pension increase

[steady]

Buzz please help me understand the logic of our executive board members.  I received a notice of pension increase in the mail today.  All retired (drivers) members got an increase of $50 in their pensions across the board.  Active members will receive less.  25 year members get $40 members those with less time get less based on percentages. If a member had retired last year with 10 years seniority he would have gotten a $50 increase compared to an active driver probably would get $20.
I find this all to be incredibly ridiculous, embarrassing and illogical.  I know we are not talking big bucks I'm just trying to understand our unions logic.  How can they justify this decision.  I'd be embarrassed

[Kid24]

Wow a whole 50 dollars....smh

[PROUD MEMBER]

I'm calling the pension department tomorrow because I don't understand it either. I'm probably (and hopefully) reading it wrong.
The way I'm reading it, is anyone that had retired by March 2022 or before with full benefits got a $50 increase and then anyone who retires after March 2022 with full benefits will 25 or more years will also get an increase but not less then $50. Then on top of that it doesn't mention an increase about anybody who retires after of March of 2022 that has 20 to 24 years.Unless I'm reading it wrong.

[Buzz]

Can somebody please post this letter as an attachment?

I was supposed to get it according to the "Informed Delivery" email I get from the Post Office but it did not reach my mailbox.

[Buzz]

I'm calling the pension department tomorrow because I don't understand it either.

Please be sure to let us know what they tell you.

[steady]

Members who retired between March 1st and July 1st get nothing. Members who retired prior to March 1st get a larger increase than members who retire after July 1st.

[Buzz]

Reposting this for PROUD MEMBER as it was accidentally posted under another topic.

[Buzz]

Thank you, PROUD MEMBER, for posting the letter.

The only possible reasoning I could see for this is maybe actuarial figures show that persons who are already retired will not be collecting pensions as long as those not yet retired due to their age and it would more or less even out. This would not be true in every case of course but they work on averages, not individual cases. Again, this is just MY THINKING as a way to explain the rationale of the Board of Trustees.

[PROUD MEMBER]

I spoke with the pension fund this morning and basically they told me what we think. Without getting into real detail they told me that as the letter said if you retired March 1, 2022 or before at full pension benefits that you will get $50 more per month but anyone who retires after July 1 of 2022 with 20 to 24 years will only get $40 more a month and drivers that retire with 25 years or more will get a little more for each year(when I say a little more I'm talking about a dollar more per year).
When I said that that makes no sense to me I was told that the pension fund doesn't have answer that was a decision by the Board of Trustees and if I wanted to know why that I would have to contact the board of trustees. I would suggest if anyone wants to know ti the contact the pension fun and board of trustees themselves. The reason being because sometimes words are misunderstood and even though I don't think I misunderstood I don't want to be giving anybody the wrong information.

[Buzz]

What if you retire between March and July???

[PROUD MEMBER]

Not sure. When I asked I was speaking about me personally and said if I was to retire at the end of this school year or next year.

[LMR]

What if you have less than 20 years and you retire in June 2023.Is there an increase for those individuals?

[steady]

If you retire between March 1st & July 1 you get nothing.  The biggest joke is if you had retired before March 1st with 10 years you get a $50 increase.  If you retire After July 1st with 10 years you'd get around $20.  Why couldn't they just create a new pension increase equal to all. The retired members have a higher pension reward than active members.  No sense to it at all

[docjones]

Sounds like Terrorist Joe Bidens plan.

[OMG]

People taking jobs they're not qualified for, way over their head.