Rumors have been floating around for some time about Xerox allowing the pension funding to drop below 80% as soon as February 2022. If this does happen, you will not be able to take your pension as a lump sum. Depending on how low the funding drops, you may only be able to take a lump sum of 50% or even less. This means your money will be managed by a third party, and depending on your elections and your lifespan, your family may lose a large portion of that money. When you ask HR about this they give you a vague answer. As usual, the company cannot be trusted. If you can, take your money and run! There are plenty of well paying jobs out there with growing companies. I know dozens of people leaving Xerox for better paying jobs with less stress and better benefits. The most you stand to lose is some vacation time.
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That's the big question for those who are eligible. Wishing the best of outcomes, you have earned it!!!!
Has anything been officially announced that X will not be funding the pension account at 80% or above in Q1 of 2022??? Usually you get a letter in December stating how the pension will be funded but thus far I've received nothing.
"What a surprise, a company like xerox doing that to the people that made this company. You can’t trust these people for the time of day. Not to mention your pension or even an honest answer. Look out for yourself now."
Well, what did you expect? Carl Icahn to get all soft and start to care about employees, even former employees? This has been clear since the day the new board/management stepped in.
"Can you take the pension out if you are no longer with the company but are not over 65/55?"
Yes, you need to roll it over to an IRA, or you can roll it over into your 401K, at least you used to be able to prior to Voya taking things over.
Can you take the pension out if you are no longer with the company but are not over 65/55?
It's all part of the plan and we should all know by now, since 2018, that legacy employees will get the shaft in any way legally possible, while the invading elite enrichen themselves in the process.
What a surprise, a company like xerox doing that to the people that made this company. You can’t trust these people for the time of day. Not to mention your pension or even an honest answer. Look out for yourself now.