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Automotive News & Views United Automobile Workers of America (UAW)
16738 messages, Last post on Dec 03, 2009 at 10:07 AM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: imidazol97 (Jun 24, 2009 7:39 am) In Colorado, there is an optional 401(k)-like program they can contribute to as well. My wife works for a school district here in Colorado, and they base your pension off of the three highest earning years. I think it's 50% of that amount after 20 years, then an additional 2% for each year afterwards, up to a maximum of something like 75-80%. She's got 11 years to go to get to 20.
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Replying to: michaell (Jun 24, 2009 9:29 am) I've got my years and my age in but until I'm old enough to collect Social Security it doesn't make sense to retire. |
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Replying to: fezo (Jun 24, 2009 9:50 am) We're so far away from retirement it's not something that we think about that much.
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Replying to: michaell (Jun 24, 2009 10:03 am) |
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Replying to: fezo (Jun 24, 2009 9:50 am) After 25 years you can retire at 65% of your last years base salary.No age restriction. Overtime is NOT considered part of the base. Anything over the twenty five years is 1%/year, but ONLY up to 70%.That's the limit. Disability pension is 65% of your last year of employment. We also get a cost of living raise which is approx. one half of the yearly national cost of living. We also pay soc. security tax and can collect when 62 or whatever. When I die, my wife gets 1/2 of my pension and the medical benefits until she dies. At age 65 we must take Medicare and our health insurance picks up whatever medicare does not pay.
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Replying to: nortsr1 (Jun 24, 2009 11:01 am) One of the things that we've found is that many young people prefer a 401k to the defined-benefit pension plan. They don't expect to stay long enough with one company to collect a pension. They want the portability of the 401k. It's cash they can carry off with them, while pension plan contributions are usually lost, or are very small in cashout value. We've also found it makes it harder to recruit people in their 50's (when we want to buy the knowledge and experience rather than grow our own). Those people don't want the defined-benefit pension as they won't have enough time with us to grow it into a decent check. They would also rather have the 401k option. This may be changing since all our 401k's turned into 301k's, but that's what we've seen for the past several years. I personally am old enough, with enough years with my company, that I'm THRILLED that we still have a pension plan. I tend to believe that Steve's article about the experience of the WVA teachers is going to ring true for a lot of people. Still, I have to admit... the young generation doesn't seem interested in what we used to call a "career" with one company. Now a "career" involves hunting companies that will pay you for what you learned on your last job. |
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Replying to: lokki (Jun 24, 2009 11:21 am) 
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Replying to: andre1969 (Jun 24, 2009 11:26 am) |
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Replying to: nortsr1 (Jun 24, 2009 11:01 am) At this point I'm past 50% of salary fir full benefit and, like you, would have to hit Medicare at 65. I still have young kids though so I'd be costing eth state money. So it goes.... Where in NJ? I'm down just off the shore - Manahawkin. You have to come through to get to Long Beach Island unless you go there by boat.
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Replying to: nortsr1 (Jun 24, 2009 11:01 am)
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