Nice little financial surprise!

[Hugh R]

13 years ago, I left a prior employer in the Motion Picture and Television Industry, a sort of trade association, but mainly the collective bargaining entity that negotiates the Union contracts for the various unions in Hollywood. I was there for four years. I left under what they call in the Industry "Creative Differences". The vesting requirement for any pension benefits is five years; I was there for four years. I figured I wouldn't get anything being there only four years. So I didn't give it another thought.

A well versed friend in the Industry encouraged me recently to contact them as I was an "Executive" and thus might have accrued hours under a special agreement that allowed me to accrue vesting at 125% of hours worked. I did and it turns out, upon review, that I met the five year vesting with 40 hours to spare. So I appealed and today I got a letter saying that upon retirement I'll get $323.49/month for life, plus a lump sum of $45,xxx. It may go up from there. Not a lot, but its beer money, or about 80 gallons of gas in the new Class A motor home per month for life. Not a game changer, but I'll take it gladly.

[onewhippedpuppy]

Nice! Every little bit helps.

[herr_oberst]

That's great, Hugh! You've inspired me to look into a trade union I belonged to back when I was a grocery clerk. I paid plenty of dues, maybe there is a little pension waiting for me, too!

If you ever get back to Portland, I'll buy the second round!

[Jim Richards]

Congrats, Hugh!

[motion]

Hugh, that's worth over $100K. What world do you live in where that's not much, or just beer money?

[jyl]

I think there is some serious good karma going on with H, and if you know him, you're not surprised.

[stomachmonkey]

Originally Posted by motion

Hugh, that's worth over $100K. What world do you live in where that's not much, or just beer money?

(turn on movie guy voice on your head)

A world in which a man can sell the used british car he bought for pocket change in college to a Middle Eastern big shot for 1000% profit.

[rusnak]

Congratulations, Hugh. Now whatever you do, don't go and die until you've spent it!!

[Hugh R]

$45K as a lump sum, $323.49 x 12 months/year = about $3,900/year x 20 years is $77,XXX. You are correct its easily over $125,000 in current dollars over the rest of my life. I don't mean to trivialize it. Its a nice surprise. My current projection is to retire with around $120,000 or better per year. With the monthly pension from this and a modest withdraw of the supplemental fund it might add $5,000 per year.

[Zeke]

Don't stop doing what you are doing because it's all turning into gold.

I looked into an AFL-CIO union I belonged to and paid retirement for 4 years and they couldn't even find that I had ever belonged. Crooks.

[jyl]

I think there is some serious good karma going on with H, and if you know him, you're not surprised.

[Baz]

Whoa!

Hugh that's fantastic!

Couldn't happen to a nicer guy.

JYL has it right. Some serious Karma there, my friend.

[dan88911]

Congrats! Hugh
It's like gravy for the meat & potatoes.

[Hugh R]

Originally Posted by stomachmonkey

(turn on movie guy voice on your head)

A world in which a man can sell the used british car he bought for pocket change in college to a Middle Eastern big shot for 1000% profit.

More like 1,400% but when you consider the cost of money. Spark plugs or main bearings bought in 1973, 1975, 2005 etc. , I didn't do that well, as an investment, but still did pretty well. I also had to pay capital gains on that sale.

Funny, I don't remember an IRS agent with oil and antifreeze soaked hair under my car once.

I got to write off a used seized Trannie I bought for $800 in 1979 because I needed the parts. I could only write off the $800 in in 1979 dollars; not 2006 $. (yes, I kept every receipt and put them in an 1,8XX+ row Excel file). In hind sight, if I'd plowed the accumulated money into Apple or Microsoft or Oracle, I'd be worth a whole lot more. OTOH, I got to drive it for 35+ years.

[techweenie]

Well, Hugh, the guy right down the street from me has a Rudge army courier prototype motorcycle -- one of one in the world --- and I think $45K would just about buy it. Nice coincidence!

Now if I could only recover my 401 K money from the software company I worked for in 2000... they failed to pay the maintenance fees and the investment house has all of my money and I have no way to get it.

[Hugh R]

For $45K I'd sell my Rudge.

[Bill Douglas]

Well done Hugh.

[sammyg2]

If you change you mind and don't want it, I got dibs!

[Porsche-O-Phile]

Awesome - cool story!

[rattlsnak]

It'd be a game changer to me... Congrats!