anybody heard if pension buyouts are on the table ?
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Some previous BBT bank mergers had a clause that stated old pension would be paid out as lump sum if wanted. Will this be eliminated after final conversion?
I'm not sure what department your friend is in, but it all depends on the contract. In general a sale of a department is treated as a plan termination from original and a new hire with the new company. So your friend will likely have to wait until retirement age. When I left i received a letter telling me the date i would be eligible and how much my benefit would be. But no buyouts are being offered at this time.
Do pensions get bought out if the position or the entire group is eliminated? Asking for a friend.
Any discussion on offering early retirement packages?
The only question about the pension is will King Kelly be the heavy and make it go away before Emperor Rogers takes over. Suntrust managers are the best I’ve ever seen at not making decisions. Schedule another call, make it somebody else’s problem, that’s not our job, how the hell did they ever get anything done? Answer, they didn’t.
A lump sum payout would be nice to help start my fishing biz.
While I haven't heard of talks specifically (lately), essentially everything is on the table in this environment. Kelly King has always been a big believer and has kept it around through numerous expense management cycles. However he's got one year left until he steps down, Bill Rogers is not such a strong believer. He did away with SunTrust pension years ago; The writing may be on the wall. I think if it like I do Social Security: it would be nice if it was around when I retire, but I certainly don't bank on it.
No buyouts of pension are not being discussed at this time nor in the near future. Sorry for not clarifying.
Pensions are nice but are a dinosaur of a day gone by. When times get rough, this will be the first thing to go. It is there at the company's discretion. Just ask the SunTrust folks who came over after having one and losing it in 2012.
If you are making your career choices based on this plan's long-term viability and/or availability, you may want to rethink your choices.
No you haven’t heard, or No buyouts of pension are not being discussed?
NO