How long until you get a pension?

I worked for Roadway Package Services (RPS) back in the day when they got bought out by FedEx and turned into FedEx Ground. I left there after the buyout and lo and behold about 3 yrs ago I got a letter from FedEx saying I was vested into their defined pension plan because they counted my 5 years at RPS as FedEx time.

Not alot of $$$...about $100/month when I reach age 65. But it was kinda like finding that $20 bill in your coat pocket that you forgot about !!!

 

Vested @ 5 years and then you can't touch until 65. NYS teamsters Fund.

5 years- $350

Not sure what it goes up too it goes by hours and also what the company puts in to it as well. I think it goes up too a max of 3,500 but I'm not 100% it could be more depending.

 

So you're saying I only need to work as a teamster at my reduced rate for five years and then I can go back to the oil field to make real money until I retire and at 65 I can collect a teamster pension?

 

Yes. But make sure you give your local advanced time to have you stop paying your dues. Or else you'll be responsible for them plus whatever else.

Your reduced rate should be for the first 6 months @ 80% then jump to 90% for the second 6 months then 100% at 1 year. Or at least that's how mine is setup. I'm going over my agreement right now.( I'm assuming your might different then mine actually now that I think of it.)



Most of the guys where I'm at the highest seniority list guy only has 4 years because most get the 5 years and move on to a true local home every night.

You won't be able to claim your pension until whatever age they set it up for. So mine would be 65, if I took it early then I would take a penalty.

 

That's pretty crazy it doesn't make fiscal sense but who am I to complain?

 

It's hard to believe that people have so much faith in something that promises to pay out more than it takes in

 

Pensions are a relic of the past. Just max out the company match on your 401(k), then max out your Roth IRA.

 

Like Social Security?

 

If you are only looking for a Pension, don't work for YRC. They only pay 25% of what the contract agreed on, so it would take you 20 years to get vested with 5 years contributions. I think ABF is still paying the going rate on Pensions. In this day, you have to control your own destiny.

 

Create your own pension early with rental property. Let a management company take care of it while you keep driving and saving to buy another property. I saw one the other day in Las Vegas; a four-plex (four apartment building) for $125,000.00
That's 4 rentals in one swoop!

One driver that posts on here bought a 4-plex in California; keeps one vacant for himself and rents the other 3.
Wish I had been smarter when I was younger.