Pension Question

[PACONWAYDUDE]

How many retired folks are on here? I was curious about how different pension plans work. How much do you receive in pay each month and how long will it last. The other question is about medical is that included with the pension plan? Who did you retire from and do you wish you worked longer?

[pro1driver]

Originally Posted by PACONWAYDUDE

How many retired folks are on here? I was curious about how different pension plans work. How much do you receive in pay each month and how long will it last. The other question is about medical is that included with the pension plan? Who did you retire from and do you wish you worked longer?

well i ain't retired, but i'll tell you one thing for sure though, start your own IRA or Roth plan. don't rely on ANY company to provide you with any retirement plan, as they basically suck, and if the company goes "belly-up", you can prety much kiss your pension money away.

as for medical, no pension plan i am aware of (other than maybe a strong union like the teamsters) might offer medical. otherwise, say hello to Medicare or Medicade. or, buy your own plan, but then, that'll cost you so much money out of pocket, you will be wishing you weren't retired...........

[junction]

Originally Posted by PACONWAYDUDE

How much do you receive in pay each month and how long will it last. The other question is about medical is that included with the pension plan?

The easy answer to your question is:

As a Teamster with 30 years, you get $3750 per month for the rest of your life. You can continue your medical benefits, however you have to pay for them (I don't have the cost in front of me) out of pocket.

Originally Posted by pro1driver

well i ain't retired, but i'll tell you one thing for sure though, start your own IRA or Roth plan. don't rely on ANY company to provide you with any retirement plan, as they basically suck, and if the company goes "belly-up", you can prety much kiss your pension money away.

I'm not going to argue about starting your own Roth or IRA. That is not bad advice. However there is no guarantee that the money you put into an IRA will be there when it comes time to retire. Pensions on the other hand are guaranteed by the Government. A little thing called Employee Retirement Income Security Act of 1974 assumes the responsibility should your employer go belly up.

Pension Benefit Guaranty Corporation (PBGC)

[mustache]

With the Teamsters it makes a difference what part of the country you retire from. I retired from (Roadway) Kansas City, (Worked 3 Different Co's) which were all in the Central Division. Had 38.5yrs total time, i now receive $3,750.00 a month for life, no insurance except Medicare which is $93.50 a month, it comes out of my Social Security which leaves me with $1,742.00 a month. I also pay for a medigap policy that picks up what Medicare dosn't pay, that is another $35.00 a month. Hope that helps. Mustache Retired Roadway

[Dirtball]

I retired out of Central Pa pension plan and the money is OK but the insurance cost me $650.00 per month out of pocket...Plus the co-pays.
One thing to remember is once you retire be prepared for the teamsters pension plan to look for ways to pull it from ya.