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Retirement - Part-time yrs. + Full-time yrs < What U Think (UPS/IBT Plan)
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<blockquote data-quote="FAVREFAN" data-source="post: 1115582" data-attributes="member: 13078"><p>Most people in my hub have no idea either. All the 22.3's have been mislead into believing this as well. All full-time pensions are different from local to local, state to state. But as for your part-time years with the company part-time pension..........there is a 6% reduction in payout for each year you begin to take it under the age of 65. Ex......If you did 15 years part-time and that came out at $55X15=$825(approximate) So at 65 you would get $825 for your part-time years.......but if you left at 55, it would be reduced. 65 full pay at 55 it would be reduced by 10 years X 6%=60% So the $825 becomes $495.</p><p>I got caught in this boat. Local 705.......I was going to go full-time(22.3) with 20 years in but since I plan on leaving by 55 it would make no sense pension wise. If I stay part-time I can get the 25 and out($1,125), 30 and out($1,650) or 35 and out($1,925) at any age without a reduction under age 65.</p><p>My scenario would have been 20yrs x $55($60 for last 5 years) = $1,125 minus 10 years X 6%. So my 20 years part-time would go from $1,125 all the way down to $450. No thanks, I'll stick with 2 jobs and get my 35 and out at 53($1,925) or hang on till 55 for insurance if they still offer it then.(doubt it)</p><p></p><p>Same scenario for drivers, part-time pension is reduced 6% each year before age 65.</p></blockquote><p></p>
[QUOTE="FAVREFAN, post: 1115582, member: 13078"] Most people in my hub have no idea either. All the 22.3's have been mislead into believing this as well. All full-time pensions are different from local to local, state to state. But as for your part-time years with the company part-time pension..........there is a 6% reduction in payout for each year you begin to take it under the age of 65. Ex......If you did 15 years part-time and that came out at $55X15=$825(approximate) So at 65 you would get $825 for your part-time years.......but if you left at 55, it would be reduced. 65 full pay at 55 it would be reduced by 10 years X 6%=60% So the $825 becomes $495. I got caught in this boat. Local 705.......I was going to go full-time(22.3) with 20 years in but since I plan on leaving by 55 it would make no sense pension wise. If I stay part-time I can get the 25 and out($1,125), 30 and out($1,650) or 35 and out($1,925) at any age without a reduction under age 65. My scenario would have been 20yrs x $55($60 for last 5 years) = $1,125 minus 10 years X 6%. So my 20 years part-time would go from $1,125 all the way down to $450. No thanks, I'll stick with 2 jobs and get my 35 and out at 53($1,925) or hang on till 55 for insurance if they still offer it then.(doubt it) Same scenario for drivers, part-time pension is reduced 6% each year before age 65. [/QUOTE]
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Retirement - Part-time yrs. + Full-time yrs < What U Think (UPS/IBT Plan)
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