Has anyone off payroll 7/24 received their severance limp sum yet?
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Is the Lump Sum referenced in this post the Pension Benefit Lump Sum held by Fidelity? If so, is the distribution automatic? Is it taxed as ordinary income by AT&T when distributed?
Off books 7/24. Received direct deposit today. I have not looked closely yet but I surmise I got screwed somehow
Anyone who was laid off 8/13 receive it yet?
Signed GR&W 7/31/20. Got severance deposit today 9/4/20.
Laid off 7/24, Received Severance today, they did deduct the payroll tax. Seem like they should not have per new rules.
checks in the mail.
If you’ve signed the GR&W already, you can call HR and they will tell you the exact date you will be paid. I was off payroll 8/6 and they said mine will be direct deposited 9/4. The number is 888-722-1787, say Severance into the IVR. If I had thought it through, I would have deferred mine as well.
@moh, absolute great advise, it's also my current plan in play, it's expected be be a good inverse for a lump sum haul, and in my opinion, that last best one on timing for the next unforeseeable future
Think about delaying any lump sum until 2021. In my plan at least (legacy T management), the lump sum is calculated based on the November 1st,2nd,3rd tier segment rates as published by the IRS at https://www.irs.gov/retirement-plans/minimum-present-value-segment-rates
If current rates (Jul-2020) hold through Nov-2020, I'll see more than a 10% increase in my pension amount. Definitely enough to wait a few more months.
I was surplussed same timeframe, I got mine 8/21 direct deposited.
I am scheduled to have mine diect deposited tomorrow, 9-4.
No later than 45 days off payroll, you should receive payment
It takes about 3 months to receive the Lump Sum.
OP here.....Lump not limp lol (typo)