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<blockquote data-quote="my2cents" data-source="post: 59055"><p>The New England Fund, as part of the recent changes, effective July 31, 2005, instituted a rule, which states: "A supplement of $1000 per month will be payable from age 60 to 62 if retiring on a Special Service or 3-Year Full Service Pension after October 1, 2008." I believe this rule was added to create an incentive for later retirements, which would have the effect of slowing the negative cash flow out of the fund. I wouldn't know if the Upstate New York Fund has the same idea in mind, although I noticed two of the employer trustees - J. Dawson Cunningham and Thomas K. Wotring, are trustees on both the New York and New England Fund. Furthermore, I assume the higher payouts go hand-in-hand with higher contribution rates because the funding level of the plan is not high.</p></blockquote><p></p>
[QUOTE="my2cents, post: 59055"] The New England Fund, as part of the recent changes, effective July 31, 2005, instituted a rule, which states: "A supplement of $1000 per month will be payable from age 60 to 62 if retiring on a Special Service or 3-Year Full Service Pension after October 1, 2008." I believe this rule was added to create an incentive for later retirements, which would have the effect of slowing the negative cash flow out of the fund. I wouldn't know if the Upstate New York Fund has the same idea in mind, although I noticed two of the employer trustees - J. Dawson Cunningham and Thomas K. Wotring, are trustees on both the New York and New England Fund. Furthermore, I assume the higher payouts go hand-in-hand with higher contribution rates because the funding level of the plan is not high. [/QUOTE]
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