I'm in the home stretch of the job I've held for the last 29 years. In 568 working hours I'll have 30 years of credited service and be eligible to get a lifetime pension. For those of you that know me know that I've been planning this for a long time. It looked as though the pension wasn't an option after changes made in 2019 cut off the 30 and out option. Then after a meeting with the pension fund reps I learned that I was eligible if I worked 600 hours last year and 600 this year. My option is I can get a lifetime pension this year after I'm eligible or I can wait until I'm 65 to sniff a dime. That's a 15 year gap. There are a lot of people in the same boat and I'm sure most of them will go this year and keep the guaranteed income.
Once I'm done with the 600 hour speed bump, I'll be able to fill out the paperwork and pick a date. I believe it takes some time once you submit your paperwork to get things arranged. My final day is up in the air right now. Here is why, it's a double contract year. The contract is up between the company and the military and the contract is up between the company and the union. These years are especially difficult and lead to lots of problems.
Here is my plan as of right now, I need to wait to see who is awarded the contract. Once I have that then I can plan my final day. I plan on saving up all of my vacation leave and selling it back when I leave, giving me a large final paycheck. Here is the rub, if the current company retains the contract then I'll then it's possible that I can leave in October making my leave worth a lot more since October 1st is when we get a cost of living raise.
If the current company loses the contract then I'll leave much earlier. When a new company takes over the old company pays off your vacation leave anyway and everyone starts from zero. So there is no incentive to stay longer and I can start utilizing my degree in a new career. Plus you have to go through the rehire process and there is always a layoff so I can save someone's job. They wouldn't be laid off long as I would only turn around and retire anyway.
That's where I am, 6 days into the year and I'm on the downhill slide to a great retirement!
