I retired almost two months ago and still haven't received my Lump Sum. Anyone else experience this or know the typical timelines? Thanks
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Curious what that has to do with LAYOFFS? This is a LAYOFF site, take your question to thr Benefits team.
You will get a check in the mail, USPS. You have a grace period to put this money into a qualified retirement account. If you do not do this, money will be considered ordinary taxable income.
[quote]Did it all online with Fidelity, rolled it into IRA at Fidelity took about a week. [/quote].
Same here but I rolled into 401k. very quick and easy process.
OP needs to log into netbenefits and check "collect pension" status or call Fidelity and get status.
"Getting a check in the mail seems weird."
If the funds are being moved to a financial institution other than Fidelity for an IRA to avoid tax issues, AT&T releases the funds to Fidelity first. Then Fidelity cuts a check to the receiving financial institution and mails the check to the retiree. The retiree has to then mail it to the receiving institution. The funds won't be moved electronically. It's an antiquated process.
Yes, I am having the same problem. I was told more than once it would take up to 45 days from the commencement date to receive the payment, and it is also in the AT&T paperwork. Now, I am told it will take 8 -10 weeks from the commencement date. This is beyond annoying. I did verify the calculation will be done on the commencement date and not the release date.
Did it all online with Fidelity, rolled it into IRA at Fidelity took about a week.
Mine was less than 2 weeks for some reason. I did all the paper work weeks before my retirement date. Also I retired mid month, don't know if that helped.
This has nothing to do with Fidelity....approx. 60 working days past last day on Payroll for the payment to be approved and sent. The funds are not held in a Bank account that you can just withdraw from. These funds come from other avenues for funding. Your request is not even looked at until you are off payroll by the AT&T finance group responsible for approval.
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My last day on payroll was 9/30/21. I received my lump sum check on October 20th and took it to my financial planner the same day. It was dated October 18th.
It's headed straight into to my IRA. Getting a check in the mail seems weird.
took about a month for my buddy once he submitted the request
6 weeks from start to finish for me.
I want my money and I want it now!
I hope that anyone who takes a lump sum check gets it deposited straight into your 401K or IRA or you would pay a lot more in taxes.
How long has it been since you requested the payout? I retired at the end of November, but called Fidelity in early November to let them know my retirement date. I received correspondence last week that advised it would be sent within 3 weeks of my retirement date. Checking online, it agrees with the info I was provided. And the check will be mailed, which is crazy since it's not just a few hundred dollars - and even crazier since USPS is not as reliable as it once was.
They sent me a check-yes a check-by regular USPS mail.
I thought it was a pay stub as I have direct deposit.
42 years as an outside tech.
It was my lump sum check for a very substantial amount of $$$$.
It took about 3 weeks.
Yes, Fidelity is awful and slow to calculate the payout.