Will the partial lump sum still be an option now that it is funded at <80%? Or will everybody be stuck with an annuity that will be useless in 20 years?
10 replies (most recent on top)
sorry, it's definitely been scooped at this point.
"If its below 80% then what happens?"
They can remove the option of any lump sum so you will have to choose one of the annuities.
" Hey there's "quote the last post" guy."
I'm that guy. That guy is an impostor.
If its below 80% then what happens?
The bottom line is you’ve been fubared by Xerox top Management
“ Hey there's "quote the last post" guy. We're waiting for you over on the other thread.”
It’s not quote the last post, it’s quote the post responding to. Helps the nitwits here follow the conversation. Don’t be so slow.
The annuity is protected by the PBGC as long as that is funded and solvent
"Can you explain what this is about?"
Prior to 2024, employees with a defined benefit pension could choose a payout method upon retirement, a lump sum, several versions of an annuity, or a combination of both. In 2023 XRX leadership geniuses let the annual funding of the pension fund slip below 80% which triggers a limitation on the lump sum of 50%. Of course, they did not tell anyone and actually would not answer anyone who asked ahead of time. Many of the March 24 IRIF group were surprised to find only 50% lump sum available when making their distribution selections.
SCOOPED!!!!
Can you explain what this is about?