Do you get to take your pension if you’re vested and laid off? terminated via PIP/ PIL? Resigned?
Thanks
11 replies (most recent on top)
I think it’s being given to everyone that’s left since the lay offs started and vested because of the downsizing.
I resigned instead of taking PIP. I am over 40 but not retirement eligible. Vested. I will be receiving my pension lump sum soon.
Wow. Everything you just started is incorrect AND is stated differently in the FAQ on the involuntary program website.
Were you NSI?
@ttm+18R4Eu6A Definitely not, I was laid off and already talked to HR about this. Although vested, I can't lump sum since I am not yet officially retiring from work force and since I am laid off, I can only take the monthly distribution in my sunset years. Only retirees have the golden privileges including continued health care subsidy. S—s
Yes, you will receive a package with lump sum option. Don't wait for them to call as mentioned in the package. Call them immediately to discuss transfer options and get the process rolling.
It took my 2 minutes to find this information on the company intranet, ergo you are either not an employee (or are that dumb and I hope are no longer working here).
Which begs the question “why are you asking?”
Inquisitive people want to know.
According to our SPD on pension, vested employees has rights to their pension. Terminees (PIPd, PILd, or resigned) can not lump sum their pensions but could only get their monthly pensions when they retire later on. Only official retirees can lump sum their pension.
I've seen some Ex-Employees break this down really well on LinkedIn. Do a quick search I'm sure you'll find them.
Yes, all of those scenarios will get the option to cash out of the pension (with a fat reduction of course). You will have a 3 month window from your last day on payroll to make the choice. I believe you will have the option to roll it into the 401k so you don’t have to pay taxes on it. I’m leaning towards cashing mine out to start a new business (probably one of the only things with enough return potential to offset the reductions, but of course that is really rolling the dice).
Yes in some cases, No in other cases.
Yes