It seems that many Xerox people who quit are getting big pensions. I've been told that pensions range from $2,000-$6000 monthly or taking a lump sum is also possible.
Who has more details?
24 replies (most recent on top)
No you didn't.
After 36 years I left with well over 2000000 in lump sum + 401K. It was a great run.
I left in January after 25 years. Had just over 80K in the pension. Took the cash and ran! Rolled over my substantial 401k. I'm so f'ing happy to be out of Xerox!! The grass is totally greener on this side of the fence and life is grand!!!
And the sycophants/sociopaths
One who stabs everyone around them in the back, ie; all the ones left there now.
What is a "proper" Xerox employee??
Its ok to be mad. Don't cry.
youareadumbass is projecting!
It's called math. Learn it.
Explain how “it would be worth a lot more if you hadn’t worked for a sh-t company”.
net-net, the old pension plan paid 1.4% per year up to 30 years or 42% of the best 5 years earnings. If you averaged $100K, = $42K per year. I'm guessing the lump sump equivalent for that is $600-$800k. Some people now have 30+ years in the old plan, most have less because the plan ended over 10 years ago.
Director level over 40 years about $7k per month. 7 figure cash value. Be careful though because the cash value declines every year after age 62, and may decline (or increase) due to fluctuations in interest rates. Pretty sure the pension was eliminated in 92 so it you were hired after that, no pension.
Walk away with the clothes on your back from this dumpster fire. Leaving this place to warn others is a blessing in itself.
Thats my Easter lesson.
I joined in 2000. Canadian. Pensions were gone by then, just RRSPS.
Nice, I rolled 200 over. Would be worth allot more if we hadn't worked for a sh-t company. Oh well, take the money and run!!
Just got the lump sum around $260,000.00
That's roughly wrong.
Roughly 1500-2000 a month for someone 62 or older. Depends how long you were with the company and salary. People with over 30ish years in. Again, roughly.
All pensions were canceled this month.
I have worked for a Global company for 30 years; it looks like we get nothing. I think Xerox bought us around 2008ish.
30 yr employee, non-manager. $5k/month for life. B.S.
Lie, you would have to make over 200K for 35yrs (VP level manager) to get an annuity that pays 5K for life unless you retired at 90 years old sporting a depends.
An employee can figure it out without fishing on the board. Agree with get out with it as soon as you can and get sound financial planning advice. Good luck to all.
20 + yrs— I walked with a ton and didn’t pay a penny in tax because I put it right into an IRA. I’ll pay tax when I withdraw at a later date. I worked for that money. I wasn’t going to let it sit until I was retirement age. I don’t want anyone close to X managing my money.
30 yr employee, non-manager. $5k/month for life.