Question on Railroad retirement benefits????

Question

I currently work for the Union Pacific railroad, I don’t completely understand the 2-tiered railroad retirement system. Can anyone help better explain it to me. The only people I can talk to work under the old Southern Pacific agreement and fall under TPA. My question is this:

If I work for 30 years and retire exactly at 60 years of age and never make more than 50k a year what should my retirement look like per month or yearly. I know it goes off my 3 best years but that doesn’t really help me much. Also do any of you know what the average retirement for a conductor is? (I am a conductor)

Thank you very much for your time and answers.

Answer 1

If you are not making more than 50k you are working for the wrong railroad.  My hubby works for BNSF.  He has only been there for 2 years and made more than that.  He's not a conductor either, maybe that is the difference.  Someone already gave the website for the  retirement board.  Good luck!  My husband says it is 80% of your 3 best years averaged.

Answer 2

Why guess at what you may get?  But you really are a LONG way from worrying about it.  Contact the RRB (railroad retirement board).  They are the ONLY source for accurate information concerning retirement benefits.

By the way, how old are you?  I f you don't have 30 years in at age 60 and you elect to go anyway you are going to take a big CUT in benefits.

here's a link to the RRB site:

http://www.rrb.gov/

Answer 3

Sorry.  I am proudly ex-SP, even though the last of my pay checks said Union Pacific at the top...

Answer 4

Try www.retirement-news.com. It has a lot of tools to help calculate retirement income.