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Brown Cafe UPS Forum
UPS Retirement Topics
Whats your pension ? Union dues Etc.
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<blockquote data-quote="JonFrum" data-source="post: 794918" data-attributes="member: 18044"><p>The Pension Fund Trustees would say that they have a huge pile of money waiting to pay to you and other present and future retirees. This money is finite however. The more generous they are by letting you retire early, or by paying you more in each monthly pension check, the quicker they run low on cash, and eventually have to start cutting benefits and demanding higher contribution rates.</p><p> </p><p>Pension funds create all sorts of annoying rules that urge potential retirees to postpone retirement. These rules keep the fund's assets from dwindling too fast.</p><p> </p><p>The big problem is when an active participant retires, the fund takes a double hit. The fund no longer has the $7 per hour or so coming in, and they now have to pay out several thousand a month in pension benefits to the new retiree (and his surviving spouse) for several decades.</p><p> </p><p>Restrictions on what work you can do after you retire may be unfairly written, but the basic idea is to discourage people from retireing early, and draining the fund, when they could in fact keep working a few more years.</p><p> </p><p>I believe the restrictions only apply to retirees under age 70 or so. By Law after that you can work anywhere for as many hours as you wish. If you continued working for UPS, for example, you would receive your monthly pension check while working, and you would be increasing the future benefit amount as you continued to have contributions made on your behalf.</p></blockquote><p></p>
[QUOTE="JonFrum, post: 794918, member: 18044"] The Pension Fund Trustees would say that they have a huge pile of money waiting to pay to you and other present and future retirees. This money is finite however. The more generous they are by letting you retire early, or by paying you more in each monthly pension check, the quicker they run low on cash, and eventually have to start cutting benefits and demanding higher contribution rates. Pension funds create all sorts of annoying rules that urge potential retirees to postpone retirement. These rules keep the fund's assets from dwindling too fast. The big problem is when an active participant retires, the fund takes a double hit. The fund no longer has the $7 per hour or so coming in, and they now have to pay out several thousand a month in pension benefits to the new retiree (and his surviving spouse) for several decades. Restrictions on what work you can do after you retire may be unfairly written, but the basic idea is to discourage people from retireing early, and draining the fund, when they could in fact keep working a few more years. I believe the restrictions only apply to retirees under age 70 or so. By Law after that you can work anywhere for as many hours as you wish. If you continued working for UPS, for example, you would receive your monthly pension check while working, and you would be increasing the future benefit amount as you continued to have contributions made on your behalf. [/QUOTE]
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