Pension after 25, 30 or 35 years?

1989

Well-Known Member
I know you were tired last night so let me help you out with an example. Let's say you started today at 30 years old as a part time employee, you took 5 years to get to full time. Your first year you worked 400 hours, so this will not count as a pension credit. Now let's move ahead to retirement time using the rule of 80. You will have to have worked over 500 hours for 25 years to be eligible. Your first year you only worked 400 hours so it will be added to your pension check as soon as you reach the rule of 80. You don't wait til 65 to get that money.
Maybe... I thought only PEER contributions could be withdrawn at 80, the rest were added at age 65.
I do know that after 5 years as a pt sup, I get 2.5 years towards 80.
 

By The Book

Well-Known Member
Maybe... I thought only PEER contributions could be withdrawn at 80, the rest were added at age 65.
I do know that after 5 years as a pt sup, I get 2.5 years towards 80.
Right....you still get the hourly contributions for those hours, they just don't get you a point or pension credit. It is rare not to work 500 hours and usually it's the first year you were hired as a part timer. Just to be clear, you get all the monies at one time you just don't get a pension credit towards the rule of 80 if it's less than 500 hours.
 

clean hairy

Well-Known Member
The Southern Supplement (pages 248-252) has the pension info.
20 yrs at age 62, if I read it right.
then, 25, 30, 35 at any age.
It also has a minimum of working 40 weeks (for full time) and Minimum # of hours per year in a year for full credit each year.
Let's say Employee Joe Work Slow has a gravely ill Family Member, and has to use 12 weeks FMLA, then 3 weeks after all vacation and Option days have been used.
15 from 52 means Joe Work Slow only got in only 37 weeks that year.
So, Old Joe would have to work 36 years to get the 35 yr Pension, if I read it right?
 

NonDeliverOtherMissed

Well-Known Member
So this whole pension thing starts up automatically when we are hired, and or become full time? We don't have to sign up or enroll? Sorry this was probably answered but when it comes to pensions and 401 stuff, I'm clueless. Where can I read up on this stuff? I have 12 years in total, and about 6 years FT PC driver.
 

By The Book

Well-Known Member
So this whole pension thing starts up automatically when we are hired, and or become full time? We don't have to sign up or enroll? Sorry this was probably answered but when it comes to pensions and 401 stuff, I'm clueless. Where can I read up on this stuff? I have 12 years in total, and about 6 years FT PC driver.
Your 401 k is your own savings plan, if you enroll, to invest as you choose. If your not in it start now. Your pension is automatically done thru your contract. You dont have a choice you just work until the numbers allow you to receive your pension.
 
Last edited:

1989

Well-Known Member
So this whole pension thing starts up automatically when we are hired, and or become full time? We don't have to sign up or enroll? Sorry this was probably answered but when it comes to pensions and 401 stuff, I'm clueless. Where can I read up on this stuff? I have 12 years in total, and about 6 years FT PC driver.
If you work till you die, your pension will be more than enough.
 

Ms.PacMan

Well-Known Member
It's different here. Our part time pension is different from our full time pension . My part time years count as years of service but not towards my full time pension
Years of service equaling 30 (incl pt) bump up your pension though. idk why but I'll give an example from our bldg. Central Region.

27yo off the street hire retires with 25yrs at 52 = $2k/mo

21yo pt, goes driving at 27, retires with 31yrs at 52 = $2500/mo + $300/mo pt pension.
 
Years of service equaling 30 (incl pt) bump up your pension though. idk why but I'll give an example from our bldg. Central Region.

27yo off the street hire retires with 25yrs at 52 = $2k/mo

21yo pt, goes driving at 27, retires with 31yrs at 52 = $2500/mo + $300/mo pt pension.
The shape our fund is in, I see more years of service in my future.
 

twoweeled

Well-Known Member
Hello, I recently got promoted to a fulltime PC driver in the NJ area and I keep hearing senior drivers saying work 25 years and retire. But I looked at the High lights from the most recent contract and under the Pension changes I only see 30 or 35 years of service pension options, So are the drivers wrong? You cant retire until you work atleast 30 years? And another question, you get 1 year credit towards your pension if you work 2080 hours for the year. Does that mean 2080 hours of regular hours or can I add my OT hours into that? Thanks!
I'm not sure what the early retirement is now, but it probably is best to retire early as possible. but if your going to retire early, make sure you start to save NOW!!!
Max out on your 401K, pre tax and post tax. Look into the Roth IRA. There won't be any tax advantage in the Roth, but max it out anyway. max everything you can. You'll naturally adjust to your net income. you'll also have a pretty good account when your able to retire too! If you put it off for a while and start dipping your toe with a smaller contribution, you'll cut your savings a lot in the end. Max out now, you won't regret it. The only problem that will arise (depending on your age now), you won't be able to start taking distributions till 59 1/2. Worry about that later. Save the money NOW!!
 
Top