out of the AT&T pot into an IRA? I don't trust these cockroaches for nothing.
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Takes 1-2 weeks. Don't hesitate!
[Does anyone recommend taking the annuity option? Has the annuity option been transferred to another company?]
Don't take your annuity option! If you don't know how to handle money have someone else do it for you. You want your money in your hands not there's! Remember United airlines when they lost the pension? Nothing is guaranteed!
My Dad has 2 fixed incomes from a pension. He has lost 60% on both of them!
It took me 4 1/2 months to get my pension. Also know AT&T must approve to release your pension $; in addition to the
process to request it.
Does anyone recommend taking the annuity option? Has the annuity option been transferred to another company?
Just logon to Fidelity Net Benefits and look. After I retired I move my pension within a few weeks, had to wait a couple years to move the 401 until I hit 591/2. So I could take distributions.
Your plan has 90 days in which to evaluate your claim and to tell you whether or not you will receive the retirement benefits. It may not take this long.
If, because of special circumstances, your plan needs more time to decide your claim, it must tell you within the 90-day period that more time is needed, why it is needed, and the date by which you can expect a decision. Plans can have up to 90 additional days to decide your claim. Make a note of when you file your claim.
Direct quote from the "filing a claim for your retirement benefits" link on this page: https://www.dol.gov/general/topic/retirement/participantrights
Could be up to 180 days, start the process long before your last day on payroll.
Last day: Nov 21 2023
Rollover IRA funded with lump sum: Jan 3, 2024
Law provides them a maximum of 3 months. I received my check on the last week of the 3 months.
I had a Legacy pension that I took in a lump sum. Fidelity kept delaying it time after time for no stated reason. After a few months passed since their letter stating 3 months, I filed a complaint with the government, and within 5 days my check was sent overnight. Here is the info to log a complaint: The U.S. Department of Labor's Employee Benefits Security Administration (EBSA) enforces the ERISA provisions governing the conduct of plan fiduciaries, the investment and protection of plan assets, the reporting and disclosure of plan information, and participants' benefit rights and responsibilities.
I was former 'management' when surplus'd in early 2019, I met with Fidelity and rolled over my 401K and pension. They were well-versed in the process, got the AT&T pension folks on the phone with me at their office, and set everything in motion, it took about 3 weeks.
It seems to depend on which pension you have. I have hears some people get their $ in as little as three weeks. But for me, L-T, it was 3 months.
It is good to be divorced from the Stink, and all the funky rules the ba$tards have on pension transfers.
The Stink S U C K S his own monkey ba--s!
it will vary, but 2-3 months is a fair estimate
It took about 2 weeks to roll it over to an IRA. AT&T will send you a check but has to be made out to the company you're rolling it into. I recommend you talk to the company you plan on rolling into and they will help you through the process.
Around 2-3 months