What employees are entitled to pensions? Being an XBS employee, are we not eligible to have this?
Can someone please explain this benefit and how long has this been going on, is it paid each year or just when you retire? I would like to know more about this. Thanks in advance.
No. Lump sum option available for at least another year.
Yes
Is it true that big changes are coming to cash balance of US Pension on March 1 (this is in works and will be announced soon), that you can only get 50% in a lump sum (vs full payment) the rest you have to take as a monthly payment - all payable at age 65 (used to be you got it on the day you left if you were taking lump sum), not when you leave (so anyone under age 65 has to wait to get any kind of a payment)?
A letter was sent to all xerox employees around Jan 2000 informing all employees that on 12/31/2012 that the all pensions will be frozen on that date. all numbers used to calculate the pension will be based on time and salary as of that date, ie years of service
and highest average salary of 5 highest years. not sure if overtime or bonuses were included. For GIS people not sure if you were onboard with them prior to that if your years will count. check on web benefits, under pension tab.. if you still have a lot of time to go, your best bet is max 401k for match, if you end up leaving move it to your new company, or to bank IRA.. good luck . I just got out with 32 years but only 23 counted.
Is it my understanding that there are pensions only for Xerox employees that have been a Xerox employee before the pension plan stopped?
Yes.
"... and working harder than ever to keep the pensions flowing?"
They aren't "working harder than ever" to keep the pensions, just the opposite. They do have to follow federal regulations on pensions, so they just can't decide to stop giving them. They can (and have) stopped contributing to them about a decade (more?) ago. If Carl and buddies could raid the pension fund and keep it for themselves and shareholders, they would.
Is it my understanding that there are pensions only for Xerox employees that have been a Xerox employee before the pension plan stopped? We haven't got a raise in years a 401K match and working harder than ever to keep the pensions flowing? This sounds about right. I am guessing that all managers are getting rewarded for milking us along the way also.
It is guaranteed for a retiree at age 65 for a payment of up to $6,204 mo / $74,448 yr (for the XRX pension) I don't think many would qualify for that high level of payout today, check out the published table at "https://www.pbgc.gov/wr/benefits/guaranteed-benefits/maximum-guarantee" to fact check the 2022 guaranteed rate.
Yes, options of lump sum and various payout choices change under PBGC - but, the base payment is guaranteed. I think it is only a matter of years that PBGC would be taking over the Xerox payments. If you were 65 and retired today - and lived for 30 years - do you really think Xerox will be around in 30 years to keep paying? So the back stop of the PBGC Federal Insurance (like FDIC at your bank) is very important and was part of the ERISA laws passed in the late 70's to prevent people like Icahn from screwing the workers totally out of retirement money.
Ichan still can sc--w enough out of existing workers and customers to keep fuel in his jet and yacht - as well botox in his spouse.
Not 100% ERISA guaranteed though.
Easy. Go to BenefitsWeb - that's the place where you made your 2022 Health Care & election benefits.
Go to the Pension tab at top of page. Click "Model Benefits" on the side to play 'what if' for date you leave as that changes amount due based upon your age and years of service. Be sure to select at bottom to see all "Forms of Payment" by selecting 'see all forms of payment' on the drop down option, this shows you lump sum, or different month payments and options that are yours.
Keep in mind this plan ended on 12/31/2012 but if you have years of service that qualify based upon your hire date - here is where you will see the money and options.
If you have long tenure and you are not going to this site you are crazy. You should see what you are legally entitled to if you leave or retire. This is paid by Xerox, but, guaranteed by the Federal Gov with the ERISA Act and Pension Guarantee Board.
What, GIS did not establish a pension plan for their employees who were the self proclaimed top sales organization on the planet. I’m shocked.
Where did you get that nonsense?
Xerox has bought a number of companies over the years. If Xerox owned company 'A" would those employees be entitled to the pension system even if they weren't branded 'Xerox" employees until years later? Sounds like this might be an unfair labor practice if employees were treated differently.
In general XBS is not eligible for the pension - but if you were a Xerox employee years ago you may be eligible ( but you would already know that)
I think it’s safe to say the pension benefit does not apply to most of the XBS employee’s
XBS (GIS) was not part of XRX before the pension was eliminated. Whatever your deal was on the day you were hired is your deal.
Not sure when the pension was eliminated for new hires. Lump sum is still available. Not a lump sum discussion. The elimination of a lump sum does not mean you don't get a pension, it means you have to take the annuity. The term "umbrella" is a bit confusing. I think it was eliminated around 1990 so 27 years may not get you there. Not to mention how can you be an employee for 27 years and not know if you are entitled to a pension or not. The benefit was for US employees of Xerox Corporation.
"If it was discontinued in 2000 ish and we were part of the xerox umbrella at that time, should we be grandfather in???
I have been employed for 27 years so I should qualify."
You do qualify. At least for the time you were employed as a Xerox employee, I assume you are no longer under the "umbrella" from what you said, but everything you earned is yours.
"What's your point? You cant take the lump sum."
You can, at least currently. Has there been an official announcement saying you can't?
grandfathered
What's your point? You cant take the lump sum.
Employees hired before the pension benefit was eliminated ARE grandfathered in. What has ruined the company is the low quality of the people hired and promoted as evidenced here.
dragging the good people
That's rich. How about lazy? You obviously gained no transferable skills to enable your run for the exits and grabbing that lump sum. This has been brewing for 20+ years. Shame on you!
Some of the responses show why this company is in trouble, haters are sc-m and are dragging the good people down with their attitudes. I think that the headline should have ready, why do some Xerox employees get a pension why others do not. If it was discontinued in 2000 ish and we were part of the xerox umbrella at that time, should we be grandfather in???
I have been employed for 27 years so I should qualify.
"Here is a person asking about a pension that actually has no freakin' idea what a pension is. Where do we get these id--ts!!!!!!!!!!!!!!!!!!!"
That's no surprise. Most companies no longer offer pensions, and if you're under 40 or so you've probably never had one, it's never been a part of any benefit package at any company you've worked for. It's been at least a decade (maybe 15 years?) since Xerox contributed to my pension, and it was a few years prior to that when they stopped offering pensions to new employees.
Most boomers probably have had a pension at some company, at least for part of their employment time there. Why bother learning about pensions if it's not applicable to any job you have or ever will have? Go back and listen to your 8-track tapes. BTW, your VCR is blinking 12:00
Here is a person asking about a pension that actually has no freakin' idea what a pension is. Where do we get these id--ts!!!!!!!!!!!!!!!!!!!
XRX used to offer defined benefit pensions as part of total compensation as well as many other benefits. I think that benefit was eliminated around 2000 or so but employees hired before it was eliminated still have a pension.
The pension formula Xerox uses to establish the value of your pension is based on a formula consisting of 3 factors: age, years of service and average salary (of your best 5 yrs). Xerox froze your years of service and salary parameters in Dec 2012. Your pension can still increase in value with age, especially when you hit the 55 yrs of age and/or 30 years of service milestones. Xerox continues to make annual contributions to the "pension fund" to ensure employees can claim a monthly annuity or lump sum when they elect to leave.
I think they stopped contribution into pension in YR 2012 (sound right)?
Pensions for employees were abolished decades ago. Instead, the board of directors decided to stop wasting that money on the wage donkeys and pay themselves, shareholders and the C-Level managers millions in cash. It's the only fair thing to do while driving a company into bankruptcy.
Employees get nothing.