Hi
Does anyone knows how Anthem determines the monthly pension for someone retiring at 55 years old 10 years of service?
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I started 13-14 years ago and pension had already stopped or was just stopping. You can probably find the dates online. I believe the only ‘retirement’ maybe a gift choice online from the OC Tanner websites te and the ability to buy the healthcare (watch the details! I think you can defer choosing it but once you choose it if you cancel you can’t go back - just read up on it!). Also you may have some credits towards the anthem healthcare but I know that stopped somewhere around 2015 also.
Pensions are a thing of the past unless you're a "higher up". For most employees, they were discontinued nearly 20 years ago. As stated previously, most employees who were grandfathered in only receive a pittance in "credits" each year. If you are 55 with 10 years of service you will NOT qualify. Your age + years of service have to equal 80 in order to qualify.
I’d run the retirement modeler in workday first. They stopped contributing to my pension after the WellPoint merger, and went with the 401k. The money in my pension is still there, they just stopped contributing. I’ve been with the company 20 years, and they’ll have to RIF to get to leave at this point.
Definitely don't retire, just "Quiet Quit". Do the absolute bare minimum. If you are "friends" with your boss chances are you'll rack up another decade working and be better positioned for retirement. Don't believe me? just take a look around at the folks who have 15, 20, 25 and more years of service.
Age 55 with 10 or more years of service qualifies you for retirement. However, I would never recommend voluntarily retiring from this company. In doing so you will be giving up your 6 months severance pay which you have earned. My suggestion, just hang in there until they RIF you and believe me at your age it will happen soon enough.
Anyway, just a personal opinion from an ex Anthem employee.
55 yrs of age and 10 years also allows you to buy insurance, it is not cheap
Check your state also. Benefits aren't great.
It all depends on when you started, because they discontinued contributing to the pension a number of years ago but interest credits still accrue either annually or quarterly. You can run the "PENSION MODELER" to get a rough estimate - you can find this in your Total Rewards statement, listed under the "Benefits" section.
"I believe" If You are not fully vested and go out at 55 You will be penalized for early retirement.
Check the master agreement.