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Don't believe everything you read
Old 02-06-2007, 10:24 PM   #1
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Don't believe everything you read

Four of us at the salt mine are nearing retirement and we've had a number of discussions over lunch about the company pension plan and retirement process. One of the things that was a sticking point was the loss of 7.3% of your pension for each year before age 62. The way the available information reads is if you go before your birthday you lose 7.3%.

Monday morning I emailed a pension forcast request to our benefits people to get the latest information so I could do some planning since I'll be 62 in 12 months. Just for grins I had them give me an estimate for this September too, just to see how big a dent I would take by retiring early.

When the form came back several hours later I almost fell off my chair. By taking my pension this September my pension check would only go down by about 3.5%. I quickly shot an email back to find out about the 7.3%. The answer was I did get credit for partial years of your age.

Another little tip they gave me was if I work one day into a new month I get full credit towards my pension for that month.

So the plans have changed and October 1, 2007 is the day.



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Re: Don't believe ererything you read
Old 02-06-2007, 10:27 PM   #2
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Re: Don't believe ererything you read

Wooohooo. Good news for you UH. Better start collecting pens, pencils and office supplies.
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Re: Don't believe ererything you read
Old 02-06-2007, 10:42 PM   #3
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Re: Don't believe ererything you read

And don't forget to build your personal contact list. My former colleagues meet a couple times a year just to relish the fact that we survived the insanity.
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Re: Don't believe everything you read
Old 02-07-2007, 08:22 AM   #4
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Re: Don't believe everything you read

Quote:
Originally Posted by UncleHoney

So the plans have changed and October 1, 2007 is the day.
Congratulations! That honey will be so much sweeter outside of the salt mine and resting peacefully in ER land.
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Re: Don't believe everything you read
Old 02-07-2007, 08:33 AM   #5
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Re: Don't believe everything you read

That's great news! Nothing like getting an early parole date from the pen...not that I have any personal knowledge or anything.

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Re: Don't believe everything you read
Old 02-07-2007, 09:09 AM   #6
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Re: Don't believe everything you read

I liked the remark "survived the insanity", because that fits my old place to a tee.
They pro-rated my pension also.
The way mine worked was: you lose 4% for each year from 60 to 62 and lose 6% for each year from 55 to <60.
Enjoy your retirement!
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Re: Don't believe everything you read
Old 02-07-2007, 09:20 AM   #7
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Re: Don't believe everything you read

Quote:
Originally Posted by sgeeeee
Wooohooo. Good news for you UH. Better start collecting pens, pencils and office supplies.
So you can look at them in 3 years and say "What the hell was I thinking getting all these office supplies?!?" and throw them out!

The big joke between me and my old boss is that they bought me a big case of personalized stationary when I first hired on, and I still have half a dozen pads of paper with the (old) company logo and my name on them. I told him when I run out, I'll have to go back to work to get more stationary.

Its gonna be a while.
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Re: Don't believe everything you read
Old 02-07-2007, 10:30 AM   #8
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Re: Don't believe everything you read

There is nothing better than moving up the retirement date.Congratulations !
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Re: Don't believe everything you read
Old 02-07-2007, 10:38 AM   #9
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Re: Don't believe everything you read

How exciting for you!

And what a nice benefits department to give you that useful little "hint" about working one more day. This will extend your health coverage benefits one month as well - assuming they aren't also part of your annual benefits.

Now - look at unused vacation and sick leave and make sure you take full advantage.

Audrey
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Re: Don't believe ererything you read
Old 02-07-2007, 12:26 PM   #10
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Re: Don't believe ererything you read

Quote:
Originally Posted by sgeeeee
Wooohooo. Good news for you UH. Better start collecting pens, pencils and office supplies.
Good luck. Don't take white out, typewriter ribbons and 8 inch floppy disks.
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Re: Don't believe everything you read
Old 02-07-2007, 02:26 PM   #11
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Re: Don't believe everything you read

Yaayyyyyyyyyyyyyyyyyyyy!!!!!
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Re: Don't believe everything you read
Old 02-07-2007, 04:28 PM   #12
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Re: Don't believe everything you read

Thanks everyone. This is going to be an adventure of a lifetime. Thanks to all the good advise and creative ideas from this board I think we will be in fine shape. Maybe only have to eat cat food one day a month.

