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Old 02-27-2015, 07:48 AM   #41
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OP, you should be paying Boeing for the privilege of working for them.
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Old 02-27-2015, 07:51 AM   #42
Give me a museum and I'll fill it. (Picasso)
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Originally Posted by stepford View Post
I wasn't the OP on the 2nd attached post. So I'm afraid it's still 55 for me. No COLA for me either, but our monthly pension payouts do increase if we delay the start date. This aspect is more or less a wash (greater monthly payouts, but starting later), but the tax implications of keeping one's AGI super-low are the interesting part.
What is this "pension" of which you speak? I do not know this word.
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Old 03-04-2015, 03:15 PM   #43
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Originally Posted by DAYDREAMER View Post
In the Speea Contracts, look at Page B3 for the retirement health care after a layoff http://www.speea.org/Bargaining_Unit...tract_Prof.pdf

and this from speea:
What if I want to retire early after Iím laid off?
If you are age 49 at the time of layoff with at least 10 years of Boeing service, you will be able to retire at age 55 with the same reduction as those who retire from the active payroll (2% per year reduction under age 60). If you are under age 49 and retire at age 55, the reduction is significantly higher (6% per year under age 65). Before deciding, contact Total Access and request a retirement estimate based on your layoff date as the last date worked to find out what your benefit would be at age 55.
Thank you. I'm not SPEEA but believe the same rules apply to us non-rep salaried folks. Cheers.
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Old 03-10-2015, 02:08 PM   #44
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Originally Posted by Ed_The_Gypsy View Post
What is this "pension" of which you speak? I do not know this word.
Good point. I feel fortunate to have a DB pension plan available to me upon retirement. Cheers.
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Old 03-11-2015, 11:23 AM   #45
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Guess what? I just verified with the Total Access folks that the Boeing retiree medical plan can indeed be started independent of the pension. In other words, the strategies of delaying one's pension (to lower AGI and allow for increased ROTH conversions) now appear to be more viable since they no longer require reliance on the ACA.

Cranking out some numbers it looks like our pensions (small though they might be) increase by about 5.2-5.4% for each year we delay them between 55 and 60. The rate of increase falls after that, and drops to zero by 65, so the best option for playing this delayed pension game would only be for the first few years of ER.

Anyway, I realize this will interest relatively few folks on the ER forums, but may be particularly useful to those following this thread.
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Old 03-11-2015, 11:56 AM   #46
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Guess what? I just verified with the Total Access folks that the Boeing retiree medical plan can indeed be started independent of the pension. In other words, the strategies of delaying one's pension (to lower AGI and allow for increased ROTH conversions) now appear to be more viable since they no longer require reliance on the ACA.

Cranking out some numbers it looks like our pensions (small though they might be) increase by about 5.2-5.4% for each year we delay them between 55 and 60. The rate of increase falls after that, and drops to zero by 65, so the best option for playing this delayed pension game would only be for the first few years of ER.

Anyway, I realize this will interest relatively few folks on the ER forums, but may be particularly useful to those following this thread.
OP here---Thanks for the update and feedback.

I called the TA office as well and she told me that in 2006 they "de-coupled" the retiree medical and pension. I had no idea. Part of me says great since you can start you medical without starting your pension. The other part says now the retiree medical is a target! Ha.

I have not done the math recently on how much the pension would be up in the outyears mainly because I'll need to draw when I retire if I ER.

Good to know however that it still grows even though it's "frozen" at the end of this year. Cheers.
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Old 03-11-2015, 12:28 PM   #47
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Good to know however that it still grows even though it's "frozen" at the end of this year. Cheers.
It's worth noting that while the monthly payout amount goes up the actual "value" of the pension does not. Using one of the online annuity calculators recently I found that an immediate annuity funded at age 55 grows in payout amount by about 5.5-6% per year of delay in commencement (reflecting both accrued interest and finite life expectancy of the recipient). This number grows as the delay increases while Boeing's rate of increase does not.

In other words the value of the Boeing pension stays nearly constant for the first 4-5 years after retirement at 55 and then declines more rapidly if you don't take it.
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