Is your strategy to wait for PIP then exercise your retirement? Do they pay the 3 month severance over 3 month period or one time payment? Assume it takes at least 90 days to get pension lump sum.
6 replies (most recent on top)
@1xhn+1abwMC61
People that are retirement eligible have a third option on the election form. They can essentially take the PIL and start the retirement paperwork at the same time. I had one of these last year.
Life is uncertain but they have been giving 3 months pay for PIP. If you really need that 3 months pay to retire then you can wait around and hope to be PIPed. Doesn't sound like a great way to end a career. After you get PIPed you will have to call Benefits and ask for the retirement package. Benefits will tell you a deadline to get all the paperwork done. It is around 2 months before you retire. If you meet that deadline you will get the lump a week or two after you retire.
Alternatively, you can call benefits and get the retirement package now. You may have to declare a date but you can always defer. The package explains lump sum and health care options and many other things. Then you can get your affairs in order and retire when you are ready.
OP has right idea. Extract maximum amount of cash from Company on way out. What's wrong with that?
I can only hope that @qmk is an outside troll (see previous reply). Otherwise, it’s difficult to understand how so many people posting here are so rude and aggressive for absolutely no reason. How about not posting a response if you don’t think much of the question ? Obviously, when EM says it hires the “best and brightest” it actually means “the meanest and most arrogant”. @qmk, you’ve got the right stuff, but don’t overwork it - the CEO job is already taken.
Why do you ask? Are you in this category?
If so, why do you ask?
Have you been retired-in-place so long you don't know the answers?
What rock have you been hiding under?
No one will help you. You are on your own, OP.
Best regards.
You work until Oct 31, then retire. At least that's how it worked last year.