Check your latest estimates......... Must using new math... projections are lower NOW then they were a year a go..... GREAT!
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Lump sums are less than 50% on the dollar. The only saving grace is that you will get your money when are terminated or retire from Honeywell. Life time pension payment are a risk. See G.E. for that one.
Lump sums are less than 50% on the dollar. The only saving grace is that you will get your money when are terminated or retire from Honeywell. Life time pension payment are a risk. See G.E. for that one.
The lump sum estimates are set in December.i took a hit last year because rates had risen. I haven't cashed mine in yet and hope that rates will drop before then.
If your pension is lump sum, then as one poster mentioned...it is based on bond rates and what the Gov't has allowed the Company to set it's rates at. It is a simple internet search to understand this.
If your pension is an annuity, then things are different...the projected annual payment is steady and grows at a snail's pace. As far as the pension really "growing", that ceased in 2015, in that years service beyond that year will NOT accrue for you as did for old timers.
I have an annuity, and my wife has the lump sum. Hers took a direct hit a couple years ago and dropped by around 3% instead of it's typical 5+/- % yearly growth. We should have pulled it two years ago and rolled into an IRA, but didn't. I was happy with a "no risk" 5% growth. Lesson learned.
OP freaked me out- so I checked- the pension projection is exactly the same as it has been for the last several years I've been tracking it. Don't take these posts as gospel folks- it's clear there are trolls in them there hills.
I would expect lump sum offers. Bottom line, Whatever Honeywell offers anyone it is being offered because it will benefit Honeywell, not you.
Honeywell will seek to minimize their liability in a number of legal but downright dirty ways. They are not your friend. Beware any lump sum offer. It is likely 50 cents on the dollar.
Get the advice of a divorce attorney. They know how to calculate the maximum possible value of any asset. Let them tell you which option is most valuable.
Projections depend on bond rates, you can call and find out how it works....
What makes you think you will actually live to see your pension? My gut tells me they will continue to mismanage it into receivership within 5 years, The government will take it over and only look to the current beneficiaries. You should read the details, that's where the DEVIL resides.
Pensions are extremely complex due to buyouts and changing contracts. I doubt any online site can calculate the specifics of an individual. You need to compile all your data and request a formal review and estimate.
Freezing pensions at 2015 pay has a huge impact. Probably the same as the new corporate strategy of zero raises and no inline promotion. Want more money? Interview for a new job.