Gatt× age× service÷mortality....what is the formula?? Does anybody know
29 replies (most recent on top)
@8shs. The band increase is used to formulate the lump, obviously if separation is after the date of the increase . The formulas are in the company supplied documents.
@6rws, does the pension band increase each September increase the lump sum amount, or is that stricty pertaining to the pension ? Thanks.
You pension, based upon when hired by VZ, is based upon the higher of your monies, based upon the middle month of the quarter prior, between the GATT Rate and PBGC Rates. These can be checked on by checking the DOL site. Union members salaries fluctuate based upon contract by state, title and time in title. Differentials in your tour give you more money, hence a higher lump sum. The pension bands increase 1% on Sept 15 each year during this ratified contract. Once this contract is over, Aug 2023, all bets are off until negotiated again. Don’t only read but understand your contract, pension requirements and speak with a financial advisor.
708k with 28 yrs 8 mos. at age 55
Long island ny 29 yrs 51 57400 w penalty
717000 without penalty applied.
Long island ny 29 yrs 51 57400 w penalty
717000 w penalty applied.
@3anr. Dates beyond the coming quarter are just guesses using current or possible numbers. No one knows what the future will bring. It would be a wise guess to assume that first quarter 2020 will be advantageous for our balances based on the current direction of the economy but again who is to know what next year will bring. Regarding your question of dates being used by some In my case I used last day worked 10/01/2019 pension commencement 11/01/2019. The number is 732k for a 53 year old TTA with 28 years.
What dates are you putting in to get your estimates? What is your last day worked and 1st day of pension? I get different numbers based on the dates I use. What dates did you use to get the higher amount?
50 with 30 years 800k, NYC
53 with 33 years NYC. 787k @ .05 PBGC
@3gwn It might be higher wages in metro areas. I am 53 with 28 years in NYC area. Mine is 730K with the latest PBGC change to 0.5.
WTF.....facility tech, 55 with 33 years and lump sum is only 598k. Does cost of living in the big cities bump it up or do local contracts affect the final number?
Alot of B.S here ,if you hav 30 to 32 year your lump sum should be anywhere from 675k to 750k as of now ,it could go higher in coming months
I'm over 1.2 mil,give the package for the extra 100k..
I’m over 900k
I think it’s criminal they froze management pensions too. They screwed you and all future management employees. You guys should have unionized while you still had the chance, would have improved your retirement and the retirement of all future managers. Too late now.
@kbc. I am not the one claiming 848k but it is believable if in NYC metro and a TTA with night differential or other kickers. In my case 52 a TTA on differential with 27 years. The number for this November is 730k.
848k really sounds like B.S .I have 30yr and 53 and benefits said 671k so how are you getting 838k.
I think it should be criminal that they froze management pension in 2006. I was a tech for 16 years then took a management position in 1996 And no, no one forced me to. But, I took it with the knowledge that there was a pension and retiree medical, Just goes to show you, there's no such thing as a sure thing.
Let’s just hope there is a package. Said package is EISP. They waive penalties/discounts for under 55 and under 30yrs.
How many naps you take divided by how many times you go out on disability.
There’s so many factors here....women should get larger buyouts because their life expectancy is at least 6 years more than men....employees in NYC make more than those upstate in the same title due to cost of living....we are covered by different contracts in each state....anyone can go into the VZweb portal and see their pension lump sum estimate I believe.....
52 y/o 30 service field tech 848k see ya
How do they come up with that num $719 K
The PBGC rate is the one causing the bump in the buyout in Oct/Nov. 48 yo with 30 years service 719k I’ll miss you all.
lets say your 50 with 30 years of service, say a tech, with the gatt rate where it is now your pension would be around. 680k. the gatt rate is going down now and every quarter percent it goes down your lump sum increases about 4 percent.
About how much do you get? let's say if you have 30 years of service
At least you guys get a pension..we get c-ap..
Idk,but if you are less than 55yrs old and you have less than 30 years of service you get a reduced monthly pension ..they reduce you 1/2% per month so if you decide to leave and your 52 years old and you less than 30 years ,your monthly pension gets reduce by 18%...that's alot..if you have 30 years of service you get a unreduced pension at any age..