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Bette was stating that when her FIL passes on a portion of her FIL's pension will go to her husband (FIL's son).
Got it, like a spousal but his son and I suspect he got a reduced payout with that option. Would be interesting if someone could clarify if that option resulted in a reduced benefit.
Bette not sure what you mean by when he passes on, there is a portion of this pension that will go to him on a monthly basis. If he has passed how does he get the money? Many plans do have spousal options. For a REDUCED benefit your spouse gets your pension until both of you have passed.
He was the employee but his wife passed away 6 years ago. We found something where his mom wrote down that my husband would get a monthly part of this - we have no clue on this! It would be a nice surprise!!
Bette was stating that when her FIL passes on a portion of her FIL's pension will go to her husband (FIL's son).
We found some notes from his mom indicating she did this; filled out some forms, etc prior to 1987. My FIL has papers all over the place and he's a pack rat. Would be nice for my husband, the ever faithful son with the ever faithful wife (me!!) if this occurred. My MIL was a sweetheart/miss her.
We found some notes from his mom indicating she did this; filled out some forms, etc prior to 1987. My FIL has papers all over the place and he's a pack rat. Would be nice for my husband, the ever faithful son with the ever faithful wife (me!!) if this occurred. My MIL was a sweetheart/miss her.
Pensions often have a cash back benefit. Meaning you are guaranteed to get back at least the money you contributed. With much of what you get being ROI/government contribution over the years so it might not be that much. It may be that she had designated your husband as the beneficiary in that case if it had not all been distributed to her. I wonder if that is what it could be.
Got it, like a spousal but his son and I suspect he got a reduced payout with that option. Would be interesting if someone could clarify if that option resulted in a reduced benefit.
His mom filled out the paperwork 30 years ago and yes, his dad took a reduced benefit but he still makes more in a pension than his take home pay so many years ago (1954 to 1994).
His dad was forced out at age 72 (probably b/c 40 years of service would have been another tier) and then started collecting. I think he misses it, though.
His mom filled out the paperwork 30 years ago and yes, his dad took a reduced benefit but he still makes more in a pension than his take home pay so many years ago (1954 to 1994).
His dad was forced out at age 72 (probably b/c 40 years of service would have been another tier) and then started collecting. I think he misses it, though.
Good luck back and with a private pension who knows what the union was able to negotiate. Wonder if it was some sort of time certain pension?
I have number of option on my Pension,
Single Life 100%, Dual life 100% (Spose or LifePartner), Single 100% + 50% S/LP, Single 100%+ 75% S/LP, or Single 100% + 10year certain 100%.
Oh man, thank you, thank you and thank you again. I can go back to my nap. Not on that list9 already knew that) and hopefully those that are will enact the needed reforms so those pensioners if worried at all can go back to their nap. Pensions are like SS it depends on your age in addition to the source of your public pension. Don't know that to many 70 year olds are worried about SS. How many pension reform plans effect current retiree's in ways other than possible COLA increases? Yes folks in Illinois should be concerned and perhaps if any post in here they could weigh in.
I have number of option on my Pension,
Single Life 100%, Dual life 100% (Spose or LifePartner), Single 100% + 50% S/LP, Single 100%+ 75% S/LP, or Single 100% + 10year certain 100%.
Lots of good choices and it doesn't appear you are on the endangered pension fund list as linked in another post. Perhaps that is part of why we have such differing reactions on the subject. Folks know the status of their fund and this tends to be a general discussion.
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