Unexpectedly I've ended up on short term disability for the last couple weeks that I was supposed to be working at State Farm up until my qtd date. I missed their layoff workshop so I'm wondering if anyone else who has been laid off can tell me when your prorated bonus comes, about how long it took to get your severance and also if you cashed out your pension how long that took. I'm sure there's a number I can call but they don't give the best answers in my experience so I thought maybe someone who's been through it could fill me in a little bit. Thank you!
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I was there just under 6 years and I couldn’t cash out my pension. They told me I had too much accumulated.
Pretty easy to figure out your pension.
OP, you have 60 days from termination date to pay off 401k loans. As far as defined benefit,
If you have a vested interest when you terminate employment and the present value of your accrued benefit does not exceed $5,000, the Record Keeper will contact you with your options. You can have this benefit either:
• Paid in a direct rollover to your IRA or other qualified plan; or
• Paid to you in cash, less applicable income tax withholding.
Do you think the present value of your pension is less than $5,000? I’m not much older than you and have no idea the valuation of my pension. I did notice they removed access to the yearly payout information from the Hewitt website though and I’ve heard the buyout offers are ridiculously low.
Would you mind posting a ballpark figure of what they offer as a buyout?
Good luck OP and thank you for posting.
Good luck OP... hope all works out for you
Original poster. I'm only 40, not much pension to take out and it will get hit big by taxes. I do have a couple loans from my 401k I have to pay I think within 90 days of my last day. I thought I could use my pension to pay those off. Called the benefit center and I can take out my pension 30 days after my QTD bc it cycles monthly.
I heard the budget is a disaster, I would expect and plan according to significant benefit reductions, I remember when it was all about the budget and unit count, now its like we are throwing dice. It obvious we have the wrong people in leadership positions. Leading by fear and penalties on not meeting metrics, leads to substantial turnovers and a substantial reduction in quality of the customer experience and overall results.
Sometimes having a steady, clear and honest approach provides a balance on conserving and securing business. I think the person that can provide and communicate the future clear and honestly will be successful. We are now in a state of affairs that is confusing and obviously has been poorly communicated and executed. My father-in-law works at Ford, they just experience this same situation with the prior CEO.
The pension buyout/freeze is looming, we are so out of wack with budgets heard today maybe a raise freeze. Our department was order today try to eliminate any and all unnecessary expenses especially on travel.
Heartland is offering a class that might help you or other people that have questions. I believe there is a focus on SF situations.
https://communityedregistration.heartland.edu/CommEdWebReg/description.jsp?term=1903&group=Community%20Education%20Program&subject=PERSFIN&classNumber=2778
Are they going freeze the pension at the end of the year? I’m taking a big hit in my 401k.
It’s like we have spun out of control.
I would advise you to not cash out your pension if you are able to find another job with benefits. You take a big hit. You can collect 100% at age 62. If you cash out, they assume age 65 as your full retirement date in the prorated calculation. Find another gig for 10 years then take it at 100%.
My pension is small enough they said I can cash it out.
Still a few years shy of 55. There's been no pension buyout offer to date.
Are you taking pension payments or not of age to receive?
Received my severance money, prorated bonus, and unused PTO payments within 3 weeks of my 7/31 QTD; very nice addition to the nest egg and currently drawing max amount of weekly unemployment which covers our mortgage & utilities. Not in hurry on the job hunt, the cash cushion has made this rather comfortable....thank you SF, glad to be out of that metrics carnival.