Thread regarding Macy's Inc. layoffs

Don't forget about your Cash Account Pension Plan benefit!

For those of us included in the June, 2020 reduction in force or layoff, if you were working full time and hired prior to 2010 ... Just a reminder that you are entitled to a payout from the company-sponsored Cash Account Pension Plan (CAPP). You should receive paperwork in the mail by the end of September. If age 65 or older or have a balance under 5K, you must take your distribution. Otherwise, you have the option to leave your benefit in the Plan until age 65 and it will earn approx 5% interest.

You can access your balance through employeeconnection.net, My InSite, My Total Rewards, 401(k) Savings Plan, Account Summary.

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Post ID: @OP+168okVjO

8 replies (most recent on top)

Merrill Lynch handles your 401(k) processing and distribution, if needed.

The Macy's office in Cincinnati will automatically mail paperwork to you within 90 days of your termination date if you have a Cash Account Pension Plan balance.

Please keep in mind that we are talking about 2 separate accounts - the 401(k) account that you have contributed money to from your paycheck with Macy's match every year (the 2019 match has been delayed until November 2020), and the Cash Account Pension Plan that is fully funded by Macy's.

If you have a balance in either one or both accounts, you can find the balance by going to: emp!oyeeconnection.net/My InSite/My Total Rewards/401(k) Savings Plan/Account Summary. Remember to access InSite as a former colleague.

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Post ID: @3nqz+168okVjO

This was my experience taking possession of my pension.....I am retired from M and will be 65 shortly. Last December I called HRSW and asked for paperwork to be sent to start the process. The paperwork arrived in about 2 weeks. (Early January) .....within a week I mailed it back. I received my check on March 3. It was almost 90 days. It is my understanding that every year the interest rate is set.....I worry that the interest rate may go down, since rates have been lowered elsewhere. I rolled my funds into my IRA at Fidelity. If you have left the company and the balance is under 5000, the company will send you a check, as your only option. Since the company has laid off so many employees, there is most likely less people to help with these services. Best of luck to you all.

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Post ID: @3mlx+168okVjO

That’s true it may take up to 90 days to get the paperwork to start to draw it.

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Post ID: @2nnb+168okVjO

I was told by a Merrill employee that I could access my 401K immediately, but needed to wait until Macy's sent paperwork regarding the cash pension account. I am told the paperwork from Macy's will take 90 days.

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Post ID: @2kib+168okVjO

I had the opposite experience from the above comment. I called Meryll, told them I was laid off due to the pandemic and I wanted to withdraw my money. It was a 5 minute phone call and a check will be coming to be within ten business days.

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Post ID: @2mem+168okVjO

The process is not that difficult , it takes a little time -you need a financial advisor -your bank should offer you with no charge versus staying with Merrill Lynch who will charge maintenance fees.
Your 401k gets moved separately from cash pension but both can then be in same account.
Your bank can set this up over the phone if you are unable to get physically into bank . They will call Employee benefits-conference you in and then execute paperwork & check will be sent to you to have deposited to your account ( will have bank name /you as trustee)
For the Cash Pension - that has to be executed/moved separately
You can go online & request to move & paperwork will be emailed to you & fill out and send in . The check will come the same as 401k . ** if you are Married , there is a section that requires spouse signature to be notarized- UPS store can do it for $5 .

I don’t want them having any of my money -
It took over a month to get it all completed
Good luck to all

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Post ID: @2qrf+168okVjO

Received my package today. Will move the 401k to my IRA. Pension will think about it.

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Post ID: @2nty+168okVjO

As someone who was let go please note, this is not an immediate access to funds like a 401k distribution. Merrill Lynch has to be notified by Macy's that you are no longer employed before you can discuss your options. They then have to send you paperwork to sign and you have to return. Finally they have to confirm you're eligible for whatever option you choose, then process it.

Last year when I left, it took 90 days for me to receive my distribution. Remember, with the furloughs and shortened staff this process could take even longer. I'm not trying to be a downer, I just want everyone to be prepared and not left shocked at how slow this really takes.

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Post ID: @2axr+168okVjO

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