Can one retire without informing the employer?

[Anathema]

That's a long time. Do they also provide an employee with a 90-day severance package if they are involuntarily separated from the company? That would be fair, after all.

Union members have a system that must be worked through before they can be terminated. Management employees may be terminated at any time, and do not have a pension unless they were hired prior to 1999.

 

[Anathema]

That sounds like an illegal requirement. Does the employer control the pension? What kind of pension is that, most are separately managed funds that have nothing to do with the employer. The only downfall I see in Initforme's case is that, at age 54, he is choosing to bypass many years of social security contributions that would add to his benefit, but if he planned well (and at 54 he must have) that may be a moot point.

Yes, the employer pays the full cost of the plan and is in charge of managing it. This is separate from any 401K plans.

 

[hadit]

Yes there are companies that do fire you and escort you out the door. That is usually reserved for those that have been bad employees or bad actors in the company. If you are a detriment to the company should you expect them to treat you better then you treated them?

I always give my best to any job, be it for myself, for free to someone else or to an employer. So I would expect decency from them and have always gotten it. I would assume that if you are not doing a good job or the very minimum you could expect them to treat same from whoever you are working for.

I am not saying you need to give months or more I am saying that one should consider giving some notice rather then just walking out with no notice.

There are other reasons for walking an employee out the door, for example someone like me with complete and total access to all of multiple companies' data. If I was terminated and got mad about it, I could dump a bunch of PID and sell it, publish the companies' trade secrets or start mangle data, rendering it useless to the company. I could destroy backup files and drop databases, putting them potentially weeks behind as they try to recover, rendering POS systems useless, etc. Someone like that you escort out of the building and give them a lavish severance package if you lay them off. Even if I was to serve notice that I was quitting, I'd immediately have my access revoked, for the same reasons. They don't want me angry with kind of access.

 

[rightwinger]

Maybe but in this case divorce is a great thing. And no kids are involved. Two wins. If the agreement was no kids she broke the agreement years ago. Can't do that and expect him to want kids or want a family. That probably strained it. Divorces help.

If he is divorced, he will have to give her a portion of his pension or retirement benefits

 

[initforme]

If he is divorced, he will have to give her a portion of his pension or retirement benefits

They have agreed to not do that. They are selling their 2 houses and splitting it all. She is also very successful. As I said they still care deeply about each other but he refuses to live in a southern state. His hobbies are here not there. He should not have to compromise in this case. I wish the process of divorce was made alot easier for people to go into. It would benefit the nation.

 

[Concerned American]

Union members have a system that must be worked through before they can be terminated. Management employees may be terminated at any time, and do not have a pension unless they were hired prior to 1999.

Wow, the union shop I worked in had no such requirement. You could come to work one day and say "I'm retiring" and leave and that was that.

 

[Concerned American]

Yes, the employer pays the full cost of the plan and is in charge of managing it. This is separate from any 401K plans.

Most companies are trying to get out of those company-managed defined benefit pensions. They are a future liability. I think that was one of the issues for the Boeing workers.

 

[Maxdeath]

If it's your intention to seek other employment yes. In this case it's goodbye. No reason to make nice.

Sure I get it you do not care how you treat others, that is your prerogative.

 

[Maxdeath]

There are other reasons for walking an employee out the door, for example someone like me with complete and total access to all of multiple companies' data. If I was terminated and got mad about it, I could dump a bunch of PID and sell it, publish the companies' trade secrets or start mangle data, rendering it useless to the company. I could destroy backup files and drop databases, putting them potentially weeks behind as they try to recover, rendering POS systems useless, etc. Someone like that you escort out of the building and give them a lavish severance package if you lay them off. Even if I was to serve notice that I was quitting, I'd immediately have my access revoked, for the same reasons. They don't want me angry with kind of access.

Yes there are always exceptions to any rule. But do you plan on just not showing up? Do you plan on burning the company? Because if you do they need to do that now.
If you plan on doing your best for the company, you plan on giving any kind of notice and you have done a good job for them then they have no reason to treat you badly

 

[rightwinger]

Wow, the union shop I worked in had no such requirement. You could come to work one day and say "I'm retiring" and leave and that was that.

