For the legacy Wachovia retirement plan after you’re laid off how fast does it get paid out if it’s under a certain amount?
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I flipped my location strategy layoff/termination HR status to retiree on Day 61 (June 15), I asked for lump sum - they will cut a check on 10/1 - takes a while to get your $. My financial advisor recommended taking lump sum vs. the annuity.
you can access cash balance plan here https://benefitconnect.wf.ehr.com/ if you aren't of retirement age it just sits there.
@bq TY 👍
If you’re retirement eligible will it payout as pension benefit?
I only had one year at Wachovia before the Wells purchase, so I was slightly below the cut-off.
Six months after my end date, I received a letter that said I could:
- Do nothing and it will be automatically roll over into an empower IRA.
- Roll it into an IRA at another company. I would have to provide the necessary info by a certain date.
- Take it as a cash payout. I would have to sign the enclosed letter and mail it back by a certain date.
I opted for 1. About 4-6 weeks later I received a letter with my info for my new empower account. I immediately combined it my existing empower IRA.
It's best to call the HR 800 number and you'll be sent to Willis Towers Watson who manage the account. They mail out the checks the first Friday of the month.
If anyone can answer this, I would like to ask if the amount received is higher than what the Cash Balance calculator shows when modeling retirement.