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So what can an engineer make?


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#21 PVD

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Posted 12 July 2018 - 11:47 AM

In my job the key was 55 and 20 meant keep the medical. If you went out before 58 though, you can not be employed otherwise you forfeit the medical. When I was financially set, (56 1/2) I said "I don't want to do this anymore" and any activities I undertake now are as a non employee (1099) not a W-2.



#22 frequentflyer

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Posted 12 July 2018 - 01:14 PM

So how much would an Engineer on the NEC make? Or corridor services in California or Midwest?



#23 Walt

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Posted 12 July 2018 - 04:39 PM

Vesting went to 5 years from 10 for most pensions, but keep in mind that doesn't mean you get the whole pension. It just means you don't lose what is already earned. There are still restrictions on what you get at what age and years of service that vary widely depending on the retirement plan in question. As an example, I collect an early retirement pension, based on 35 years of service, with actuarial reduction for age at retirement (56 1/2 in my case), full pension at 60. If I had left before retiring, and worked in a different industry, I would still have 35 years, but the age at which you can collect a full vested pension is higher (65), making the reduction (.5% per month below full ret age) to a specific age steeper. Plus I kept full medical, dental, optical and prescription coverage until I go on medicare, when they will provide the gap (and the dental optical and prescr) If I went out vested I would forfeit that.

Yep, I was laid off in '93 with vesting in a retirement plan.  I'm holding off collecting it so I can get the full $xxx/month.  Not a lot, but it's better than nothing.  :)


What I found out, is that the amount you get isn't linear. If you have in 15 years, you don't get 50% what you would have gotten after 30 years. Its back-end loaded. With 15 years you get like 15%. 25 years you get like 75%. Its the final few years, just before 30, that it quickly climbs to each 100$.

And with 15 years, it isn't 15% of today's amount, but 15% of what was retirement payments back when you hit 15 years (which was a few decades ago).

For me, that old pension, with 15 years of service, is today, enough to pay the cable bill. :D
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#24 AmtrakBlue

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Posted 12 July 2018 - 04:49 PM

Vesting went to 5 years from 10 for most pensions, but keep in mind that doesn't mean you get the whole pension. It just means you don't lose what is already earned. There are still restrictions on what you get at what age and years of service that vary widely depending on the retirement plan in question. As an example, I collect an early retirement pension, based on 35 years of service, with actuarial reduction for age at retirement (56 1/2 in my case), full pension at 60. If I had left before retiring, and worked in a different industry, I would still have 35 years, but the age at which you can collect a full vested pension is higher (65), making the reduction (.5% per month below full ret age) to a specific age steeper. Plus I kept full medical, dental, optical and prescription coverage until I go on medicare, when they will provide the gap (and the dental optical and prescr) If I went out vested I would forfeit that.

Yep, I was laid off in '93 with vesting in a retirement plan.  I'm holding off collecting it so I can get the full $xxx/month.  Not a lot, but it's better than nothing.  :)
What I found out, is that the amount you get isn't linear. If you have in 15 years, you don't get 50% what you would have gotten after 30 years. Its back-end loaded. With 15 years you get like 15%. 25 years you get like 75%. Its the final few years, just before 30, that it quickly climbs to each 100$.

And with 15 years, it isn't 15% of today's amount, but 15% of what was retirement payments back when you hit 15 years (which was a few decades ago).

For me, that old pension, with 15 years of service, is today, enough to pay the cable bill. :D
Oh, I know. I know what the pension will be at full “maturity” which is why I’m waiting - so I can pay my cable & electric. :P

#25 Acela150

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Posted 12 July 2018 - 05:32 PM

 


So what makes  the job worth so much?    

 

The fact that you don't get sick time, can't take most medications while you're performing service and if you miss a call, you may have blown your income for the pay period and a good sickness may straddle pay periods.

 

Then, of course you should save your money just in case you mess up since NS is known for this tactic:

 

Railroad blames its crew for Kentucky train crash. And sues them.

 

 

 

The suits says the two ignored a signal that required them “to be prepared to stop.” The suit says the two were negligent in failing to maintain a reasonable lookout, including a watch for wayside signals that govern the movement of the train.

The two also failed “to pay attention to their duties,” failed to properly control the movement and speed reduction, and failed to announce to a dispatcher that they had applied an emergency brake so that “other trains in the vicinity could be notified of the event.”

The suit says the two men are liable for damages to the railway’s property, including, but not limited to, damages to the locomotives, rail cars, tracks, right of way, communications and signal equipment, expenses related to getting the train and car back on the track, transporting the locomotives for repair, and damages for loss of use of the locomotives and rail cars.

There were also costs related to removing the diesel fuel that spilled onto the soil and ground water, the suit says.

The suit seeks a judgment against Tobergte and Hall in an amount sufficient to compensate the railway company. And it seeks the awarding of an indemnity as may be payable to adjacent land owners or railway customers.

 

 

 

Yes they are known for that. And there is no reason for it. 

 

 

 


So what makes  the job worth so much?    

 

The fact that you don't get sick time, can't take most medications while you're performing service and if you miss a call, you may have blown your income for the pay period and a good sickness may straddle pay periods.

 

Then, of course you should save your money just in case you mess up since NS is known for this tactic:

 

Railroad blames its crew for Kentucky train crash. And sues them.

 

 

 

The suits says the two ignored a signal that required them “to be prepared to stop.” The suit says the two were negligent in failing to maintain a reasonable lookout, including a watch for wayside signals that govern the movement of the train.

The two also failed “to pay attention to their duties,” failed to properly control the movement and speed reduction, and failed to announce to a dispatcher that they had applied an emergency brake so that “other trains in the vicinity could be notified of the event.”

The suit says the two men are liable for damages to the railway’s property, including, but not limited to, damages to the locomotives, rail cars, tracks, right of way, communications and signal equipment, expenses related to getting the train and car back on the track, transporting the locomotives for repair, and damages for loss of use of the locomotives and rail cars.

There were also costs related to removing the diesel fuel that spilled onto the soil and ground water, the suit says.

The suit seeks a judgment against Tobergte and Hall in an amount sufficient to compensate the railway company. And it seeks the awarding of an indemnity as may be payable to adjacent land owners or railway customers.

 

 

IIRC, operating crew can purchase some sort of "job insurance" to pay them if they are suspended for operating rule violations...not sure if it would included accident liability as well...

 

 

Job Insurance only covers T&E Crew when they are pulled out of service. Not major lawsuits like this. That job insurance will pay crew members while they are out of service. And Crews swear by it cause they know how management is. 

 

So how much would an Engineer on the NEC make? Or corridor services in California or Midwest?

 

I can tell you that 6 figures a year isn't uncommon at the full pay rate more so within the NEC. 


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