Will the Bose pension plan survive?

I was laid off two years ago due to the truck seating program being shut down/ sold off. At 15 years tenure I’m eligible for a pension. However, given the current problems, will the pension plan survive? Any thoughts?

Interestingly, as a side note we were under automotive at the time yet the ASD general manager didn’t have the cohones to make the announcement about the program. He hid under his desk - so to speak- and Bob M had to do it.

Sounds like things have only gotten worse. I’m glad to have enjoyed some great years at Bose but I’m equally glad to have moved on.

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Does anyone that is retired know about the $5000 lifetime life insurance policy? Trying to get a copy of it to place with my other policies.

And to correct the post by "LOvingMyLayoff" almost two years ago, you may indeed get more money by waiting. Max payout is if you wait until age 65 to collect. This is independent of the number of years of service.

I would think the three year payout would make the taxes on it be much more because you will be getting a bigger sum of money each month.

I was laid off from Bose in 2007 after nearly 27 years. Started taking the pension at 62, the earliest you can. Do the math - the long term payoff is more than waiting until 65. I'm still fully employed and the monthly Bose check is a nice perk.

I am certain this topic is on the minds of many! I was laid off in recent years, being eligible for the Bose pension. As with most things of this type, there is some monetary incentive to wait until you are 65 to start taking from the pension. Check the payout schedules. I am some years from that point but am nearing the tipping point of going ahead and taking out what is there, paying the taxes, and managing the money from there. I need to decide.

A question to "I left the company in 2010" below. Were you already pulling from the pension account when the offer to take a lump sum came from Bose?

I left the company in 2010. Last year, Bose contacted me to offer a lump sum payout. I had my financial adviser look at the numbers and he told me to take the lump sum. Thought it was a bad sign for the company as they were heavily pushing the lump sum and was worried there wouldn’t be a pension at all someday soon. Sad to see what has happened to the once great name.

Usually pensions are insured to a certain amount, so even if company goes under the pensions don't go away (but it might not be full amount). Not sure in Bose case.

Since you've left, get your pension ASAP. You don't get anymore for waiting.
The least risky version is to get paid out over three years.

Thread regarding Bose layoffs

Will the Bose pension plan survive?

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