Hey! Hey! Congratulations. Enjoy your retirement bro. We're in the same WCT. Washington here. Looking at about 4-years and then it's my turn. How much pension a month is it for us in the West with 81-82 contributory points? If you don't mind me asking. Is the health $390 single, $780 married? Is there any optical or dental plans as a retiree? I'm assuming it's just medical for $390/$780 Thanks, I am enjoying retirement very much. I had 81 points when retiring. It's really not based on the points how much you will receive. It's more about the contribution. Retiring at age 60 with 20 years will net you less than retiring at age 50 with 30 years. I was (late)49 with 32 contribution years. There are also about 20 different payout options, with the largest being that your pension dies with you, no money continuing on for your spouse. That amount for me was roughly $4400mo. As far as medical, dental & vision, here we've been diverting 91 cents an hour for many years so that when we retire, there is no charge for our retirement medical, dental & vision. So you'll have to look into that yourself.
Two more questions. How much would your "modest home" sell for today in California? And, did you say you never called in sick or never used a sick day your whole career? I'm sure I'll get killed for calling my home modest, but my home is worth about $700k now. No, I couldn't afford to buy my house in today's market. I only paid about $225k. I just happen to have bought in a very desirable area. I've put a lot of work in to my home, a nice pool, etc... It is my oasis. I always say I vacation in my back yard!
Most definitely used my sick days. All of em, every year. I was saying I never cashed em in. Every year, they came around and asked us if we'd like to cash in sick days. I think if you had more than 40 on the books, they automatically cashed out any days over 40. They also wouldn't cash out any if you were under a certain number, not sure what it was. I never ever gave away an opportunity at a day off! You could also cash in your Option A and B vacation weeks....never, ever did!
Sorry one more. Do we get our entire sick bank paid out immediately after retirement? Here, they allowed us to either use them up on your way out the door, or they paid them out after retirement. I used up last years days to get to my set date a week earlier. I left this past June officially. I used 9 weeks of vacation plus a week sick to get out in April. Then here in July, they paid me all the sick time that I've accrued for this year, which was about 5 days worth. They have to pay you every penny you've accrued sick, vacations, birthdays, etc. in order to get you off their books clean.
Oops sorry a few more. What becomes of our 401(k) and Pacific Coast Benefits Trust? Our trust fund... Does it get rolled into some other investment arm? I'm thinking you're not 60 yet. I'll ask these questions and set up a meeting at a later point. Thought I'd just see what you can tell me now. Both the 401k and the PCBT can either stay right where it is until you need it, or you can roll it over into another qualified account. I'm 50 now, so I can't touch either without penalty until 59 1/2. If I were to remove either without rollover, I'm subject to the 20% tax plus the 10% penalty for early withdrawal. I've chosen to leave my 401k where it is for now, but am going to roll over that PCBT account in to an IRA. It's only $15k, but from what I've seen, it's a PITA to withdraw and the returns on that money are minimal. I've heard it takes forever to get out, and since I've got 9 1/2 years to go, I've got time to work on it now.