Does anyone know what the deal is with the pension? I am still an actively working employee. We are told PBGC is taking over pension. Then we get emails about taking a survey and some of us don’t get the survey. Then another email stating that we are no longer a JCPENNEY employer as of 12-31 and we can take our pension if we choose to. Wth? Try calling and you can’t get through. Any others out there?
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@esay speak to your financial advisor that set up your account to roll into to verify, but if it’s policy to send directly to you, you have 60days to do so without tax ramifications. Hope this helps.
I just have to say so much conflicting information from Powerline. Did a chat with someone who gave me step by step instructions on how to request a rollover of my lump sum pension online through the site. When it didn't appear to work and I called Powerline the next day I was told that the representative was incorrect. They said the request had to be started and processed on the phone which we then did. It gets better. I said i wanted a full direct rollover of my lump sum to a Rollover IRA. They confirmed all of this as far as the company it should be sent to account number etc. The next day when I received my authorization docs that I had to review, sign, notarize and return they don't appear correct. Have on the form that lump sum is to be made payable to me and mailed directly to me. Guess that means another call back to Powerline tomorrow! Feel helpless with this process especially when they repeat back all the info and do the opposite.
You can either take the lump sum or get it rolled over into an IRA. You can do this through the Powerline website and it seems best to act on it as soon as possible before it gets sent to the other company. Was able to speak to someone a couple of times. Good luck!
Call powerline ask to talk to a manager and tell them you want to transfer your pension to an ira
A regular customer service worker can’t help you ask for a manager
Thanks
I’m going to keep trying to get through on the phone. Someone told me to just do it online but it asks for your last day of unemployment and that’s what’s confusing me
Yes you can take it out but continue working
Have you left the company or are you still working? I am 60 but want to continue working there but if I can take my pension at a reduced amount now and stay on I’m in!
I called end was told I could take the lump sum out but to do it before Feb 19 because it may not be offered for again. Take it!! Roll with into a IRA!