Does anyone know if we will get this benefit or not. I did not see it in any of the paperwork. It was my understanding if you were employed with APC for more than 3 years you got it all?
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No matter how long you have been there and got laid off you will get your PWA. Now if you quit on your on terms or get fired and have not been there more than 3 years you do not get the PWA.
The PWA was created after APC dissolved the pension plan. The money that was put into this account came from APC. The amount of the contribution was based on age and time with the company. A lump sum is available upon termination. The original plan was to use the monies in this account to buy an annuity to provide a fixed income upon retirement. This is separate from the 401K.
Personal Wealth Account is an additional benefit you wife should have accrued that is separate from the 401(k). Roughly 4% of her annual salary automatically set aside by the company. It should be disbursed within a few weeks. Hope this helps. I got let go today too. Best wishes to you and your wife and everyone else right now.
No, it is not part of anything KM. As stated in the previous post PWA contributions are part of your 401K balance. Login to your 401K account and look at the "vested balance sources" and you will see the breakdowns. I am very sorry about your wife's position.
So this is an addition to the 401k? This is the KM legacy thing correct?
PWA is part of your 401k and 100% vested (if not vested) at time of separation.
What is the personal wealth account? My wife wife was there for 10 years and was let go today.
They will send you another package in a few week.