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Pension question
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<blockquote data-quote="DELACROIX" data-source="post: 5567132" data-attributes="member: 49065"><p>…or who controls your pension…</p><p></p><p>It should all be the same or at least close… but there is a thing called <strong>politics </strong>and another called <strong>greed.</strong></p><p><strong></strong></p><p><strong>Everybody please indicate what local you are under when you ask anything related to pensions and health and welfare benefits.</strong></p><p></p><p>Generally you are vested after 5 years, right now you start vesting at the age of 21, before that no pension credit. If you quit before that 5 years I believe you get nothing or a next to nothing in a pay out. If you become vested you will get a pension once you reach age 65, before that if you want to collect it will be subject to a six percent penalty for every year prior to age 65.</p><p></p><p>Presuming you are a part timer under the Central your pay out at age 65 will be 5 percent of a standard 30 year pension when you left that plan.</p><p></p><p><strong>Roughly….95 dollars a month only at age 65..remember the 6 % penalty.</strong></p><p></p><p>That will probably cover a happy meal at McDonald’s 40 plus years from now… enjoy <img class="smilie smilie--emoji" loading="lazy" alt="😉" title="Winking face :wink:" src="https://cdn.jsdelivr.net/joypixels/assets/6.6/png/unicode/64/1f609.png" data-shortname=":wink:" /></p><p></p><p>The same formula generally applies to the full timers also unless you hit those listed service levels of 25, 30 and 35. You just get more with your full time years <strong>(in some cases)..</strong></p><p><strong></strong></p><p><strong>[USER=5382]@rod[/USER] got it right…Pathetic ain’t it..</strong></p></blockquote><p></p>
[QUOTE="DELACROIX, post: 5567132, member: 49065"] …or who controls your pension… It should all be the same or at least close… but there is a thing called [B]politics [/B]and another called [B]greed. Everybody please indicate what local you are under when you ask anything related to pensions and health and welfare benefits.[/B] Generally you are vested after 5 years, right now you start vesting at the age of 21, before that no pension credit. If you quit before that 5 years I believe you get nothing or a next to nothing in a pay out. If you become vested you will get a pension once you reach age 65, before that if you want to collect it will be subject to a six percent penalty for every year prior to age 65. Presuming you are a part timer under the Central your pay out at age 65 will be 5 percent of a standard 30 year pension when you left that plan. [B]Roughly….95 dollars a month only at age 65..remember the 6 % penalty.[/B] That will probably cover a happy meal at McDonald’s 40 plus years from now… enjoy 😉 The same formula generally applies to the full timers also unless you hit those listed service levels of 25, 30 and 35. You just get more with your full time years [B](in some cases).. [USER=5382]@rod[/USER] got it right…Pathetic ain’t it..[/B] [/QUOTE]
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