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<blockquote data-quote="Catatonic" data-source="post: 1105319" data-attributes="member: 7966"><p>I guess there are variable inputs then based on one's contribution to the pension plan.</p><p></p><p>The supervisor I reviewed was in supervision for 34 years and he was 59 and we were reviewing his monthly pension when he turned 60and he would have 40 years in. He had been getting the extra month's reward on MIP for ownership for the previous 13 years (or so) and he never sold stock.</p><p></p><p>This means he had no penalty for early retirement.</p><p>Management with 35 years has a full retirement age of 60 ... less than 35 years it is age 65.</p><p>There is a 3% penalty for each year a person retires before their full retirement age.</p><p></p><p>The $5400 per month was for himself only with nothing going to his wife if he died (he purchased life insurance instead).</p><p>Getting $3550 means retiring the minute you reach 55 and being at the bottom of the pay range for a supervisor and the spouse at 100% guarantee if you die.</p><p></p><p>The other thing I can think of is you are 40 now instead of the implied 55 or older.</p></blockquote><p></p>
[QUOTE="Catatonic, post: 1105319, member: 7966"] I guess there are variable inputs then based on one's contribution to the pension plan. The supervisor I reviewed was in supervision for 34 years and he was 59 and we were reviewing his monthly pension when he turned 60and he would have 40 years in. He had been getting the extra month's reward on MIP for ownership for the previous 13 years (or so) and he never sold stock. This means he had no penalty for early retirement. Management with 35 years has a full retirement age of 60 ... less than 35 years it is age 65. There is a 3% penalty for each year a person retires before their full retirement age. The $5400 per month was for himself only with nothing going to his wife if he died (he purchased life insurance instead). Getting $3550 means retiring the minute you reach 55 and being at the bottom of the pay range for a supervisor and the spouse at 100% guarantee if you die. The other thing I can think of is you are 40 now instead of the implied 55 or older. [/QUOTE]
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