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.
A lot depends on where you're at, different locals, different pension plans, etc.
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.
The good news is when you're dead you don't have to work anymore.
270 a month? So I'd get over 9k at 35 years?
Assuming they don't lower the accrual rate going forward (which they have in the past), yes. Whatever you've already accrued is locked in though, they only lower future accruals.
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.
I get 113 a month for most of my fulltime years at retirement.
Your accrual rate times the amount ups paid into it.
Um, those figures aren’t very strong. Less than half of what some other pensions pay out.
