I'm tired of working in such a toxic environment, my heart isn't in it anymore. I'm just not sure what happens to my pension if I leave the company. Can anyone offer some insight?
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I was in the October '16 layoff group and decided to roll my pension into an independent IRA (US based). Your pension is safe with T. Rowe Price but it will not grow - or will grow at an insignificant return - so if you are more that 5 years away from retirement, you should consider the rollover. Also, look a the survivor benefits; if your spouse is likely to survive you, you are likely better off rolling it over for their benefit. I recommend that you talk to a financial planner for a recommendation - and be honest with yourselves about risk tolerance and life expectancy (guaranteed benefit vs. survivor benefits). If you and your spouse both pass away, your kids (or other beneficiaries) get nothing from the pension.
If you are 100% vested, your pension is safe and guaranteed by the PBGC. You don't have to roll it to anything if you don't want to. I'm leaving mine as is and will take the monthly pension when I turn 70.
Just make sure you roll it over into IRA otherwise you'll get a nasty tax penalty.
Corporate culture has no place for the 'values' espoused by the company. It only serves the shareholders. It's toxic for those remaining and there's no way to recover the company morale. But as a shareholder with stock in a retirement plan, should be good.
Was wandering the same. Thank you OP, and thanks for good replies as well. #GOLD post
What happens to your pension if you resign?
I'm tired of working in such a toxic environment, my heart isn't in it anymore. I'm just not sure what happens to my pension if I leave the company. Can anyone offer some insight?
I left just before Christmas because I worked 16 hour days, got paid for 7.5 hours and more was expected. Not willing to sell my soul to a multi-billion dollar empire any longer.
SO.... If you are Canadian, move it to a locked in LIRA etc. I wouldn't leave it with Enbridge as that could be too chaotic. You wouldn't be kept in the loop etc. I moved mine and it's great! Making great increases and growing nicely. Your pension isn't touched if you leave the company. That is your earned money.
I agree with the comment about an IRA. I was in the October layoff. Already had an IRA with another company. Contacted T Rowe Price, got the form, and they sent a check made out to the financial company that I deposited. If you take it out where it is made payable directly to you, you'll pay taxes on it.
In US, you establish an IRA and roll it into the IRA. You can do this within your existing Trowe Price retirement account. Give them a call.
If you are Canadian, your pension would still be paid out at 55 or 65 or you can commute it to your own LIRA. Best to consult with your fnancial planner using your latest Pension statement.