@cj but if you roll the lump sum pension into a qualified plan, like an IRA, you avoid all that. I took the lump sum pension payout when I separated from the company and put it into my IRA. Very happy I did that.
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This was only offered to people with a DOB prior to June 1, 1966 and who have enough service that they have the Cash Account Pension Plan. My thought is if they get us to take it out then they don't have to pay credits on it every year.
I believe that was sent to those who only would be 59 1/2 by December 2025 or something to that effect. I gladly rolled mine into my 401k that I set it up the way I choose for growth. It was not that much but I and anyone can easily beat the growth that it has been getting.
I’m retired with Macy’s cash pension plan, which is paid by a insurance company called principal they gave me the option to receive a lump sum or a monthly payments
You could take a lump sum at any age when you leave the company but they deduct 20% tax and then an additional 10% if you’re under 59 1/2