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12-07-2024, 04:12 PM
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#23826 | | Performance Moderator
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Originally Posted by Traum  I'm familiar with the public sector pension. 2 years of work to become vetted -- I think that's the term. Then 2% per year of your salary added to the annual pension calculation, with "salary" being calculated as the top 5 earning years before retirement, with the maximum pension benefits being 70% of the calculated "salary". (First responders receive 3% per year.) And for someone with a spouse, the spouse is entitled to at least a 60% of the pension payments after the primary pensioner dies, unless the spouse explicitly opts out.
Whether it is a gravy train or not depends on the job, and how long you have been working in a position entitled to receive the pension. Naturally, it caters to someone who stays working in the public sector. For most people, I'd imagine it being something that ranges from their primary retired income to a useful supplement. | You have some of the basic numbers right, but your assumption that it's a steady 2% a year climb is wrong, it's much more complicated than that.
To max out at 70% you need to do 30 years.
If you leave any earlier than that, there are harsh penalties. For example, for me, I never wanted to do 30 years so I made e decision that I'm only going to do 25... My amount drops down to approximately 50% due to penalties of not doing those last 5 years unless i forego the pension entirely until a later date. It's extremely complicated, but there are some calculators finally available online.
Long story short it's not as simple or great as you might think... 25-30 years of your life is a fuck tonne of time.
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12-07-2024, 06:13 PM
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#23827 | | I have named my kids VIC and VLS
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Yea but then you have guaranteed income for life without ever having to think about it. A perk most people could not dream of (I also have a defined benefit pension but I’ll never reach full service)
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Dank memes cant melt steel beams
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12-07-2024, 06:43 PM
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#23828 | | My homepage has been set to RS
Join Date: Nov 2008 Location: vancouver
Posts: 2,290
Thanked 2,574 Times in 569 Posts
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A lot of the new gen is fucked, my cousin graduated high school this year and he's not going to post secondary or working. All he does is play on his iPad, he also still has his iPad in front of him when he's at family dinners like a 5 year old. I guess bad parenting contributes to it, but he gives no fucks it's super messed up.
Although, I can also say that the new generation is smart as well, a rare few use technology and readily available information to their advantage.
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12-08-2024, 12:49 AM
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#23829 | | I subscribe to the Fight Club ONLY
Join Date: Aug 2007 Location: Paradise, BC
Posts: 7,044
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| Quote:
Originally Posted by 68style Long story short it's not as simple or great as you might think... 25-30 years of your life is a fuck tonne of time. | You are absolutely correct that 20 - 30 years of someone's working life is a long time -- it could practically be someone's entire working career. But if we backtrack a bit to how the defined pension got mentioned in the context of the CP workers, it is that the pension is there to offset what some might deem to be a lower salary.
I would say that for most people seeking / working in a public sector staff position where the job offers a defined benefit pension, career aspirations are probably secondary to job stability. For someone seeking job stability before career aspirations, spending the majority of his working career with the same company is not that far-fetch of an idea. And even if the person changes job, the pension is generally directly transferrable to other public sector positions, so you just carry on with the contribution (and the already contributed amount). That sort of limits someone from looking for private sector positions, but I would simply chalk that up to any number of tradeoffs that people would find themselves in with any job.
So all of my babbling really comes back to this -- the defined benefits pension is a very nice piece of financial asset -- one that every CP regular staff is entitled to. The longer someone has been working there (or at any other public sector position), the better it becomes. In this day and age, very few workers have something like that.
In your case, you're consciously making the decision that being able to retire earlier and begin collecting your pension despite the early collection deductions is worth more than having to work through the final 5 years to avoid the early retirement/collection deductions. You should be proud that you're in the position to be able to make a conscious choice like that!
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12-08-2024, 09:58 AM
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#23830 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
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When did I say I'm not?
And I'm not in that position because my government salary was great... I spent most of my time underpaid but if I'm being honest I lack the education to get a tech industry job and I'm not a salesperson. I did what I could to survive and with dual incomes and condo life and no kids was able to do financially better than most people + due to timing/age I was able to buy my real estate during a time when it was less than half the cost of what it is now.
