I would settle for a reduced retirement based on my years of service if I could draw it now.
Or buy my pension for cash money. F--- this company it’s just a job.
There are many companies out there that care more about their employees and reward them generously.
Why is everyone hung up on pension buyouts? From what I know it’s not a common offering to employees unless your total pension value is very small (so basically you can’t just say cash me out). Sure UP did a one time offering to terminated folks a couple years ago where it wasn’t about the low value of their pension, but they don’t extend that offering as a norm.
First off, the only portion of retirement they can buy you out of is the Harriman pension. If you are vested in the federal railroad retirement board pension, the UP has no says in that unless the feds would agree with it. They can not "buy" you out of the federal railroad retirement plan. Second, they can not "buy" you out of any 401K plan you had with UP. You can take that 401K anywhere you want. That is administered by Vanguard.
That would be great if they were offering a fair pension buyout. $65K for 17 years of service-what a joke! I’m going to wait for my pension and live to be 100 years old, thank you!
It is c-ap and it stinketh. Thanks for the hard work..now you’re fired.
On your own, you can withdraw 5% per year from any lump sum (even if the funds are earning 0%), and the money should last for 20 years (5% x 20 years = 100%
Don't give a win for personally dismissing you. You get yours brother!
If your monthly pension offer is 6% or more of the lump sum then it may be worth considering keeping. If it’s below 6%, then the NUMBERS suggest you likely do just as well (or better) by taking the lump sum and investing it. Paying yourself each year.
Take your monthly pension offer and multiply it by 12, then divide by the lump sum offer.
Example: $1,000 a month for life beginning at age 65 or $160,000 lump sum today? $1,000 x 12 = $12,000 divided by $160,000 equals = 7.5%.
Surly age to begin a monthly pension and projected longevity after than date are considerations too but, you start with that 6% rule. Don't leave any more of your money on the table for them than they have already demanded of you.
I know you just want to be done but, that is your money, not theirs granted you anymore. You earned it long ago. Don't unknowingly short yourself to cut all ties and benefit them further.
I couldn’t agree more! People think that up is such a great co. To work for, and I believe it used to be! Fritz and co. Are going to run it in the dirt!! Other co. Are better now !! Eff up!! Keep ur heads up there is life out there!