Recently VSPP and found I was entitled to a pretty nice chunk of change in the pension plan and requested the immediate lump sum transfer to my rollover ira. How long does this normally take? It’s been almost 2 months and nada so far. The 401k rollover finally completed and that was very slow since Wells Fargo s—s and their phone verify is scam and doesn’t work on larger balances so you have to file paperwork instead and get it notarized .
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If you take a lump sum option now, your spouse needs to sign a waiver saying they understand they are going to give up their right to 50% of the total in an annuity ... as they don’t give an option for 50/50 lump Doebelieve this is because they want you to stay in the plan and wait for the annuity at retirement age .
If you are divorced, I feel for you. They will put you thru the wringer. You will fax divorce certificate, property settlement agreement, entire divorce paperwork. All personal and frankly non of their business. Then you will wait and it will be under review. Don't be surprised if they contact your ex wife. It's horrible. Three months and still waiting.
As long as you have your divorce decree papers and a birth certificate and get your paper work notarized you should not have a problem. I retired in middle of August. I could have got my lump sum in Nov but waited till Jan because interest rates went down. I ended getting an extra $56k by waiting so keep an eye on the rates.
My request for a direct payout now to a rollover ... has been “under review” for over two months. Considering it said i could get these funds two months ago .. this makes me wonder if the pension is solvent or not,
mine only took about 2 weeks...
I have been gone almost three months and have to call and talk to them several times a week to try to get my 401 rollover and pension. Finally got the 401 rollover check after 3 months to the day. Quite the fight when you tell them you want to roll it out. They do everything they can to keep your money.
As a couple of the other guys said, if you have ever been married and divorced you have a real fight on your hands to try and get your pension. Don't be surprised if you don't end up going to the courthouse to try and get them papers and even have to stoop as low as to get a hold of your ex old lady to try and get her to sign a paper that says she doesn't want any of your money (good luck with that) because they won't accept your divorce settlement.
I just spent $300 at a lawyer to write them a letter threatening legal action. If they would just send the money they owe, I could finally be free and clear of them.
“ Mine took months best day ever to know not connected to the ship show anymore.” But i hate the place so much I choose to hang out on this board. hmmm
You will need to get the forms notarized and then you can scan and upload them to the pension website. Make sure that you call the service center and follow up at every step. I am aware of people who had done everything right only to have no follow up. If you take a direct rollover of your pension you will get a check sent to you, and you will need to get that to your IRA. Checks are cut at the first of each month.
I believe it said somewhere to give it up to 90 days
Mine took months best day ever to know not connected to the ship show anymore.
Should only take 2 weeks.