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Sounds to me as though she was planning this the entire 3 years, so if she was smart, a good portion of that 70K a year was set aside for the future. What I'd like to know is, is she eligible for a pension? Or was she paying into a retirement plan? Not sure how it works up in Canada. But if she does get a pension, or have a big retirement plan she can cash out, I don't think she has to worry about a new career.
Because the flip side of being out of her career at a young age is that she still has half her life to pick a whole new direction and build a new career, and possibly with a nice chunk of taxpayer money.
Normally you have to reach a certain number of points (years worked + age) to actually receive your pension or a pension pay out. In the US, that number is 80 or 85 so she would have to be 55 or 60 years old to receive that pension.
The catch here is that credited years expire if you resign. It varies by department, but some expire the years as soon as 2 years after you resign. You still get your pension at normal retirement age, whatever that is defined as for the plan, but I have seen that be as high as age 72.
Normally you have to reach a certain number of points (years worked + age) to actually receive your pension or a pension pay out. In the US, that number is 80 or 85 so she would have to be 55 or 60 years old to receive that pension.
The catch here is that credited years expire if you resign. It varies by department, but some expire the years as soon as 2 years after you resign. You still get your pension at normal retirement age, whatever that is defined as for the plan, but I have seen that be as high as age 72.
I agree that formulas for age/ # of years worked vary, but I've never heard of losing your vesting federal law covers this and once you meet the vesting requirements of your plan, you remain vested. And I don't know if an employer can offer a retirement plan that is not covered by ERISA What You Should Know About Your Retirement Plan
I agree that formulas for age/ # of years worked vary, but I've never heard of losing your vesting federal law covers this and once you meet the vesting requirements of your plan, you remain vested. And I don't know if an employer can offer a retirement plan that is not covered by ERISA What You Should Know About Your Retirement Plan
Yeah, you don't lose your vesting. You just have to wait longer to get your pension.
Re: scamming the system. I know of two officers, male, female, date, get married. Both work in different commands [same PD] Some how both receive on the job injuries. Both file for disability. Both receive 3/4 disability pay. Then they filed for bankruptcy.
Still less than the CEO's who get the golden parachute and nobody does anything about that.
Public vs private. Really? We had to point this out to you?
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