The only reason I can consider this option is because of some inheritence through death in the family. Nothing about my government job or the pension would have allowed me to make such a decision without that windfall. I'll still have to work too, the pension isn't enough to live on when I eventually do get it in 4.5 years, I'm just done with working for the friggin government and 5 more years trying to max that shit out on top of the 4.5 I have left (total of 9.5 years) at that place isn't worth my sanity.
I don't know why you keep saying every CP staff is entitled to it, they're not. That's not how it works. You have to put in a minimum of 20 years to get ANYTHING tangible back. And besides that, what good is pension if your salary at the job isn't enough to survive on to get there? It might as well not exist. That may be the case for CP to be honest, as we already established being a postal worker is not a particularly skilled job so maybe there shouldn't be. That's what it may come down to, it USED to be a big bonus of the job but now I don't even think it's something to consider because you can't survive long enough to get there, it's an unattainable goal. In my opinion, going forward a number of years, I think that part of the job will actually disappear for CP and their workforce will just be made up of TFW type people or replaced by automation of some sort. Same with things like bus drivers and a variety of other previously reasonable ways to live/build a family with.
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12-08-2024, 10:28 AM
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#23831 | | Fathered more RS members than anybody else. Who's your daddy?
Join Date: Aug 2002
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37+ years at one job. 27 years in another (part time). Retired because of my wife's condition back then (she passed away 9 years ago). I loved the job. Wanted to be there forever. It was very rewarding and satisfying. Made a difference in many a people's lives. It was hard to leave.................... I can go back, but that means cutting down on RS time, (damn, that was hard to post without cracking up).
Oh yeah, got my full pension. Not ever going to be rich, but I'm richer in other ways almost as important. Stopped being greedy. I have great kids who'll look after me when needed. Stuff money can't buy. Nuff said.
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"there but for the grace of god go I"
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Youth is, indeed, wasted on the young.
| YODO = You Only Die Once.
Dirty look from MG1 can melt steel beams.
"There must be dissonance before resolution - MG1" a musical reference.
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12-08-2024, 02:58 PM
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#23832 | | Rs has made me the man i am today!
Join Date: Nov 2008 Location: Vancouver
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Here's what i'd like to see them do:
Make residential parcel/package deliveries (not letter mail) default to Post Office locations and charge extra for door-to-door delivery. People who want to pay for the convenience will gladly do so and people who don't mind picking up at the Post Office will just make it part of their weekly routines. CP makes extra money from the prices and saves money/resources on bundling large quantities of package deliveries to Post Office locations. This would also shorten the time Letter Carriers take to finish their route (meaning more opportunities for overtime if they choose). CP would need to extend operating hours of Post Office locations and staff people into the evening to handle the increased volume or pick-ups, but they could also implement late fees for people that don't pick up their packages within X days.
CP would be happy from additional revenue and lower costs. Union would be happy because nobody's losing jobs and increased opportunities to do overtime. Residents would have mixed reactions, but I think overall will be neutral.
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12-08-2024, 05:38 PM
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#23833 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
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CP doesn't own all the Shoppers Drug Mart locations nor are the people who work there CP employees. That could complicate things or simplify them depending on how it was rolled out I guess.
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12-08-2024, 07:21 PM
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#23834 | | I subscribe to the Fight Club ONLY
Join Date: Aug 2007 Location: Paradise, BC
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We really ought to get the CP arbitrator to come join us at RS and follow this thread.
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12-09-2024, 08:12 AM
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#23835 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
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| https://globalnews.ca/news/10907828/...strike-notice/
Vancouver International Airport jet fuel workers issue strike notice
of course, as they are a part of the ILWU, this isn't going to end well. Jesus Christ, plz add more disruptions to our already battered gateway.
Nobody needs to move goods through Vancouver, lets all fuck off to the States where soon it'll be cheaper to move shit than Trump tarrif-fucked Vancouver.
