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I received a call this morning. I am affected. Out by Feb 18 or I can take 60 days to find another job. Called Fidelity and they will NOT have the lower rates until mid February. They told my co-woker the same thing. Called my advisor to calculate lump for me and got my numbers in an hour. Fidelity is using the "wrong " interest rate.
@XmIJdNI-uip; I doubt you will be offered a job that you did not apply for. I was laid off in Oct 2018 and I was instructed to only apply for jobs you really want w/i your local commuting area. Then if you turn down one of those jobs you applied for it ca jeopardize your severance. If it is any consolation, the job system is a joke. I really think hiring managers are being told not to consider surplussed employees, if you are not retirement ready, start looking for jobs outside T.
Run and do not walk from the Fidelity Advisors. I left in November 18 and after three missteps (could not find my old craft pension) I moved on.
They are all young and distracted when I speak to my assigned advisor
@uip: Only if it's within 50 miles. Else you are free to decline without losing sev.
Hello. Got notified yesterday that I am affected. From what I have gathered, if I am offered a job that I didn’t apply for with T while staying the 60 days, and I decline it, I am not eligible for severance if nothing else comes up?
@duj, or to anyone, if you want to try hanging in with T then start networking with old bosses, friends you developed from other Depts, people within your own department that knows someone. You have a wealth of built in Headhunters you can access....if you don’t ask, you will never know. Circulate your resumes inside and outside the company and do it sooner rather than later....everyone that’s thinking the same thing is headed for the same barn door!
I went through this routine and ultimately hooked up with a former colleague who is now my boss....not an easy feat, but it’s not impossible.
User @vhl is correct
I was not selected for lay off, but because I was expecting it I took a screen shot of my full lump sum payout late last year for a Dec 31 end of service and it was $250k. Using old interest rate, I expected that to grow to about $254k by Mar 31. When I now look at Mar 31 end date on Fidelity using new interest rate, it shows $218k Mar 31. So despite what Fidelity shows now, I would expect the actual number to be around $254k had I been laid off and that interest rate change has about a 14% cut effect on lump sum payout. So whatever Fidelity shows now, I would think that it reflects about a 14% reduction from actual amount. This assumes all pensions are affected similar % due to interest rate change, so take it with a grain of salt. But if you didn't know what it should have been before interest rate change it might give you an idea what to expect and to raise a red flag if they claim that is old interest rate amount. Good luck.
Do the 60 days. Put in for jobs you really want and are in your local commuting area. My experience is the "searching gor a job" process was a joke and T had no intention of retaining those who were surplussed. I suspect surplussed employees were flagged in the system and hiring managers were instructed not to consider surplussed candidates even if qualifications met or exceeded expectations. At the end of 60 days you will get your exit interview and you will have 2 options 1. Collect unemployment and look for a job outside T 2. Retire. Either way make sure you consult with a Fidelity Financial Advisor to have analysis done on your financial portfolio and start doing it asap.
Fidelity is using the adjusted lower payment that went into effect in December. The amount you get if you go before 3/30 will be higher. They need to update their systems to provide that to you.