Does anyone else have a pension from Intel? They discontinued the benefit soon after I became an employee. The benefit is therefore minimal, but every bit helps. Curious about how they decided what level of pension an employee received back then. Anyone have that institutional knowledge?
11 replies (most recent on top)
17 yrs from 2000-2017....grade 6, 7. Avg performer with reviews always fine.
got the contribution from intel each year, which is put into some global diversified fund, wow when was that removed ? Before criticizing the performance of this, realize it does really help as one gets close to retirement as its way less volatile than aggressive growth funds, which are part of my portfolio as well.
I put money into the 401K as well. When I left I had a 58,000 k balance in the third, this pension fund, which pays out when Im 65 .
Do they match the 401K now , what are the details please?
i cashed out my pension from intel.
I'd rather have control of the money in a 401k than rely on any company.
@1uls I dont think anyone here is relying on this small amount for more than maybe to cover the Internet bill. But if you have a balance, roll it out. I personally would not count on Intel to pay an annuity for the next 30 years.
Most current Intel retirement plans only include Heart Attack and Dr-g Overdose options.
Zero pension if you have your retirement saving above the minimum requirement but nobody actually knows what the minimum is. It is calculated by the financial firm that held your retirement account. They assume you are dead by the time you need the pension.
The lack of benefits is a classic warning sign of a "turn and burn" company. The moment a company tells you that, you know your tenure won't be long. Read The Hatchet Man's Playbook, bro.
Take an apple, but only one.
Intel pension strategy is a tragedy. All you have is what you save. Intel is just a paycheck, benefits change yearly for the workers.
Cash it out lump sum and roll it into an IRA when you go FOR SURE
The pension was an annuity and meant to provide for a shortfall of retirement savings. This was back when the company automatically put a certain percentage of $ into a retirement account which has also been discontinued. They used some fuzzy math to calculate what a monthly payment would be based on age and account balance. The more you save, the less you get of the pension. Once you get to a certain savings, the pension payout is zero. Honestly, if you are relying on the pension to supplement your SS, you didn’t save very well.
the free fruit from canteen is the pension