I currently work for the Union Pacific railroad, I don’t completely understand the 2-tiered railroad retirement system. Can anyone help better explain it to me. The only people I can talk to work under the old Southern Pacific agreement and fall under TPA. My question is this:
If I work for 30 years and retire exactly at 60 years of age and never make more than 50k a year what should my retirement look like per month or yearly. I know it goes off my 3 best years but that doesn’t really help me much. Also do any of you know what the average retirement for a conductor is? (I am a conductor)
Thank you very much for your time and answers.
2007-10-08 17:31:24 · 6 answers · asked by GENO Z 2 in Cars & Transportation ➔ Rail
Sorry. I am proudly ex-SP, even though the last of my pay checks said Union Pacific at the top...
2007-10-08 17:48:10 · answer #1 · answered by Samurai Hoghead 7 · 0⤊ 0⤋
The two tier sytem that is TIER I and TIER II went in effect January 1, 1975. If you started work after
January 1, 1975 or after, you annuity will be calculate under the TIER I and TIER II. If you worked
prior the January 1, 1975 had more than10 years of service on the Railroad and if you had 40 quarters of service in other industries, under Social Security prior to January 1, 1975 the benefits should be calculated under the
Railroad retirement Act of 1936 and the benfits for the 40 quarters in other industries, the benefits
should be calculated under the Social Security Act..
The Railroad Retirement Board applied the two tier system" pro fact o" in violation of the Constitution.
The Act can not be applied retroactivly to those that qualified prior the January 1, 1975.
How ever the RRB did applied the act retroactivly even though the constitution does not allow.
The legal system did not do anything to stop this violation. You end up with no "qual right protection",
"no equal right to justice", and a power of the institution the emplement the law "pro fact o" as they see it...!
2014-08-21 21:04:01 · answer #2 · answered by CHRIS 1 · 0⤊ 0⤋
If you are not making more than 50k you are working for the wrong railroad. My hubby works for BNSF. He has only been there for 2 years and made more than that. He's not a conductor either, maybe that is the difference. Someone already gave the website for the retirement board. Good luck! My husband says it is 80% of your 3 best years averaged.
2007-10-09 14:16:08 · answer #3 · answered by Stephanie W 4 · 0⤊ 0⤋
Why guess at what you may get? But you really are a LONG way from worrying about it. Contact the RRB (railroad retirement board). They are the ONLY source for accurate information concerning retirement benefits.
By the way, how old are you? I f you don't have 30 years in at age 60 and you elect to go anyway you are going to take a big CUT in benefits.
here's a link to the RRB site:
http://www.rrb.gov/
2007-10-09 04:51:13 · answer #4 · answered by nvrdunit90605 3 · 1⤊ 0⤋
Try www.retirement-news.com. It has a lot of tools to help calculate retirement income.
2007-10-10 16:26:34 · answer #5 · answered by retirement-news.com 2 · 0⤊ 0⤋
Any % increase for 2015 on pension benefits?
2014-12-02 17:40:28 · answer #6 · answered by Garry 1 · 0⤊ 0⤋