With the uncertainty with Boeing future as a company, and a slim chance of chapter 11 bankruptcy and splitting the company into defense and commercial, may not be a bad idea to take out our pension as lumps sum, any thoughts?
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I thought we voted the pensions out to save the company money. Yep I remember that. They gave us 15k to do it.
There seems to be two different subjects going on on this thread:
Severance pay which is the one week pay for every year of service. If you VLO then it is given as a lump sum and you give up all rights (seniority, cat As). In a ILO, you have the option of taking a lump sum or getting paid for those weeks biweekly and you keep all your rights up to 8 years.
Your pension ( if you have one) as far as I know does not have a lump sum option. Some companies that have opted to buy their employees out of their pensions have generally way undervalued them so be careful if this is offered to you. Remember a pension is a monthly payment for life.
I wish everyone the best as these are some scary times.
I recently retired and took the lump sum. It's attractive right now due to the extremely low interest rates that are used for the calculations. I've rolled it into an IRA and am free to invest it however I want. No need to worry about Boeing going bankrupt or somehow screwing retirees out of pensions. I worked there over 30 years and within the last 10 years or so have grown distrustful of management generally from top to bottom. I just don't see a path for Boeing to survive long term on it's own.
Suggesting this approach:
If you have not reached 60, do ILO instead of VLO.
Apply for unemployment one month after the last amount (wages/severance) you received from Boeing.
To the Workforce question: Are you CURRENTLY receiving any benefits, wages from Boeing?
Answer: No.
Consume your unemployment benefits until it expired.
Then one month later, if your 50 or above, you can ask for your lump sum.
Another useless thread
I took a pension lump sum in an AT&T layoff, and was still eligible to collect unemployment, it will just reduce your weekly benefit amount.
Good question. I am not retirement age but my friend who is taking vlo told me if you take the pension lump sum you don't qualify for unemployment. Does anyone know?
I leave on ILO i would probably want to take my lump sum but i need the unemployment.