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What exactly happens with a part time 5 year vested pension? Is it worth it to get just a 5 year pension?
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<blockquote data-quote="offroad6901" data-source="post: 4692092" data-attributes="member: 73102"><p>So, my understanding is that once I turn 21, the date of January 1st or July 1st, whichever occurs earliest after my 21st birthday is when I start to accrue vested pension credits? </p><p>Here is my example. I was hired in June, 2016. I turned 21 in beginning of December, 2017. I would say that 2018, from January 1st on, is my first year of eligible vested credit. Right now, if all that is indeed how the pension credits work, I would have full years for 2018, 2019, and 2020. Once I hit my 5th anniversary day in June, 2021, I will have accrued maybe a half or 3/4 credit for 2021, so my total vested credits would be 3.5 or 3.75, if I quit in June of next year?? That would equate, under my current contract and local supplement, to a monthly benefit if taken at FRA (65) equivalency of $60*3.75 = $225 (5 years and out), if I am reading it right.</p><p></p><p>Does anybody know anything more on this? Any help or further thoughts is appreciated. I am trying to gauge what I am working for and if anybody knows more than me. HU (HR, a.k.a. Human Uselessness) knows nothing. I can definitely stay, but I also need to move on eventually, as is with everything in life.</p></blockquote><p></p>
[QUOTE="offroad6901, post: 4692092, member: 73102"] So, my understanding is that once I turn 21, the date of January 1st or July 1st, whichever occurs earliest after my 21st birthday is when I start to accrue vested pension credits? Here is my example. I was hired in June, 2016. I turned 21 in beginning of December, 2017. I would say that 2018, from January 1st on, is my first year of eligible vested credit. Right now, if all that is indeed how the pension credits work, I would have full years for 2018, 2019, and 2020. Once I hit my 5th anniversary day in June, 2021, I will have accrued maybe a half or 3/4 credit for 2021, so my total vested credits would be 3.5 or 3.75, if I quit in June of next year?? That would equate, under my current contract and local supplement, to a monthly benefit if taken at FRA (65) equivalency of $60*3.75 = $225 (5 years and out), if I am reading it right. Does anybody know anything more on this? Any help or further thoughts is appreciated. I am trying to gauge what I am working for and if anybody knows more than me. HU (HR, a.k.a. Human Uselessness) knows nothing. I can definitely stay, but I also need to move on eventually, as is with everything in life. [/QUOTE]
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What exactly happens with a part time 5 year vested pension? Is it worth it to get just a 5 year pension?
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