Hi all - I am looking at my timeline for leaving the company. Last year 2020 and early 2021 I heard (and friends confirmed) that when they quit they were able to collect their lump sum vested pension (~$50,000 before taxes/fees.. this number depends on years worked, salary, etc).
Is this still a policy? I can't find it anywhere in the intranet. I also am getting conflicting answers from HR regarding this policy.
Thanks!
The calculators others have mentioned is accurate enough. Roll it directly if you can into another qualified plan. Be aware of tax triggers. Best of luck.
goto/embsc for the pension projection tool
goto/earlypension for instructions on how to use that tool to calculate lump sum for vested non-retirees
true. theres also a calculator on the intranet
goto/earlypension
Certainly hired some lumps!!
Adios.
Thanks to you both! I found the official communication by searching “lump sum” in the intranet.
Yes - this option is still available to all. Expect about 10k per year of service. Can be rolled into traditional or Roth IRA. Can also be taken as straight cash lump sum (will be taxed)
HR sent an email saying lump sum was available to anyone.
Have not seen them reverse this.