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12-09-2024, 08:31 AM
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#23836 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Nov 2002 Location: 604
Posts: 8,109
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| Quote:
Originally Posted by Badhobz Nobody needs to move goods through Vancouver, lets all fuck off to the States where soon it'll be cheaper to move shit than Trump tarrif-fucked Vancouver. | Effin Trump still talking about Canada being the 51st State on a recent NBC interview ... our politicians couched it as 'joke/kidding' when Trudeau went to Mar-a-Lago. I don't think he was.
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12-09-2024, 09:07 AM
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#23837 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,066
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| Quote:
Originally Posted by 68style You have some of the basic numbers right, but your assumption that it's a steady 2% a year climb is wrong, it's much more complicated than that.
To max out at 70% you need to do 30 years.
If you leave any earlier than that, there are harsh penalties. For example, for me, I never wanted to do 30 years so I made e decision that I'm only going to do 25... My amount drops down to approximately 50% due to penalties of not doing those last 5 years unless i forego the pension entirely until a later date. It's extremely complicated, but there are some calculators finally available online. | Didn't realise there's effectively a "bonus" (or reverse penalty) to get to 30 years - my wife was planning to peace out earlier (23-25 years) so it'd line up roughly with my retirement. I'll have to revisit our calculations for retirement if there's a sizeable upside for her. Thanks for pointing this out.
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Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
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12-09-2024, 09:08 AM
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#23838 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2010 Location: Vancouver
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The downfall of the Assad regime in Syria.
The leader of Syria's Islamist Hayat Tahrir al-Sham (HTS) group Abu Mohammed al-Jolani. He's the rebel leader who brought down the dictator Assad. https://www.cnn.com/2024/12/09/middl...ntl/index.html
I must say that these many of these Middle Eastern dictators have quite the car collection haha. I wonder who had better cars, Assad or Saddam Hussein's sons haha. https://news.sky.com/story/rebels-st...th-3m-13270382
The most interesting cars:
Three Ferrari's including an F50 and the F430 Spyder.
Aston Martin Rapide
Mercedes SLS AMG
Lamborghini Diablo
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Go Canucks go!
Last edited by pastarocket; 12-09-2024 at 09:39 AM.
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12-09-2024, 09:59 AM
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#23839 | | I Will not Admit my Addiction to RS
Join Date: Jun 2015
Posts: 526
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Assad is probably just happy he didn't get the Gaddafi treatment, though he probably more than earned it.
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Current: G87 M2, Lotus Exige S, 4Runner
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12-09-2024, 10:06 AM
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#23840 | | I subscribe to the Fight Club ONLY
Join Date: Aug 2007 Location: Paradise, BC
Posts: 7,044
Thanked 6,792 Times in 2,747 Posts
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| Quote:
Originally Posted by supafamous Didn't realise there's effectively a "bonus" (or reverse penalty) to get to 30 years - my wife was planning to peace out earlier (23-25 years) so it'd line up roughly with my retirement. I'll have to revisit our calculations for retirement if there's a sizeable upside for her. Thanks for pointing this out. | People are eligible to retire and begin collecting their pension payments starting at 55, but your monthly pension payout is reduced -- basically bcos you start collecting money earlier. The later a person begins collecting pension, the amount of reduction you are hit with decreases each year. If someone begins to collect their pension at 60 or older, then there is no reduction in the pension payments.
It is very important to note that if someone starts collecting pension before 60, they are stuck with the reduced amount for life. ie. If a person would have received $1000/month of pension if he retires at 60, and he chooses to retire at 55, his monthly pension payout might be $700/month, and he will be collecting that $700/month for the rest of his life. It does not increase each year, and it does not go back to $1000/month when he reaches 60 years old.
(Also bear in mind that we are being scientific with the analysis here, so only a single variable -- the age when you start collecting pension -- is considered in the analysis. In a "normal" situation, if a person retires at 60 instead of 55, he would also have accrued an additional 5 years of service, and that adds an extra 10% of pension contribution to his pension, and that increases the pension payout as well.)
