Thinking of leaving. Only 6 ur service so not much. What’s the formula to calculate lump sum? At my low level doesn’t seem interest rate hike is significant (based on online calculator) but would like actual equation so I can make sure I’m not using online tool wrong.
5 replies (most recent on top)
There is no simple formula for lump sums. They are calculated based on 3 different rates for different portions of the mortality curve.
Join the yammer group “retire in five”. A wealth of information including the formula, etc.
OP, how'd you get to be a Supervisor in only 6 years?
Just basing this on your analytical and reasoning skills.
@ncc you're PIP material. They offered lump sum payouts starting in 2020/2021 to those vested, which requires 5 years service. I know, because I got the payout after 7 years. OP, go to the benefits site and there is a calculator. It's dependant on interest rate though. So, it's just a ballpark.
Don’t think you are eligible for the lump sum with so few years of service. Think it requires 15yrs at age 55. You could have easily figured that out for yourself if you’re using the online calculator and reading the policy.
Do some research yourself before asking others, now it’s fairly obvious why you are leaving. If not, PIP material.