Company Pensions

[brokeno]

Mbd what did you do now? Make sure the money is transferred directly to vanguard or something like that because of taxes. You definitely don't want to be taxed on it. Check to see if you can go straight to DuPont insurance instead of cobra for three years like they previously told us.

[mdb]

Me?
It’s for a friend not on TBH.!!!


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[mocephus]

A pension is the amount of money calculated using formulas regarding lengths of employment and salaries made while working. Plus they are paid off for the rest of the ex employees life and the pension might be able to be reduced as a survivor benefit to a surviving widow/widower at a lower amount.

A 401K can be rolled over or maybe allowed to be left in companies fund for future growth and withdrawals.

Make sure all necessary paperwork is in order, ie: life insurance, health insurance, and beneficiaries (401K).

The pension is a defined benefit, and a 401 K is a defined contribution.

I have 6 more days to go before I pull the plug. Merry Christmas ������

[Bill]

I’d speak with the person/ company who handles the pension and not a person in HR to get the correct answers.

Most HR people did not impress me before I retired.

My 2 cents.


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[Maddox]

Asked to leave as in asked to retire/resign? Or asked to leave as i fired for cause?

[Bayouboy]

I’d speak with the person/ company who handles the pension and not a person in HR to get the correct answers.

Most HR people did not impress me before I retired.

My 2 cents.


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Corporate HR will have all the contact numbers for the pension and 401K administrator. Sometimes one company does both.

I deal with this regularly since I represent a number of union members at our facility.

[Acameron52]

As long as you’re vested!

[mdb]

Asked to leave as in asked to retire/resign? Or asked to leave as i fired for cause?

Asked to leave as in “Services no longer needed”.


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[PYBUCK]

Once you no longer work there your money is usually transferred into a low risk/low interest fund and does not grow like it used to. They can leave it and take it in installments or roll it into an IRA. I rolled mine into an IRA.

[Leonhogboy]

Let me say this about pensions, they are only as good as the solvency of the plan. A great number of both private and public sector pension plans are underfunded. With increased life expectancy, I see the problem only getting worse. I get 2 checks a month and have alot more faith in the State of Texas than I do in Unisys Corporation.

Hogboy

[mdb]

Once you no longer work there your money is usually transferred into a low risk/low interest fund and does not grow like it used to. They can leave it and take it in installments or roll it into an IRA. I rolled mine into an IRA.

Thanks.
Yes the plan is an IRA Rollover.

The concern is if they can deny the former employee their pension.


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[BigYoung]

marked

[Bill]

This says it’s not deniable upon termination.

https://blogs.findlaw.com/law_and_life/2018/03/do-you-lose-your-pension-if-fired.html

I’m certainly not an attorney. He should speak with the pension administrator- not HR.

Next, a Texas labor relations attorney.

I was aware a 401(k) could either stay where it was or be rolled over into an IRA. I was not aware a guaranteed benefit pension could be rolled over, or if it’s wise to do so. That requires a financial advisor’s guidance.


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[glen]

If it is a true pension or monthly annuity I would think the best bet would be to file for retirement. It hard to put a $ amount on a monthly because you are guessing how long you will survive. You could take a guess and do math from there.

[Shane]

Thanks.
Yes the plan is an IRA Rollover.

The concern is if they can deny the former employee their pension.


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If he has already rolled it over to an IRA, then it's his for sure and not in the pension plan anymore.