I worked at GE a long time ago for 8 years. I got a lump sum offer letter in the mail last year out of the blue. I took the check. Took 3 months to get it. I have worked at Honeywell for 21 years more recently. There are about 10 different pension plans at Hon and you have to get a copy of yours and read it to know the rules - they are all different. HON is following the GE model BTW. I got laid off at 54 years old, got 21 weeks severance and that severance added to my tenure for pension calculation. I wanted to start taking pension ASAP and my pension plan had a early retirement option at 55. At first HON denied my pension request because I was not 55 when I left the company and said no $ until 65. I filed a formal challenge and it took 5 months but I was right. They can't lay a person off right before a pension date and deny it. There was fine print in my 25 page pension doc that said if laid off within 12 months of the date I am still eligible. If I leave on my own before 55 then no $ until 65. So I got a check for the months they didn't pay me and been getting a check every month. My advice is read your plan rules. Dealing with GE I would take a lump sum in a heart beat. I think economy will slow and w/o help GE will hurt and pensions are 1st thing to go.
Took this from another thread. Originally posted by @Q1yltb2-5Sjld