Part time pension buyout - ON TOPIC

[wide load]

They are habitual liars.

-Bug-

Sounds like another group. I'll give you a hint (not that you need it), 3 letters it starts with T, ends with a U, with a tiny d in the middle.

 

[BigUnionGuy]

with a tiny d in the middle.

TdU.

I just got that.

 

[UpstateNYUPSer(Ret)]

Perhaps BUG should be SLUG.

(Slow Union Guy)

 

[BigUnionGuy]

Perhaps BUG should be SLUG.

(Slow Union Guy)

 

[wide load]

TdU.

I just got that.

They all have small d's

 

[BigUnionGuy]

They all have small d's

Metaphorically speaking....


TDU ??



-Bug-

 

[wide load]

Metaphorically speaking....


TDU ??



-Bug-

Yes. TDUers

 

[Andy n Texas]

Call your union local tomorrow morning to see if there is anything that they can do for you. Beyond that I don't really see where you have other options, especially if your record has been purged due to you not being vested.

I am curious about one thing. It has been nearly 30 years since you left----why the sudden interest? As was mentioned above, even if you did qualify, the monthly pension payment would be negligible, certainly less than $500/month.

Every little bit helps. Add 5 little bits together and you got a bigger bit = to SS. Plus SS check and investments through out the years and I am approaching $1M in assets. It costs $300 month for my fishing boat in dry stack storage. I need my boat to catch fish for meals. It's all part of the bigger plan.

 

[Andy n Texas]

Its a UPS plan, not part of IBT pension plan.

 

[BakerMayfield2018]

Every little bit helps. Add 5 little bits together and you got a bigger bit = to SS. Plus SS check and investments through out the years and I am approaching $1M in assets. It costs $300 month for my fishing boat in dry stack storage. I need my boat to catch fish for meals. It's all part of the bigger plan.

 

[Andy n Texas]

$1M = $100k a yr for 10 years, - inflation of 8% = $92k for 10 years, - 20% tax $74k a yr.

 

[Junkguy]

According to the pension plan documents, if the Accrued Benefit is $5,000 or less then they will automatically distribute a lump sum. If they mean $5,000 or less payable for the year in total then the OP should receive a distribution. With 5 vested years @ 60 /month per year, he's only at $3,600. That being said, I'm not sure if that's how they determine that. Contacting the pension plan board would be your best option to find out.

The value of a pension is usually calculated by the total amount paid out from 65 to the current life expectancy(80 currently) and then take that amount to current dollars so it doesn't take much to reach 5K. I worked 3 years and mine was valued at over 20K.

 

[clean hairy]

According to the pension plan documents, if the Accrued Benefit is $5,000 or less then they will automatically distribute a lump sum. If they mean $5,000 or less payable for the year in total then the OP should receive a distribution. With 5 vested years @ 60 /month per year, he's only at $3,600. That being said, I'm not sure if that's how they determine that. Contacting the pension plan board would be your best option to find out.

This is what happened with my Wife.
She had worked 8 or 9 years at a previous Employer, and she was offered $17 per month starting at age 65, or she could take the lump sum, ( I think $4,600)
From checking with others, it was so they could clear books of amounts this small amount.