What’s the acceptance rate for the current VERO? And how did the offer compare to previous rounds? It seems like the numbers are high.
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Empower/Milliman customer service is terrible. Abysmal.
Wrong answers cheerfully and confidently delivered after running a giant guantlet of automated questions. If you answer any of those wrong there is no goong back and you will get the wrong person (that is, someone who actually knows that they don't know the answer to your question).
I did a pension lump sum transfer to my IRA when it was offered in 2019.
I would think you could do this with a VERO as well.
The previous two VERO offers were: an extra three years added to the years of service at separation (up to a max of 30 years), when calculating the pension. Plus three years added to the employee's age at the start of retirement payments (up toi a max of 65 years), when calculating the pension. So if an employee has 27 years of service, and is 62, they can retire immediately with VERO with full benefits of 30 years of service and 65 years at retirement.
I don't know how this compares with the current offer. If I recall correctly, the added pension amount can be added to montly pension payments, or issued as a lump sum.
I was told by Bose HR and a representative of the company that pays the pension, that I could roll the VERO bonus directly into my 401k, but they both were wrong. After hours on the phone for many weeks, with the pension company, trying to figure how to roll over the bonus into my 401k, I had to give up.
There was nobody at Bose who would even speak to me about it. Any attempt to contact Bose HR was forwarded to a non-Bose phone agent who had no idea what was going on other than reading from the script of non-answers.
So if they tell you you can roll the bonus into a 401k or IRA, get it in writing, on Bose letterhead, with a signature. And still don't believe it until it happens.