For those that have been laid off and were on the supplement unemployment. You eventually get the “retirement package” in the mail to determine how you want to handle your cash balance pension if you had one. If you fill out those forms … since it says “retirement” does that affect the supplemental unemployment/severance at all?
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See this cr-p right here? https://www.thelayoff.com/t/1jwc88ejq
THAT's why I stated that you should get it out of their grubby little hands. Elephants health would do something like this (click the link in the post above). They have no morals.
@y4 Yes in 2005/2006 around the time of the Wellpoint merger they stopped the Pension plan if you met a certain age criteria. Wellpoint and Anthem both had pension plans that were discontinued if you were under a certain age cutoff. I was 35 at the time and the funds were just held and accrued interest until I was Rif'd last year and they paid it out to me IRA.
I had a small one when I was riffed last year. It was only about $5000. I almost had 25 years with Elevance, but they quit contributing to it over 20 years ago and it just accrued interest. They cashed me out since it was so low - less than $7000 - and let me roll it over into an IRA with Inspira Financial. I also had the option to withdraw it and take a payment with tax penalties since I am not at retirement age, but I chose not to and to keep it for my retirement in a few years.
omg there are people with pensions from Elevance?????
I’m going to agree with @p2. Once it’s out of their hands and line of sight, they can’t come back later and change the read of the rules, or if the rules later change. Especially in today’s world where regulatory interpretation is up for grabs. When I said goodbye, I took my ESOP and 401K elsewhere.
@hb - I disagree. I would get it out of their grubby little hands ASAP. I wouldn't trust them with that or anything else.
@g1 So when I got my RIF papers, it mentioned nothing about my pension. It was about two months later that I got paperwork saying because it was less than 7k it would be rolled over into an IRA and to tell them the account information. I would do nothing on your own until the company notifies you that they want to pay it out, or ask about it. I would not select a retirement date on your own because if you are getting Rif'd you want the 6 months of SUB pay you are entitled to
Thank you for the responses, it just made me nervous as it was making me choose a retirement date when rolling it over to the IRA I opened.
If you have the funds made out to a personal IRA account, then it won't impact anything since you are rolling over the funds. That is what I did with the pension and 401k funds.
No it does affect supplemental/severance