I like to start my pension as soon as severance runs-out. Since they state I have to allow 3months for the pension to start can I start the retirement processing while on my severance ?
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take a lump sum and run. They are planning on selling off the pension accounts.
Congrats on escaping the Salt Mine.
Even if they are late you get your money
Example severance ends July 15th
You filed for pension on June 30 to start August 1 after end of severance
But they are slow and first check comes September 1. That September check will be doubled to add in the August 1 payout
Congratulations!!!
Agreed that 3 months is probably excessive, assuming that you delay doing the paperwork properly. Mine took about a month from initial contact to first bank deposit.
I left with six months severance on a voluntary RIF in Jan 2018. I submitted on the Honeywell website for pension payments to begin about 60 days before my severance ended. It was a surprisingly seamless process and my first pension payment was direct deposited to my bank account on Aug 1 while my severance ended in July. Take note that they will send you documents through the website that you have to sign, get the signed document scanned in PDF format and then submit the signed documents back through the website. Also, make sure you understand your pension choices as they are irrevocable after payments begin. Congratulations!