I was told by alight that I canceled my retirement last year when I was piped out. I took the pil in july or august last year. I was NRE but knew I was doomed so I left on my own. I got 3 months pay and left asap. I was classified as a terminee because I wasn't 55. I had to wait 90 days to get my lump sum. I turned in the paper work and waited. I got no notification about my status from alight so I called. They said I had canceled my retirement and the lump sum option was not available any more. I filled an appeal and it took a few weeks to get it approved. I faxed and mailed my paperwork to alight. I called and alight rejected my forms because of ilegible dates by the notary. You have to have a notary sign and stamp the spousal consent. Ok round three and I send off the paperwork again. This time alight rejected it because the notary seal was distorted. Now the final attempt and I thought alight was just trying to tire me out so I would just choose the annuity. I meticulously signed the forms and made sure the notary did the same. I hand delivered the paperwork to the woodlands office of alight and turned them into some one at the front desk. The main problem is that it takes several weeks for alight to process the forms and their website is terrible. It says processing for the longest time and then at once says rejected. Once rejected you have to start the process all over waiting for them to mail new paper work. Another stupid thing was all my correspondence was going to my work email which I had no access to. Finally I got my approval and my check. I actually got a few more thousand dollars because my retirement was postponed by a few months. It was a real pain in th a ss kind of like exxon forms and approvals.
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I got 220k for 13 years service. I was piped 2 years away from retirement. The discount rate ki-led my lump sum. When the rate was 1 percent I was projected to get 700k. The lump sum is a small part of my retirement. I have a few million dollars in my 401k.
@d3 Yup normally they reverse it to VP or president promotion you have the choice to pick up either one
how much was the money?
Please do not give bad advice about pip reversals. There is no such thing. If you are piped make plans to leave because you most likely will fail. Always have a plan because it can end at any time.
I was nre but they wanted me gone and they offered the pil. They emphasized if I did not pass the dpc ot would turn into a pip. Which would be harder to pass. I have enough money to escape the shi t that is exxon so I left.
You got piped?
I have never heard of pip reversals. It is a done deal when they have the documentation on you. It is like death.
Before retirement age you are a terminee. Heavy discount su-ks.
Apparently you can do dispute resolution on your PIP .They can reverse the PIP.
I
Alight has been an absolute nightmare. I've been fighting with them for months to get my lump sum as well. They can't seem to process basic transactions, and seem to routinely lose checks, cancel them after deposit, and make up excuses. Total incompetence.
Sorry not interested
Did they do calculations as a retiree or terminee?