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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 352931" data-attributes="member: 12570"><p>We just had a driver retire and he had looked in to the possibility of staying, based partly on this new incentive, and the numbers just did not make it worthwhile for him in his situation. That is not to say that it may not work for others as each situation is unique. I have 11 years to go but I will definitely look in to it as I get closer and to see if, along with all of my other financials, it would be a worthwhile option to pursue. </p><p> </p><p>Basically, from what I read, you have the option of receiving an increased monthly benefit or a lump sum payment based upon the number of months that you defer payment as a percentage of your normal annual pension payment. I will admit that I did not fully understand all of the math but it was approx. an extra $1-2K/month if you deferred retirement for 5 years. As I said above, this decision would be a personal one based upon personal factors but our most recent retiree simply said the math was not worth it, for him.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 352931, member: 12570"] We just had a driver retire and he had looked in to the possibility of staying, based partly on this new incentive, and the numbers just did not make it worthwhile for him in his situation. That is not to say that it may not work for others as each situation is unique. I have 11 years to go but I will definitely look in to it as I get closer and to see if, along with all of my other financials, it would be a worthwhile option to pursue. Basically, from what I read, you have the option of receiving an increased monthly benefit or a lump sum payment based upon the number of months that you defer payment as a percentage of your normal annual pension payment. I will admit that I did not fully understand all of the math but it was approx. an extra $1-2K/month if you deferred retirement for 5 years. As I said above, this decision would be a personal one based upon personal factors but our most recent retiree simply said the math was not worth it, for him. [/QUOTE]
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