I left Intel last year and was notified that I had a minimum pension. The amount quoted by Intel was "x" and Fidelity confirmed the "x" amount. When I requested from Fidelity a rollover into an IRA account (so that I could manage the money myself), I was surprised when the original amount quoted to me by both Intel and Fidelity was $3K different. When I inquired with Fidelity as to the difference, they told they went back and saw that I had taken money out of my RC account in 2009 (I left Intel in 2009 and subsequently returned) in the amount of $1450.00 which reduced the amount in the minimum pension by $3K. I am still trying to understand their formula. If there is anyone in HR that reads this post, I would appreciate a more detailed explanation as Fidelity does not provide one. Thank you in advance for responding.
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I was also laid off in 2009 and took my 401K out of Intel. Will that affect the mim pension? I have went over at nausea about the formula with Fidelity and it is tricky that is all I will say.
A few years ago I found the minimum pension formula in the official plan docs on the fidelity web site. It I was not all that complex.
That doesn't sound quite right according to my understanding of how it works, and how it worked for me (it worked exactly how I thought it would).
The formula used makes your number change daily (minute to minute, actually, since it's also tied to teh stock market which bounces up and down). They quote you, but UNTIL that moment they actually process the paperwork to give it to you, that number continues to fluctuate. As for me, I ended up with ~$3K more so obviously I was happy about that.
And good luck understanding their formula. Do you have it? I didn't think it was available to us and only know that it's complicated. Honestly, if it was me, and the difference isn't that much, coupled with what I said above (it fluctuates until the very moment they process it), I'd be glad I got anything (not everyone at Intel does) and move on.