I'll have almost 2 months vacation saved by early August so in about 6 months I'll be packing my stuff. Don't really need too much in the way of office suppiles, we still have a couple of boxes from the early 70's when when my wife helped close a local investment company office. : At the rate we use staples we should be in good shape until maybe 2090.
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Old 09-30-2007, 11:16 PM   #13
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Quote:
Originally Posted by UncleHoney View Post
Four of us at the salt mine are nearing retirement and we've had a number of discussions over lunch about the company pension plan and retirement process. One of the things that was a sticking point was the loss of 7.3% of your pension for each year before age 62. The way the available information reads is if you go before your birthday you lose 7.3%.

Monday morning I emailed a pension forcast request to our benefits people to get the latest information so I could do some planning since I'll be 62 in 12 months. Just for grins I had them give me an estimate for this September too, just to see how big a dent I would take by retiring early.

When the form came back several hours later I almost fell off my chair. By taking my pension this September my pension check would only go down by about 3.5%. I quickly shot an email back to find out about the 7.3%. The answer was I did get credit for partial years of your age.

Another little tip they gave me was if I work one day into a new month I get full credit towards my pension for that month.

So the plans have changed and October 1, 2007 is the day.
Congratulations on you being FIREd in a couple of hours.
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Old 10-01-2007, 10:36 AM   #14
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So the plans have changed and October 1, 2007 is the day.
OK, so where are you Uncle Honey? These things need to be celebrated!!

How does it feel? Full report needed....
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Old 10-01-2007, 11:05 AM   #15
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Probably still at work signing papers and then celebrating with the gang....

Now, tomorrow... no excuse
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Old 10-01-2007, 02:20 PM   #16
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Thanks everyone.

Actually I did all the paperwork Friday morning and then came back home and went back later with DW for the PARTY. Must have been about 75 in attendance, had a good time. I gave a nice PowerPoint presentation with pictures of past projects. They had one of my original drawings done by hand framed and gave it to me. It was kinda of special because that project won me my first patent, back in 1975.

The best part was when my boss told about recently looking over all 35 years worth of my performance reviews.
Nothing but top notch ratings for 35 years straight.

I'm going to miss the old gang, I've worked with some of them for almost 30 years. Many of them are almost like family.

The real surprise came Saturday morning when I was balancing the checkbook and got online to check the latest balance. Something wasn't right, way too much money in the account. Then I looked at the recent deposits and OMG, OMG. Late Friday night my first PENSION check was deposited. Along with my last regular paycheck it was a nice surprise.

Today I've been puttering around in my shop and just having fun.

Ron
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Old 10-01-2007, 02:29 PM   #17
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I'm going to miss the old gang, I've worked with some of them for almost 30 years. Many of them are almost like family.

Ron
Same with DW and me. Miss the good folks we had worked with; do not miss the work in the slightest.
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Old 10-01-2007, 06:24 PM   #18
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I'm going to miss the old gang, I've worked with some of them for almost 30 years. Many of them are almost like family.

Ron
I thought so too. ER'd June 1. Went to the one FRi. 4:30 meeting beer time with the old work guys in July. They had been casual friends for 20 years. Turns out, I don't miss them (except for 1 or 2 who ER'd ahead of me), just considered them casual friends because I didn't have the time to spend with real friends.
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Old 10-01-2007, 08:34 PM   #19
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Congratulations! That is wonderful news. Sounds like you finished on your own terms and all is well! I know your retirement will be as successful as your career was!

TG
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Old 10-01-2007, 10:28 PM   #20
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I thought so too. ER'd June 1. Went to the one FRi. 4:30 meeting beer time with the old work guys in July. They had been casual friends for 20 years. Turns out, I don't miss them (except for 1 or 2 who ER'd ahead of me), just considered them casual friends because I didn't have the time to spend with real friends.
Same here. The guys that were like family to me, retired several years ago. I still see some of them for coffee and to chat. But their replacements were just casual friends co-w*rkers......not like family at all.....not even like friends. If I bump into them somewhere, we say "hi" and then go our separate ways. I don't miss the latter bunch in the least!

We lost one of the retired crew last week. He was a good friend, and was the best boss imaginable! He had several medical problems, but had NEVER complained. He finally succumbed to 'Pulmonary Fibrosis', at age 63. He's one guy that will definitely be missed!!!

BTW.....Congratulations UncleHoney!!!
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