From looking at the numbers, it seems to me that the public sector defined benefits pension plan is really meant to entice people to retire at 60 because that is the age when you can "get the most pension bucks" out of the plan. For each year that you retire earlier (or later) than 60, the deduction or increase in monthly payment trails off. That is to say, retiring at 55 gets you a bigger deduction on the monthly payment. But retiring at 59 only gets you a fairly small deduction. Conversely, retiring at 61 nets you a certain amount of higher payment. But retiring at 62 nets you a smaller increase compared to retiring at 61.
Obviously each person's situation is different, and the "optimal" plan depends on how long the person will live. Unfortunately, we don't have a crystal ball to know when we'll die...  | |
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12-09-2024, 10:11 AM
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#23841 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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All of that is under the assumption that you’ve put in the full years of service as well though.
We have a good calculator built into our payroll system that you can see exactly what you’d get if you retire at X age based on your current term of service. I plugged mine into it and under the assumption I’d make the same or similar I am now, the difference between 55 and 60 is huge for me because I’ve only been in this pension for 2 years.
I’ve always lived under the assumption I won’t be relying on a pension however so my investments largely Trump my pension at this point. So hopefully at 55 I can take the reduced pension and it will just be in addition to my own retirement plannning.
Honestly these days if you’re under 30 and relying on a pension for retirement, to be blunt, you’re probably a loser.
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Dank memes cant melt steel beams
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12-09-2024, 03:53 PM
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#23842 | | I contribute to threads in the offtopic forum
Join Date: Sep 2004 Location: Canada
Posts: 2,946
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We're in the clear guys! 99.9% of us is over 30 so we ain't losers.
Trying to convince people to to work to 60 or 65 or even 70 seems like a bit of a scam. Get you to work so hard until you're so old, what are you going to do with that extra money when you're pretty much dead and stuck at home due to health issues. Retire earlier and go travel while you're mobile.
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12-09-2024, 04:09 PM
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#23843 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Nov 2002 Location: 604
Posts: 8,109
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C'mon man, you're not dead and stuck at home in your 60's or 65 ... !!!
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12-09-2024, 04:22 PM
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#23844 | | in the butt
Join Date: Aug 2016
Posts: 2,882
Thanked 3,659 Times in 1,331 Posts
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Working till 60 or 65 (or older) is probably normal in 70-80% of the world
First world countries, and especially tier A cities (vancouver) are extremely spoiled for retiring "early" and all the benefits we get at the cost of third world countries/people
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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12-09-2024, 04:23 PM
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#23845 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
Posts: 16,196
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Most aren't but many are. Then again waiting to travel as a senior really isn't the same thing:
I mean: 
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12-09-2024, 04:24 PM
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#23846 | | in the butt
Join Date: Aug 2016
Posts: 2,882
Thanked 3,659 Times in 1,331 Posts
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Anyone else hope they are dead before they reach the bottom pic of CivicBlues, or is it just me lol
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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12-09-2024, 04:25 PM
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#23847 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
Posts: 16,196
Thanked 3,912 Times in 1,421 Posts
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So they arrested the alleged shooter of the Health Insurance CEO: https://globalnews.ca/news/10908712/...an-questioned/
Guy was like Agent 47 during the act but was caught at a McDonalds in Altoona,PA with a bunch of fake IDs like a n00b
The McDonalds is then flooded with 1-star reviews: https://thehardtimes.net/music/altoo...lass-traitors/ 
Last edited by CivicBlues; 12-09-2024 at 04:31 PM.
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12-09-2024, 04:30 PM
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#23848 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
Posts: 16,196
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Originally Posted by donk. Anyone else hope they are dead before they reach the bottom pic of CivicBlues, or is it just me lol | Nah, The hope is your investment in experiences as a traveller in your younger years will spur you to become this guy instead: 
*your skin colour may vary.
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12-09-2024, 04:38 PM
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#23849 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,756
Thanked 32,636 Times in 7,615 Posts
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Originally Posted by CivicBlues | Fuckin narc piece of shit at McDonald's.
This guy did more for the American people than all the politicians in the last 8 years combined.
__________________
98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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12-09-2024, 04:48 PM
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#23850 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,993
Thanked 15,172 Times in 6,082 Posts
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Got a free Big Mac for his heroics
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Dank memes cant melt steel beams
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