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SVTPerformance's Chain of Restaurants
Road Side Pub
The Chow Hall
Current Retirement System
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<blockquote data-quote="Fuerza" data-source="post: 12837976" data-attributes="member: 19948"><p>I'm unless you joined before 31 July 1986 you fall into CSB/Redux. Which is a choice system.</p><p></p><p>Choice one, You can take Redux Bonus of $30k to invest or blow at 14.5 years of service and receive reduced benefits at 20 years of service, 40% to be exact. Once you hit age 62 they bump your retirement back up to 50%. </p><p></p><p>Choice two, You take 50% at 20 years and walk. This is actually high-3 which is an average of your highest 3 years base pay salary. Staying longer than 20 years with this plan increase your rate 2.5% per year.</p><p></p><p>One of the benefits of Redux is the possibility of receiving it in a tax free zone. You can also continue service even though you received the Redux bonus and have your retirement pay increased back up to the 50.5% at 23 years of service. Staying longer than 20 years increases your retirement rate at 3.5% per year.</p><p></p><p>Both systems peak at 30 years of service at retirement rate of 75% base pay.</p><p></p><p>I'll be in the choice zone next year when I hit 14.5 years. My issue is with the draw down I don't see my promotion rates staying the way they have been for the past 10 years. I'll probably take my 50% and walk at 20.</p></blockquote><p></p>
[QUOTE="Fuerza, post: 12837976, member: 19948"] I'm unless you joined before 31 July 1986 you fall into CSB/Redux. Which is a choice system. Choice one, You can take Redux Bonus of $30k to invest or blow at 14.5 years of service and receive reduced benefits at 20 years of service, 40% to be exact. Once you hit age 62 they bump your retirement back up to 50%. Choice two, You take 50% at 20 years and walk. This is actually high-3 which is an average of your highest 3 years base pay salary. Staying longer than 20 years with this plan increase your rate 2.5% per year. One of the benefits of Redux is the possibility of receiving it in a tax free zone. You can also continue service even though you received the Redux bonus and have your retirement pay increased back up to the 50.5% at 23 years of service. Staying longer than 20 years increases your retirement rate at 3.5% per year. Both systems peak at 30 years of service at retirement rate of 75% base pay. I'll be in the choice zone next year when I hit 14.5 years. My issue is with the draw down I don't see my promotion rates staying the way they have been for the past 10 years. I'll probably take my 50% and walk at 20. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
The Chow Hall
Current Retirement System
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