bad loans made to Fife Symington's failed downtown Mercado project. </p><p></p><p>I would plan on meeting with Southwest Administrators about 3 years out from your anticipated retirement date and double checking what they have for credited hours and then repeating this each year. I know I am just short of 500 hours for my first year of part-time so I will be working past what should be my retirement date at least 3 months. Hope you saved your pay stubs!</p><p></p><p>Could you also be referring to the catch-up provision of 401k rules that allow you to contribute an additional $5500 in 2012 & 2013 if you are over age 50?</p></blockquote><p></p>
[QUOTE="104Feeder, post: 1051246, member: 42554"] I think you are referring to the bonus they pay depending on how our investments work. The PEER is pretty straight forward, say you started at age 20 you have 30 years of work and 30 years of age til you hit your 80 points (on date of hire not birthday). 5 years til you are vested. 500 hours in a year gets you credit toward a vested year of coverage, so if you work past the hire date where you hit your 80 you increase your benefit. There was a meeting some years ago where I remember a fight because they had to reduce the bonus but I think they explained it pretty well. I believe it was reduced by half, and some of it had to do with bad loans made to Fife Symington's failed downtown Mercado project. I would plan on meeting with Southwest Administrators about 3 years out from your anticipated retirement date and double checking what they have for credited hours and then repeating this each year. I know I am just short of 500 hours for my first year of part-time so I will be working past what should be my retirement date at least 3 months. Hope you saved your pay stubs! Could you also be referring to the catch-up provision of 401k rules that allow you to contribute an additional $5500 in 2012 & 2013 if you are over age 50? [/QUOTE]
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What's the earliest I can retire and get full medical??
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