Upon separation from Xerox and request of lump sum payment, do you receive separate checks for RIGP Pension and Excess Benefit or one check that includes both totals together? I ask because 1-800-HR gave me a total figure but today I only received one check which reflected only the pension sum and did not include the Excess Benefit sum.
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@1pgg is correct
Xerox sends a check to you but check is made out to whatever company you are rolling the funds to, and then you forward the check to them. Seems archaic, I guess it gives Xerox a few extra days to hold onto our money until the check is actually cashed. Just another testament to the multitude non value added steps in Xerox processes.
Thank you for the info, I called the number on the check and was told a “glitch” occurred and a check for the “Excess Benefit” portion would be processed today.
I wonder if I hadn’t followed up today when it would have been processed? I still have not received a call back from the call I placed yesterday to pension group but in fairness they have 24-48 hrs to respond.
Does anyone know if the fund is over 80% for payouts in 2019? There was concern it fell below and that it would not be funded to make it 80%. If it falls below only a 50% lump sum will be paid and the rest would need to be in an annuity. Do we know yet? The notification usually comes out in April/May timeframe. Thank you for any information!!
I wonder if the Pension fund has hit the 80% mark? It must be close. That’s when they change distribution.
Same here. I was told it was a glitch and that it would be corrected tonight (I called the Pension Plan number on the check). I also received a voice mail a few hours later telling me I could turn over the check I did receive to my IRA account broker and another check for the difference would be coming soon.
I received a single payment (both amounts combined). I did receive the check (sent to me) but it was made out to the firm I was rolling over to into an IRA, so I just forwarded it to the firm.
From the plan description:
If you are vested when you retire or leave Xerox, you are entitled to receive the greatest of three components (as applicable):
• The value of your Cash Balance Retirement Account (CBRA). Refer to “Cash Balance Retirement Account,” below.
• Your formula benefit, based on years of benefit service and highest-average pay, including a special formula if you have exceptionally long service. Refer to “Formula Benefit,” on page 7.
• The value of your Transitional Retirement Account (TRA), if you have one. TRA is not available for employees originally hired after 1989. Refer to “Transitional Retirement Account,” on page 11.
You won't get both the CBRA balance and the formula benefit (as a lump sum.)
The formula benefit seems to have a part 1 and a part 2, you get the sum of both. But I would be surprised to see separate checks.
It should be both. I'm surprised you would get a check though, vs doing a direct rollover into an IRA.