Also, if you retire at 55 (or over) you can get to your 401k savings without penalty.
Google "IRS rule of 55"
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Pension at 55 is 75% of what it would be at 60.
Lump sum seems less discounted, more like 85%.
Formula is complex, use pension calc to see.
The low interest rate right now and for Q1 may far outweigh the discount for leaving before 60.
You can also stop working at 55 and defer your payment till 60 to receive 100%
You need 15 years service and age 55 for minimum pension. Annuity is at 20%@55 years age and goes up every year until 60. We have a tech that is at least 70+ years old working at emhc. They cant get rid of them because of age discrimination. they are good worker and out perform the youngsters and new hires. the big thing about 55 years of age is the medical insurance. If you get laid off before this you don't get company subsidized health insurance.
What is the supplemental SSA pay? Thank you.
Pension at 65 is you leave before 55.
PIPed people are offered lump. Not sure of formula but likely discounted each year shy of 65.
Just hope that if this thing EVER turns around, people will recall how poorly oil industry has treated its “tenured” employees as well as its retirees.
To be an annuitant you must have 15 years and be 55 years old. Don’t meet the eligibility, then no lump sum and no Subsidized medical and no supplemental ssa pay. You will be able to draw your pension at 62 as a monthly annuity