Quite a few of the chronic long term disability brothers and sisters in my area, who've been out for years and waiting for the super EIPP, seem to be calling it quits recently and retiring without. Anyone else noticing this phenomenon? Hmmmmmmm. Perhaps forcing the dead weight out before making an offer to the people actually on the property?
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I left on 3/22. I was a second level with 22 years. Spent first 4 as a craft person and many times I regretted going into management. The carrot they offered was better than union at that time. Over time I was happy in management the stress was more but the money better. Anyone that thinks the union as it made is an a--. Every few years negotiating a new contract. The uncertainty. What concerns me just for my friends whom stayed is this. 10k people left, this is not bragging because I lost a lot of pension money. My check was 235k.
Why would the company give that much money?
I appreciate the company, respected my union employees and my non union employees. I wish all union and management good luck. CWA1105, CWA1108 and CWA1101. Sup to manager to sr manager to A-- Director (my fav title). To the a--holes that spread lies, get a life
don't know why all the talk about giving years , IT AINT HAPPENIN. they don't have to. they know they can clear the place out with the normal 50k offer.
6&6's with my 3&3's and 1 plus 2 so I get my lumps and sums while I done 30 years of hard labor. Yup, thems the books for this brother!
Say you are 62 with 13 years of service....it adds up to 75, however it does NOT match the formula (ie. 60 with 15 years). As stated earlier, you must match BOTH age and years of service on that chart provided to reach the 75 number.....just adding up to 75 doesn’t Matter if you don’t have both.
27.5 & 47 years of age here, 6&6, 3&3 I’m outta here. One can only hope this comes quickly.
I knew a tech who had started at 18 and left at the 30 years of service mark. He told me if he stayed he was going to take a severe financial hit in his lump sum so, even though he did not want to, he felt leaving was the financially prudent move. If he was rightly informed, wouldn’t accruing more time on the job in his case, as a 6 and 6 would accomplish, have been detrimental to him? Was the mortality rate going to be working against his payout had he stayed? He was of the belief it would, and I know he was being financially advised by a fiduciary, though I cannot vouch for the advisor, as I am unfamiliar with their soundness.
I apologize for my ignorance in regard to these rules.
2heg, thank you for taking the time to clear things up. I’m wondering about your saying the rule of 75 is not applicable, but then describing multiple scenarios of service pension applicability that all add up to 75 (i.e., 25 years, age 50. 20 years age 55. 15 years age 60).
I don't mean any offense but their is a lot of ignorance here regarding the retirement plan. Members should read the plan documents. We are talking real money here and your retirement security.
@2jyk yes the 6 and 6 incentivizes the younger member more than an older one. It is not however a disincentive for an older member. The added 6 years to age is moot for them if they are old enough already, but the extra 6 years added to there time adds greatly to their final package. Think about 6 more years of credit without the need to work them.
Regarding the rule of 75 that is not applicable to our plan. Ours is based on age and time served requirements that somewhat mimic the rule of 75. They go as follows for a service pension.
30 years Full with no penalty regardless of age
25 years age 50
20 years age 55
15 years age 60
The least you can work and attain a service pension is 10 years and age 65. One must meet BOTH age and time in service to meet the requirements not the 75 number.
A service pension is different than a "full pension " this is where a member under 55 with less than 30 years can really benefit. There is a 6% per year penalty for each year one is under 55 up to a max of 30% for someone just turning 50 and hitting their 25th year. This penalty is reduced by 1/2% for each month served until the member hits either 55 or the 30 year mark. A 6 and 6 removes this penalty. The closer one is to 50 the more it is worth, potentially several hundred grand for some.
A service pension means you meet the requirements to get out and start collecting immediately. It also qualifies you for retirement benefits etc.
@2yat. The retirement benefits for life has not applied since the batch of 1990 -91 retirees. The current system is retirees pay what active members pay. While not free it is a valuable benefit and is a pittance compared to just about anything short of free. Certainly not the 20k or more a year they stick our managers with.
I thought the reason older people wanted to complete the whole 30, in the past, was because that milestone was accompanied by a free medical for life benefit but, since retirees are now sharing the funding burden, making the full 30, for someone 50 or older, was now a moot point.
@1fpf, the scenario you describe would only incentivize younger members to take advantage of it.
Also, your example of a “50 year old with less than 30 years but more than 24 would be waiting to be penalty free...” I thought the 75 rule would kick in for such an individual?
@1nct the extra years of age in an offer have nothing to do with the mortality table. It just enables someone to get to an age requirement they don't yet meet. For example a 50 year old with less than 30 years but more than 24 would be waiting to be penalty free for not yet being 55 A 6 and 6 would bring them across the finish line or a 44 year old with 24 years would be made 50 and penalty free with 30 years credit. It would benefit many. They would have a mad rush out the door with this.
@1cjj, doesn’t adding 6 years to your age, when the lump sum is mortality-based, hurts rather than helps (many), doesn’t it?
I have no skin in the game, and I want an offer like the majority of us, but the op is correct with his acronym, in the northeast (Massachusetts and Rhode Island) it is called an eipp in our contract, ( enhanced income protection plan or payment). Offer that and a 6&6 and this place will be a ghost town.....
If you had 33 years, you would know it’s an EISP, not EIPP.
What's an EIPP? Do you mean EISP?
Hey OP How many "chronic long term disability brothers and sisters" are there ? Long term disability personnel are separated from the company , in essence retired already , therefore would never be offered an EIPP . (*) wipe