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Retired & Working for the Same Company
Old 03-15-2008, 01:15 PM   #21
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Retired & Working for the Same Company

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Originally Posted by Rustic23 View Post
Can you retire, draw retirement pay, work 4 days a week for 80% pay?
Actually, according to HR at my Megacorp you can -- but you have to wait 6 months before you do. There needs to be a six month period between when you start retirement and when you return to work according to ERISA rules.

I'm getting ready to start 7 weeks vacation in May before my official July retirement date. Yes, they're making noises about can I come in periodically to help out in those first 7 weeks.

I don't care, if they want to pay me for it. Would I go back after the first of the year on part time? Not a chance.

As others have said, the offer of 80% pay doesn't equate to 80% work.

-- Rita
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Old 03-15-2008, 01:25 PM   #22
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Originally Posted by Keopele View Post
The company I work for is coming out with a plan to entice baby boomers to keep working. The fear of losing a substantial amount of company knowledge in a short period is scary. So, two new options are:

1) If you are eligible to retire and vested, you may choose to take a 20% pay reduction and work only 4 days/wk. I suspect you'll still be expected to keep nearly the same output level, not 20% less.

2) If you are eligible to retire and vested, you may choose to take a 20% pay reduction and get an extra 4 weeks of vacation. Many employees who have been around 25 years could have 10wks total.
Questions here.

(1) Does that 4-day work week come with a 20% reduction in actual hours worked and a 20% reduction in expected output as well? If not, what are they really giving you? If there is a 20% lower expectation, then the 20% pay-cut math works.

(2) Let's see. If someone got 6 weeks (!!) of vacation already (using your example), that leaves 46 weeks of work left. Getting 4 more weeks of vacation only reduces your workload by 8.7%, and yet you are taking 20% less pay for it! What a deal! And if you are expected to "catch up" for the work that piled on your desk in your absence with longer hours when you return, it's an even worse deal. To justify the 20% pay cut, you'd probably need at least a 15% cut in the number of weeks you work (the 5% difference accounts for benefit costs which remain relatively fixed).

For a couple of years, something like a dozen years ago with a former employer, you were able to "buy" vacation as a cafeteria benefit. Employees could buy one or two weeks for 1/52 of their annual salary per week, taken from payroll deductions weekly. So if you earned $52,000 a year, you could buy up to two more weeks of vacation for $1,000 per week, taken out at the rate of $19.23 per week. Back then I needed the money more than the time, so I didn't do it. Today I'd be all over that deal. Of course, next year I'll start getting five weeks off anyway (in my 10th year of service), so that's not too shabby, especially by U.S. standards.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

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Old 03-15-2008, 01:54 PM   #23
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...And if you are expected to "catch up" for the work that piled on your desk in your absence with longer hours when you return, it's an even worse deal....
My current j*b (15 years) has always been like that. The "catch up" is what makes an otherwise nice position, evil.
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Old 03-15-2008, 02:00 PM   #24
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Originally Posted by Achiever51 View Post
By the time I retired, I had five weeks annual vacation - plus about 17 or so corporate "holidays". My final boss used to make a big deal out of anyone in his department taking all their vacation. He would often remind us that he only used 2 or so weeks of his five weeks...implying that the rest of us should do the same. And, he'd never ok a vacation longer than two weeks -- no matter what -- so it was sometimes hard to get all your vacation time in. And, of course, he'd expect us to be "available" during vacation (ie., cell phone, blackberry, etc.)

I'd rather have 100% time off rather than ever work for another j**k like that!
He needs to get a life. These type of face time bosses don't realize that just because your face is in the office doesn't mean your mind is on the job. If you're burned out, you're probably costing more money with the mistakes and indifferent attitude. I just don't get the American work ethic.
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Old 03-15-2008, 02:04 PM   #25
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If you're burned out, you're probably costing more money with the mistakes and indifferent attitude. I just don't get the American work ethic.
I've been pretty lucky with my bosses. I've never had a boss I couldn't stand, and most of them realize that stress and burnout reduces the quality of work. I've had bosses telling their staff to go home after long days because tired employees, whether physically or mentally tired, make mistakes and get sloppy in their work.

I guess I'm fortunate that I haven't had a Bill Lumbergh yet.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
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