Mine is zero
6 replies (most recent on top)
@1emr: 30+ years means pension should have been zero. Unless your compensation was very low.
people actually get to stay all the way to retirement now?
This topic has come up about multiple times so far this year on this forum....it can be confusing. The pension is not a true pension in the sense of a defined retirement plan, where you get more the longer you are here. It is a 'minimum' safety net to originally provide some sort of benefit to lower grade/lower compensation employees who didn't have X amount in their RC plan. It is an inverse relationship, so that the more you earn, and the longer you are at Intel, the less you get in the pension payout, which is actually an insurance annuity. I believe in 2012 or so, they eliminated pension contributions for Grade 7 and above anyway, so if you were at that level you would have not received any more contributions. The amount you'll have in the pension when you leave varies depending on your grade, how many years you received a pension contribution, and whether your regular RC is high enough. Hence the more RC you have the less pension contribution you will have. It's an inverse link. If you do a google search for layoff.com/Intel and pension, you'll find a long and in depth convo on that topic that came up during the original ACT.
It has nothing to do with how many years you've been there @1ccn. It how close or far off from whatever magic number their formula said you should have. It's only there to make up the difference if you're under the magic number. If over, you get nothing. They figure you have enough saved.
After 30+ years mine was a smaller amount than others.
Call fidelity it may not be zero as you would see it.