After reviewing the information online and calling two different reps in the hr/retirement area, I cannot get an answer to my question. Does anyone know if the old pension plan - like from 2002 - has a lump sum withdrawal option? It seems like that might be a better bet if you are over 60.
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@1bva when long-term employees are laid off, sometimes shortly before retirement, they still will get their retirement benefits, they don't loose those. You can choose when you "retire" and collect lump sum or annuity independent of when your employment ends.
There is the "legacy cash balance" (pre-2000), the "pension" (2000-2010), and the current 2010 Cash Balance (2010+). You can roll over the cash balance ones to an IRA as a lump sum. The old school pension that isn't cash balance you can not take as a lump sum, it was frozen last year, but you can still get monthly payments later on in life. Even if you leave, get fired, get severance - these are available for you to keep, you can move the cash balances and defer the old school annuity plan until you are 65-70.
@1cr BTW I agree that people should verify their pension and benefits information directly with the benefits coordinator. No one should make an important financial decision based solely on anonymous comments online.
My concern, however, goes beyond the pension question. It is about the broader issue of fairness and accountability when long-term employees are laid off, sometimes shortly before retirement, while the company continues to compensate top executives at extremely high levels and moves certain jobs overseas.
Employees have every right to question these decisions and to ask whether the people making them are being held to the same level of accountability expected from the employees who were let go.
That’s not financial advice. It’s a question of trust, transparency, and fairness.
@1cr While some employees were just months away from their pension and retirement benefits, they were laid off and left to deal with the consequences.
Meanwhile, the CEO walks away with tens of millions of dollars in compensation while more jobs are being sent overseas.
Is this what they call fairness?
How is it fair when an organization can become an inner circle where people believe that years of seniority automatically make them qualified to keep their positions, regardless of performance, accountability, or the results they deliver?
And why not pay closer attention to the recent statistics and public record regarding U.S. Bank’s regulatory and compliance issues, rather than relying solely on rankings and awards?
It is difficult to reconcile these realities with being ranked #1 by Keynova in certain categories.
For many employees, this is no longer just about a job. It is about trust, accountability, and whether the system is actually fair to the people who gave years of their lives to the company.
Not fair. Not transparent. And, for many of us, the trust is no longer there.
People! You need to be asking your benefits coordinator these questions, not randos on an online bi--h fest forum about layoffs! It is never a good idea to take financial advice from an anonymous shitfest forum like this. Do so at your own risk! You could make a very costly mistake if you listen to most of the bullsh-t answers on here.
@bz So once the old funds are transferred to Cash Balance, you'll be able to do a lump sum withdrawal?
I don't think so. You have many options, like when you start receiving it and how much, if any, gets paid to a spouse after you die.
No. Only cash balance has lump sum