My retirement value never changed all that much in Part 1. Part 2 was based on the bond interest rates...the higher the interest the lower the amount you got. I saw it go from 1.8 percent to 6.5 (the max) and it made about 96k difference in what I would get lump sum. I started in 1979 and retired in 2021. So your amount may vary compared to mine. Just depends on what you started with. Back in the late 70's the company was very generous with the money given to you in profit sharing etc
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Xerox Pension monthly annuity is always constant - never changes it is what it is, you can see if you pulled statements that estimate the amount - it is always the same. However the lump sum is guided by Federal Regulation, the calculation to convert the annuity - stream of monthly payments if you took that option to convert it to a lump sum - is highly dependent on the interest rate. So if you look at your lump sum history on any report you generated, it would have been going up as interest rates were going down. Recently in the last year, interest rates have gone up and that has caused your lump sum to be lower than it was 12 months ago. my understanding is the the federal pension guarantee group sets the rate not Xerox.
It was changed 3 years ago, with some flexibility to choose the most favorable of the new and old method up until May 2020. Afterwards, only the new method was available. The interest rate used is the one published 2 months prior on this site: www.irs.gov/Retirement-Plans/Minimum-Present-Value-Segment-Rates
For years and years, it was every September. I believe that it was two years ago that they switched to recalculating the rate monthly.