TEAMSTER RETIREES MESSAGE BOARD
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Re: I need to know about my retirement Funds
Posted by Richie Simonetti on 10/7/2004, 10:33 am, in reply to "Re: I need to know about my retirement Funds"
First of all Francis, Don't ever feel stupid for asking a question when you don't understand something? It's when you don't ask a question you may do something you regret because you didn't ask. I wish when I was a lot Younger I had asked more questions like you just did! As for me I forgot whether it was 5 or 10 years to be vested for a Pension because I am already retired with almost 32 years of service. As for an Annuity? Besides a Pension my Union, Bakery Drivers Union Local 802 of Long Island City, New York Negociated with the Companies that they had a contract with back in the late 1970's or early 80's. It's a Trust Fund that the Employers invest for us in Mutual Funds. This money is actually employees money that we never see like Pension Money, Benifits, etc. etc., but is invested in the interest of all the employee's. Your Money grows according to the Market on Wall Street. It could gain a lot or be very slow but in the long run over a period of time build up to a Tremendous amount especially when your retirement comes. It sounds like you didn't have an Annuity Trust Fund where you were employed with Local 812 or you would have definately known about it. It's like a 401K Plan built for your Retirement. However like I told you before if you did have something like an Annuity you would be able to take your money upon leaving employment under Local 812 but since you are only 39 years of age it would be wise to have it rolled over by a Financial Adviser from a Bank or from an Investment Company or risk losing as much as 20% because you are under the age of 59 1/2. This is the Rules that they have. As for me, I left Local 802 at age 54 and I had my Annuity Rolled Over by the American Express Company (IDS) and have done very well with them. I let my money grow with them and didn't touch a dime until I was 59 1/2 and since then only a few times when I needed something. Im 63 now and thank my lucky stars for my Union Benifits especially my Annuity. As for your Pension? Im not sure if you have to wait for a certain age or what. You may have to check with Local 812 and if you are not satified with their answer, I would seek Legal Advice. Good Luck and it's a Pleasure to help you in any way I can.
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