MDT Benefits has been thoroughly useless in answering this question, so trying here: I was RIF’d and on the old pension plan expecting one last contribution from MDT in May. Will they contribute it pro-rated? Or just another reason I was on the chopping block?
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@167 nearly $1700 starting in January
@169 please share which retirement plan YIU are referring to and where in the rules it’s states you can roll over. My plan clearly states if value is >50k, cannot roll over.
@169 can I roll it over if I’m not retirement age?
@OP sorry I do know if pension contributions are pro-rated, but I can give you some free advise - you should consider rolling your pension money over into a self directed IRA account, that way you get all of your money upfront and you can take distributions when ever you want. (proving you meet the retirement age requirements)
if you take regular monthly annuity payments it stops paying once you die, if you want survivor benefit payments you have to agree to a lesser monthly annuity payment. the IRA roll over gives you full control of all your pension money
they may tell you can't do this, but stand your ground - if you read the Medtronic pension rules & procedures it gives you this roll over option. I had to point this out to the people at Fidelity and they still argued with me until I threatened that I'd hire a lawyer if they didn't cooperate and follow the plan rules
@dw you are not required by law to purchase health insurance if you choose not to pay the outlandish prices they charge
@ep You would be better off working with a company or financial advisor that helps you choose a marketplace health plan. If you utilize pre tax (Roth) or bonds to supplement income and lower your reported taxable income, and sign up the following year, you can get a sub $1000/ mo family marketplace plan. Cost is based on income.
Few can afford that…
@dp Sometimes the reps at NetBenefits aren’t fully informed. It’s ok to question their responses.
@dw theres no federal health insurance mandate.
@dw What is original retirement plan? Do you get to choose PPO or high deductible plan?
@de FACT. I have the original retirement plan and my estimated pre-65 insurance premium (for 2 people) is currently showing just over $2200 per month (and rising). This is the amount AFTER applying the subsidy granted. The insurance scam is unbelievable. We are required, by law, to have health insurance which will be the biggest post-retirement expense.
@bx I did wait a week and their response was just to contact NetBenefits. I’m just going to assume they’re not contributing further, as I think that’s the same for 401k.
You can thank the current administration for the higher cost of health insurance. It’s going to get way worse come December
@ae if you are not on one of the older plans, it can be over 1400 per month.
@ae Medtronic subsidized my COBRA rate for 3 months (they paid the same portion as when I was an employee), but after that it goes up about 3X.
I also have just over $12k in something called Evergreen Retiree Medical Account, which can be used for any medical expenses. I did decide to retire rather than seek re employment, so that could be why Medtronic provided that benefit. But it was unexpected.
Give askhr a week to respond. Thats the timeline they appear to operating on. Not supporting their lack of timeliness, but it is what it is.
I think a more important question is did you make it to age 55y and what your health insurance plan will be. One of my questions is health insurance is not funded at all in retierment.