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Brown Cafe UPS Forum
UPS Union Issues
is there any chance of 25 and out at any age next contract?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 843330" data-attributes="member: 12570"><p>I would like to expand on Hondo's example of the 30 and out pension and the pros/cons of taking the $30,000 as a lump sum or as an increase of $240/month. Taking it as a lump sum would mean having to plan for the tax consequences-- a flat rate of 25% for Federal and a flat rate depending upon which state you live in. Conversely, an increase in your monthly pension payment would be taxed in the same manner as the base pension payment, which would most likely be lower than the rate for the bonus. However, at $240 per month, it would take just over 10 years to recoup the $30K.</p><p> </p><p>NYS Teamsters recently changed the 30 and out at any age to 30 and out with a minimum retirement age of 55. UPS contributes around $9/hr to our pension which is their base contribution plus our split raises.</p><p> </p><p>I think the days of 25 and out at any age are gone.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 843330, member: 12570"] I would like to expand on Hondo's example of the 30 and out pension and the pros/cons of taking the $30,000 as a lump sum or as an increase of $240/month. Taking it as a lump sum would mean having to plan for the tax consequences-- a flat rate of 25% for Federal and a flat rate depending upon which state you live in. Conversely, an increase in your monthly pension payment would be taxed in the same manner as the base pension payment, which would most likely be lower than the rate for the bonus. However, at $240 per month, it would take just over 10 years to recoup the $30K. NYS Teamsters recently changed the 30 and out at any age to 30 and out with a minimum retirement age of 55. UPS contributes around $9/hr to our pension which is their base contribution plus our split raises. I think the days of 25 and out at any age are gone. [/QUOTE]
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is there any chance of 25 and out at any age next contract?
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