I been told how to my fix pension is it fact or fiction?????

Discussion in 'Central States Pension Fund Discussion' started by spillover, Mar 12, 2016.

  1. spillover

    spillover New Member

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    Have written the pension fund twice in January with this question with no response here is my question. I have been told by other teamsters that I need to stop my pension and return to work for a union carrier and to wait after the cuts are made then retire at 65 and I would receive my full pension. Some back round I retired in 2011 with 30 years at 57 years old they are going to cut my pension in half need to find out if this fact or fiction.
     
  2. ESP

    ESP Well-Known Member

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    The answer is yes and no. There use to be a rule that if you did return to work as a union paying member. You had to work five years to get reset as you stated. I do not know if the rule still applies. But even if you did, the years you spent previously working will still be treated as what ever section you fell into, like Orphan or not. However if you do return to work and get over the five year period. Then every year you worked will help build your ;pension by about $130 bucks per month, from the stated amount in your letter from the CS. Remember if the rule of five years is still in the contract than you must work the full five years and then some to change your pension. My guess is they have that covered as well. Again if you can return to work and need to, not a bad idea. I know some who have already returned to trucking because they know they can not live on half of a pension. Good Luck.
     
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  3. spillover

    spillover New Member

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    Thank you for your input it really helps me make my decisions. I'm a tier 2 class cut which is this hardest to understand not an orphan all good years and getting cut 1400 a month. It all sucks I'm 62 a little late trying to fix your retirement at this time in your life. Yes i'm in good health and will probably go back to work but guess it doesn't have to be a union job since it won't help my pension. Just wait till the cuts are made keep my pension coming in and get a job and save like mad for as long as I can. I also understand that many other brother are suffering way more that are much older and in poor health it just a bad deal.
     
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  4. SuperCourse

    SuperCourse WHO IS JOHN GALT?

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    That's the way I would go. Get a job with a good 401K plan and max out your contributions. Good Luck, sad that you got hosed.
     
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  5. ESP

    ESP Well-Known Member

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    By the way welcome to the boards, a lot of good info is here to be found. Just have to sort out the good from the BS. May 7, is the day the Treasury will say yea or nay to the cuts.
     

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