The rumor is that the pensions will be smaller if compared what Fidelity Investments was projecting for us. I have a couple years to go - this makes me nervous and anxious.
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There is a similar thread on Watching IBM - i think this was settled
1.
I pulled mine from W3. Fidelity pulled one based on my feedback for a retirement date, they were within pennies. For some reason it can change. My numbers on W3 changed a little over 6 months. I found whenever I worked with Fidelity I could trust the answer. If you are close to retirement make sure to get your Fidelity advisor assigned to you.
2.
There's Pension and there is 401K. Fidelity is great at explaining everything. I recently cashed out of both and they were to the penny with what I was expecting. There is withholding for taxes with a minimum and you can ask them to withhold more if you prefer. Cashing out the pension required much more time more documentation since IBM still administers that part. The 401k cash out took one week.