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Pensions everywhere need to be alert.
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<blockquote data-quote="DELACROIX" data-source="post: 5448185" data-attributes="member: 49065"><p>That “<strong>Rule of 55” </strong>only applies to the 401k it has nothing to do with individual pension accounts.</p><p></p><p>It just eliminates the <strong>“additional 10 % penalty from the 30% early withdraw. </strong>You still have to pay a <strong>20 % IRS tax even after age 59 1/2.</strong></p><p></p><p>According to the Contract language (Article 34) Master monetary contributions are <strong>supposed </strong>to be going into our individual pension trusts. Last I heard that weekly total is over <strong>500 dollars, </strong>same as our Health and Welfare contributions.</p><p></p><p>Every pension trust in America can only dream if it had access to that kind of employee contributions. We are talking about <strong>over 2,000 a month, can you imagine the return over a 25 or 30 year span. </strong>Even with market fluctuations it probably would pay out well over <strong>10,000 a month easily. </strong>Right now <strong>Peer 80</strong> <strong>is quoting close to a 9,000... 300 dollars per service year.</strong></p></blockquote><p></p>
[QUOTE="DELACROIX, post: 5448185, member: 49065"] That “[B]Rule of 55” [/B]only applies to the 401k it has nothing to do with individual pension accounts. It just eliminates the [B]“additional 10 % penalty from the 30% early withdraw. [/B]You still have to pay a [B]20 % IRS tax even after age 59 1/2.[/B] According to the Contract language (Article 34) Master monetary contributions are [B]supposed [/B]to be going into our individual pension trusts. Last I heard that weekly total is over [B]500 dollars, [/B]same as our Health and Welfare contributions. Every pension trust in America can only dream if it had access to that kind of employee contributions. We are talking about [B]over 2,000 a month, can you imagine the return over a 25 or 30 year span. [/B]Even with market fluctuations it probably would pay out well over [B]10,000 a month easily. [/B]Right now [B]Peer 80[/B] [B]is quoting close to a 9,000... 300 dollars per service year.[/B] [/QUOTE]
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