- 64%, 4.80%, 4.78%, Check your lump sum
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The cash balance pensions for mobility and BellSouth have a lump sum and that is the basis for the annuity. Lump sum never is impacted by rates
TO @1dbx+1hSE8Gg6: if the cash balance is $100k in a legacy B pension then what would be the lump sum they would get?
Most lump sums do not change because they are locked with last years rates till the end of the year. If I model leaving this year it changes very little. If I model leaving after Jan 1, 2023 I lose about 115K. As usual this is my situation. Yours will very depending on age and service and what company within ATT you work for.
"Some of you don't seem to or refuse to understand that not all pensions are the same."
SOOO many people have no clue that there are many companies owned by the same company that owns AT&T and has insisted that all these companies brand themselves as AT&T.
There are many different union contracts with many different companies that cover non-management pensions and also several different management pension plans that cover management pensions........
but, if you try to explain this to people they glaze over and can't understand any of this....... and these are the people that think they were hired for their 'knowledge'. HA HA HA HA HA...........
If you are in a cash balance plan like Legacy B it does not go down. I am speaking of Management employees.
Some of you don't seem to or refuse to understand that not all pensions are the same. I am non bargained (management) legacy SBC/ Cingular. My lump is not affected by the interest rate changes. That said, I don't know for sure but it sure sounds like other folks pensions and lump sums are a lot larger than mine. So I get how the decline in lump is a big concern for those affected.
""My lump sum hasn't changed “
Probably not lump sum but cash balance. Not the same thing"
Exactly. I also have a cash balance account and it's increasing quarterly as expected. I've been modeling my pension and tracking my 401(k) weekly since 1996 on a spreadsheet. The cash balance account doesn't dip and rise like other versions of pensions.
Most anyone wanting a lump sum and retiring in 2023, should really model their pension via Fidelity. If you don't know how to do this, call fidelity now, as they will likely get very busy as the year comes to an end.
There is more than one pension plan, depending on whether you are bargained or not, and the legacy company from which you came.
Legacy S, the rates are taken from the November IRS Minimum Present Value Segment rates.
With such a large jump in rates, it is likely to translate into a noticeably smaller lump sum.
If you don't like the market, or not ready to pick a financial advisor, one option is to just simply put it into the 401k. It will be placed into the cash account. It is one of the safer 'parking spots' while you figure out how you want to invest, pick advisors, .
Another fiduciary financial adviser trying to scare you, quit and hand over your wealth to him (for a steep monthly commission). Clever.
Midwest lump sum pension rates change once a year
Fortunately I’m pension eligible and old enough to get off this clown car by 11/30. I strongly suggest anyone else in a similar situation do the same unless of course they’re taking the monthly annuity
guess you'll just have to work/complain forever
It's horrible to sit here and month after month see my lump sum retirement vaporize. It's almost as bad as Stephenson an Stanley's contribution to the financial ruin of T.
Noticed that’. earlier this a:m, mine is down approx 145K YTD. I honestly thought they would be higher though with June ‘s 75 bbs rate hike. Nevertheless I still took a 25K hit from May. Don’t see them going down anytime soon
“My lump sum hasn't changed “
Probably not lump sum but cash balance. Not the same thing
My lump sum hasn't changed :)