Yes but as you know some of us are grandfathered with the pension formula we have always had which is good. I am looking at $4700.00 per month with 30 years of service, if I were to work over 30 years would I still get an additional $105.00 per month added to my 30 year formula?
That is why the plan is being changed. The fund would become insolvent pretty fast, paying out $4700 per month. Half way through your retirement, it could be cut in half, if the fund runs out of money.
That is why the plan is being changed. The fund would become insolvent pretty fast, paying out $4700 per month. Half way through your retirement, it could be cut in half, if the fund runs out of money.
Like I have said in the past, When Howard C. came up with these Pension formulas way back in the day, he never thought that we would be making the kind of money we make today. The more you make the more your pension payment would be.
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