How does the pension work if you quit right at 5 years with the company?
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My 10k was part of a relo package
You'll get an offer in the mail a couple months after your last day to take a lump sum and cash out. This is the only time you'll receive this offer, so if you pass on it then you'll have to wait until age 65 as a non-retiree to receive a very small monthly annuity.
@1nfq+1gkbZo33 - What was your almost $10k mistake? Looking to make sure I don't make the same mistake..
Read the manual. After 5 years you are vested same rules as everyone else. It means just after 5 years at 65 you'll be entitled to a couple of hundred of bucks a month. They may offer to cash you out at some point, subject to IRS rules.
Never hurts to send an email to HR to get it in writing: “hey jut hit the 5 year mark and want to learn more about the pension. Am I officially eligible etc etc”
Wouldn’t mention you’re quitting, but confirming these things never hurts to make sure there’s no administrative error. Being diligent about getting everything in writing saved me 10k when I left because one of the policies was annoyingly not transparent, and I was quitting right around a threshold like you mentioned
It’s very simple if you’re vested and quit. Don’t stress
There’s a pension calculator on the HR site
How do I o is how much my pension will be worth right at 5 years? Trying to see if it’s worth staying until then or leave now
Your pension is vested at that time and you get what you’ve accrued. The years of service multiplier stops where you quit