Retirement

Ive read a lot of retirement discussions on here, and am more confused than ever. Can someone just tell me when I can retire? I'm starting Monday as a PT package handler. I'l be 37 in a few months, and plan to be a driver in 3 years. When can I retire? When I'm dead?
 
Depends upon your pension plan.

Ours (Upstate NY) you have to be at least 55 with at least 30 years of service in order to receive a full pension.
Wish I would have started at 18. I' not too worried with receiving the whole thing. Just wondering how old I'll be when I can get at least some of it. I read somewhere it was 25 years in, and 57 years old. 25 years I'll be 61.
 

Jones

fILE A GRIEVE!
Staff member
Ive read a lot of retirement discussions on here, and am more confused than ever. Can someone just tell me when I can retire? I'm starting Monday as a PT package handler. I'l be 37 in a few months, and plan to be a driver in 3 years. When can I retire? When I'm dead?
A lot depends on where you're at, different locals, different pension plans, etc.
 

UpstateNYUPSer(Ret)

Well-Known Member
Wish I would have started at 18. I' not too worried with receiving the whole thing. Just wondering how old I'll be when I can get at least some of it. I read somewhere it was 25 years in, and 57 years old. 25 years I'll be 61.

You need to work at least 5 years to be vested. If you do not work the required number of years you cannot start collecting until you turn 65.
 

Jones

fILE A GRIEVE!
Staff member
Wish I would have started at 18. I' not too worried with receiving the whole thing. Just wondering how old I'll be when I can get at least some of it. I read somewhere it was 25 years in, and 57 years old. 25 years I'll be 61.
Under our plan you're vested after 5 years, as long as you're vested you can take early retirement at 50 with a 50% reduction on your accrued pension, wait til 55 and take a 25% reduction or stay til 60 and the full amount. Current accrual is about $270/month per year worked so assuming no changes at 50 you would get about 1750/month, at 55 you would get about 3645/month and if you stuck it out to 60 you would get about 6200/month.
 

BrownFlush

Woke Racist Reigning Ban King
Ive read a lot of retirement discussions on here, and am more confused than ever. Can someone just tell me when I can retire? I'm starting Monday as a PT package handler. I'l be 37 in a few months, and plan to be a driver in 3 years. When can I retire? When I'm dead?
The good news is when you're dead you don't have to work anymore.
 

Brownslave688

You want a toe? I can get you a toe.
Under our plan you're vested after 5 years, as long as you're vested you can take early retirement at 50 with a 50% reduction on your accrued pension, wait til 55 and take a 25% reduction or stay til 60 and the full amount. Current accrual is about $270/month per year worked so assuming no changes at 50 you would get about 1750/month, at 55 you would get about 3645/month and if you stuck it out to 60 you would get about 6200/month.
270 a month? So I'd get over 9k at 35 years?
 

upschuck

Well-Known Member
270 a month? So I'd get over 9k at 35 years?
That is starting today, probably. It normally raises most contracts. I think the Central's is $175/month per year of service. Of course, us old farts will receive less, because that amount was lower in previous years.
 

Shiftless

Well-Known Member
Good for you for trying softfoot13!

For me, thinking of starting at almost 37 years of age PT with the "hopes of being full time driver in 3 years" at age 40, would give me some "SERIOUS" pause to what I was getting into.

Maybe knowing when I can retire maybe one of the right question's to ask. Knowing what my chances are in being able to make it on to the drivers list then become a driver would have been high on my list, let alone how physical and mental the job is, would be my priority question.

Then again I don't know Shift!

I myself could have never done this job starting at the age of 37. Altho I saw a few get hired and try their hand at a driver position in their early 30's. I would say from my experience maybe, just maybe 10% were able to so.
 

cachmeifucan

Well-Known Member
In 705 I think it's 108$ a year for full-time and 60 a year for part time. So you won't get any part time pension unless u make 5 years part time. And I think you need 10 years to be vested in full-time pension. 705 is a strong union with great leadership.oh and we get 1000 per full-time year as long as our pension fund stays above a certain level. And if we make 40 years full-time we get another 200 $ bump to cover cost of the raise in health care for retirees
 

1989

Well-Known Member
In 705 I think it's 108$ a year for full-time and 60 a year for part time. So you won't get any part time pension unless u make 5 years part time. And I think you need 10 years to be vested in full-time pension. 705 is a strong union with great leadership.oh and we get 1000 per full-time year as long as our pension fund stays above a certain level. And if we make 40 years full-time we get another 200 $ bump to cover cost of the raise in health care for retirees
Um, those figures aren’t very strong. Less than half of what some other pensions pay out.
Last I saw your pension was in critical status and receiving a bail out. Meaning employers were paying a 10% surcharge on top of contributions.
 

rod

Retired 22 years
Ive read a lot of retirement discussions on here, and am more confused than ever. Can someone just tell me when I can retire? I'm starting Monday as a PT package handler. I'l be 37 in a few months, and plan to be a driver in 3 years. When can I retire? When I'm dead?

Why don't you work 25 or 30 years and come back and we can discuss it.
 
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