What difference does it make?
If there is paperwork to be processed, it can be done after you are gone

If you are eligible to retire…….I Quit becomes I Retire!

 

[Anathema]

Wow, the union shop I worked in had no such requirement. You could come to work one day and say "I'm retiring" and leave and that was that.

You can leave any time… you just won’t be taking that pension money with you.

 

[Anathema]

Most companies are trying to get out of those company-managed defined benefit pensions. They are a future liability. I think that was one of the issues for the Boeing workers.

New Union employees since 2013 have only an upgraded 401K contribution plan which they call a pension. 10 years for 10% vesting. Contribution amount is based on years of service.

So, yeah eventually the company will before pension business, but it’s gonna be a while before thst happens.

 

[rightwinger]

You can leave any time… you just won’t be taking that pension money with you.

I don’t know if they can withhold a pension
It is something you earned

 

[Concerned American]

You can leave any time… you just won’t be taking that pension money with you.

That wasn't the case with my employer. I am collecting my union pension and I gave just three days notice of my retirement.

 

[Concerned American]

New Union employees since 2013 have only an upgraded 401K contribution plan which they call a pension. 10 years for 10% vesting. Contribution amount is based on years of service.

So, yeah eventually the company will before pension business, but it’s gonna be a while before thst happens.

Personally, I prefer the 401K with match. It is mine. My union pension went insolvent a couple years ago and now I get a severely reduced benefit from the PBGC. Union pensions are notoriously mismanaged as are many company-managed plans.

 

[Jarlaxle]

Where I work you are required to provide a 90 day minimum notice to retire. Anything less than that and you cannot collect any pension or retirement benefits.

That's a long time. Do they also provide an employee with a 90-day severance package if they are involuntarily separated from the company? That would be fair, after all.

I'm astounded that is LEGAL.

Yes there are companies that do fire you and escort you out the door. That is usually reserved for those that have been bad employees or bad actors in the company. If you are a detriment to the company should you expect them to treat you better then you treated them?

I always give my best to any job, be it for myself, for free to someone else or to an employer. So I would expect decency from them and have always gotten it. I would assume that if you are not doing a good job or the very minimum you could expect them to treat same from whoever you are working for.

I am not saying you need to give months or more I am saying that one should consider giving some notice rather then just walking out with no notice.

I have seen companies where giving 2 weeks notice results in being escorted out by multiple (armed) security guards.

Personally, I prefer the 401K with match. It is mine. My union pension went insolvent a couple years ago and now I get a severely reduced benefit from the PBGC. Union pensions are notoriously mismanaged as are many company-managed plans.

I agree, though there was recently a $100 billion-plus dollars shoveled at failing union pension funds.

 

[Maxdeath]

I'm astounded that is LEGAL.

I have seen companies where giving 2 weeks notice results in being escorted out by multiple (armed) security guards.

I agree, though there was recently a $100 billion-plus dollars shoveled at failing union pension funds.

I imagine you have. I still say that the way the company treats you is a reflection of how you treated the company. If they escorted good employees out because they were retiring they would find it very difficult to find and keep employees. Unless that company were a last resort

 

[initforme]

I imagine you have. I still say that the way the company treats you is a reflection of how you treated the company. If they escorted good employees out because they were retiring they would find it very difficult to find and keep employees. Unless that company were a last resort

If I do the work for the company that's treating them fine. Anything extra requires extra pay. It's called paying time and a half or even double wages.

 

[Maxdeath]

If I do the work for the company that's treating them fine. Anything extra requires extra pay. It's called paying time and a half or even double wages.

I have no problem with someone doing the job and I seriously doubt the company will have a problem with anyone doing the job they were hired to do. Most companies have no problem with paying overtime if they ask you to work longer hours. Some do not like overtime and want you only to work 40 hours.
The problem comes when as an employee you are just barely doing the very least you can do or you spend too much time doing nothing or you have tried to sabotage the company because you feel slighted, maybe for being passed over for a promotion that you thought you were due.

 

[Jarlaxle]

I imagine you have. I still say that the way the company treats you is a reflection of how you treated the company. If they escorted good employees out because they were retiring they would find it very difficult to find and keep employees. Unless that company were a last resort

Nonsense.