If you are an employee at yr 14 with the company and part of the involuntary separation, how is the pension works? Payout? Amount?
7 replies (most recent on top)
Pension would be normal formula but you get it at 65 vs 60.
Salary X Years of Service X 1.6%
Pension vests after 5 years of service so you are capable of taking a lump sum. 15 years and 55 is for full retiree status
Is there a penalty for early pension lump sum?
@xmq Is wrong. You’re fully vested so will get something.
The 15 years only applies to retirement eligibility
Lump sum payout
Read the info on the benefits page and go to the benefits site. You can do a calculation based on aged and look at your future annuity amounts.
If you are involuntary let go you will have the option to take a lump sum payment now in Early 2021 and can see that amount on the pension calculator as well.
You need 15 years of service and 55 years of age. With 14 years of service you are not eligible for a pension