I am hoping those that have left Xerox could tell me how long it took to get your lump sum out of the pension fund. I am counting down the days to get out of this toxic company. Thanks.
9 replies (most recent on top)
To answer the question, it takes 4 weeks after you complete all of the paperwork to get you lump sum in whatever form of payment or rollover you choose.
They told me it’s a monthly cycle so get the request submitted before the end of the month then it will be 2 weeks into the next month when they will send a check or process a transfer.
It took 55 days to get my paperwork processed and a check to my financial adviser. Not sure what other's have experienced, but my advise is to stay on your assigned pension administrator. They are not the most helpful group. Do not assume that your paperwork will automatically be processed without issue. Pester them periodically to make sure you know where you are in their process and try to nail them down for hard dates if things start to stall. The sooner your start, the better!! Good luck!
In regards to pension lump sum it took about 3 weeks after my manager confirmed my departure in the HR GEMs system. They say it should only take 2 weeks for pension.
the idea rolling over to 401k first is to withdraw without paying 10 percent more if you are 55 and older , also any money in a 401K account if you are sued for any reason cannot be taken from you , IRA accounts can be lost in a lawsuit, food for thought , you can have a check for everything in 30 days depending on when it is input you will be notified by email of progress and see it as well at benefits web
continue , you will receive w-2 for each rollover with designation code 2 which means 100 % rollover and is not taxed, handle your rollover electronically thru benefits , from your last day you will, have 60 days to complete rollover or take disbursement , if this advise is good for you repost and I will get back to you on any questions , good luck
This reply is so poorly written it’s incomprehensible. It also doesn’t even address the question that was asked. This is the quality of information you can glean on sites like this.
You DO NOT have to roll over to your 401K first. The process is quite straightforward to roll to an IRA. But first, you have to open one. If you do not have a financial advisor, consider going with Vanguard or Schwab. Their fees are much cheaper. You can always move your money later, again IRA-to-IRA. I went with Vanguard, didn't want to pay the 1% to 1.3% fees financial firms were going to charge. Whatever rollover path you choose, the firm will help you so that you don't get stuck somehow taking it as cash (and pay taxes as the previous poster explained).
you will be taxed if you take cash , roll it all over to your 401k then roll it to IRA account , if you desire, if you are 55 and over you will not be taxed the extra10 percent if you withdraw from 401k , Ira rules say you have to be 59.5 years old to avoid 10 percent early withdraw , you can do this thru benefits web , I mean initially roll it all to 401k thru benefits web select money market then create a account thru benefits web to roll to there is no charge for this , then call and ask to withdraw from 401k or if you are allowed you can also do this online , be aware there is 20 percent of the top of any withdraw and 10 percent if under 55 , state tax is not mandatory on withdraw from 401k , it is best to have deductions to claim like mortgage interest and taxes on your property to reconcile the 20 percent of the top at tax time , good luck