I received a lump sum from the Sears Pension. I was in Plan 2. I am so glad I was able to get all monies. I did all the necessary paper work. Payout on the 1st of the month. Praise God.
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I took the pension as soon as I hit 55. Had I waited until 65 , the amount would have been more , but I'd be wondering if the pension would even be there for me.
@ykd Personally being a big company putting so much time the amount seems very little lump Doehad a co worker that was fired and her severance pay was after being fired $3,500 or $2,500 I don't remember giving the company 10 years kind of sad. But hey atleast you got it thanks for sharing.
I quit in march 2015 because I was told if the pension plan fell to less than 80% funding, I would only get a 50% lump sum and the rest in payments. I was also fed up with the changes to commission in appliances and so many other things. I simply rolled my pension into an IRA. I had 27 years with the company but my lump sum was only about $65000. I just couldn't trust that the pension would be solvent long enough to make payments worthwhile. I sold over a million in appliances each of the preceding 10 years and found a much better job with more pay and lots less aggravation. So there is life after Sears.
I turned 55 in June, I had all of my paper work turn in by April, some of the paper work I did on-line, and the rest had to be done by a notary. My store closed down in March, I had over 18 1/2 years at Sears. I was entitled to the pension. I was in Plan 2. I received a lump sum, not much, but I wanted my money. My husband had to sign off on the pension, that's why I need a notary. I took my pension because they were giving us a lump sum. There was about 4 of us from our store that received the pension, and I do believe we were all getting a lump sum. We all had 20 years or less. The lump sum were just under $11,000.00, if this help. It may be because of your plan, that you are only getting half.
If i may ask what was your lump sum at the end?
the payments I've gotten far outweigh any lump sum equivalents
They usually do depending on number of years you will draw it
Two primary reasons for taking a lump
1) Immediate need for dinero
2) Want to be able self-direct your financial destiny
I'm sure there others - different strokes for different folks
Started drawing my pension 10 years ago and started banking it while I still worked elsewhere . Happy the company was able to stay afloat all these years , because the payments I've gotten far outweigh any lump sum equivalents I've been hearing about.
who did u talk to? i retired 5 years ago and worked for sears 35 years and talked to the pension office 2 weeks ago and was told that i was in plan 1 and only could take monthly payments and no lump sum.
forgot to tell you I was in Plan 2. I am the person that started this post, I also just post the last comment about being married and I received 100% of my pension.
I am married, I received my lump sum. Not over $10,000.00. Started working for Sears in 1998. I had over 18 years, store closed down in March. I will tell you this I had in all of my paper work, before they sold the pension to Met Life Co., if this helps.
Plan 1 maybe you are married thus only allowing for for the 50% withdraw plan 2 not married allows 100%
What is the difference between plan 1 and plan2?
I was in plan 1 and was told I could only take out 50% in a lump sum.