Has anyone left the bank or been laid off and was offered a pension buyout? How does this process work? How much of a lump sum was given compared to the overall value of pension?
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I left in 2020, I have a pension from CHL and I get a statement every year with a projection. They have never offered to but it out and I would decline if they did. It’s $500 a month. While there is time value of money in I’d rather have that income stream in retirement
They don't need to offer any buyouts just now. With so many leaving/retiring, they are exceeding any headcount reductions needed at all levels and geographies without lifting a finger.
I think pension is only available to those who worked at one of the predecessor banks that BofA bought before they froze all the pensions. If you are eligible for one of those, the monthly annuity option is usually worth more in the long run -- much more than the lump sum -- if you expect to live a long time. For those facing shortened mortality, though, then lump sum might be better.
Please I do need opinions just facts. Thank you.
Nobody that I know of, but don't be d-mb -- never take the buyout. Average people are not smart enough to grow their investment faster than a guaranteed monthly payout for life, no matter what the investment gurus say.
Everyone's a financial savant in a bull market. I'd rather have one of the world's biggest banks guarantee my livelihood, because I know I'm not going to outsmart them. If they want to offload a pension, its because it makes sense for them and doesn't for you.