DAYDREAMER
Recycles dryer sheets
- Joined
- Mar 26, 2008
- Messages
- 413
Our min age to get DB was age 55 and 10 years of service. 2% penalty per year for each year before age 60, so 10% penalty if retiring at 55. Also, company paid health care at 55 if you started working for company earlier than 2007.
Company had a union negotiated rule stating that if you were layed off, all retirement rules stay in tact for 6 years, so, if you were 49 when layed off, you could still retain all early retirement benefits at age 55. Our company offered a Voluntary Layoff (VLO) which I took at 52. Was FI, and just waiting for any reason to get out. Thank you Mega Corp!
DW organization (same company) was offered the VLO the following year. She jumped too. She started her pension (+healthcare for us) last February, and I will start pension next May (at age 55).
Do to jumping ship before 55, we did forgo the ability to tap our 401k until 59 1/2. No biggie, pensions + after tax savings/investments will easily bridge the gap.
Company had a union negotiated rule stating that if you were layed off, all retirement rules stay in tact for 6 years, so, if you were 49 when layed off, you could still retain all early retirement benefits at age 55. Our company offered a Voluntary Layoff (VLO) which I took at 52. Was FI, and just waiting for any reason to get out. Thank you Mega Corp!
DW organization (same company) was offered the VLO the following year. She jumped too. She started her pension (+healthcare for us) last February, and I will start pension next May (at age 55).
Do to jumping ship before 55, we did forgo the ability to tap our 401k until 59 1/2. No biggie, pensions + after tax savings/investments will easily bridge the gap.
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