Annual funding notice is out, 76% funded. Remember IRS regulations say if under 80%, you can only take 50% or half in lump sum, the other 50% in annuity. If it were to go under 60%, no lump sum per IRS. Xerox is required to make annual payments to the RIGB pension.
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@df This post in not about severance. It is about employees enrolled in the RIGP pension program. 401k and severance are different.
@OP Remember everyone, ONLY 'Proper" Xerox employees get a payout if they leave. Don't confuse this with the 401K which is a separate account that XEROX has no right to any of that money.
If you leave, get fired (RIF) or die, there is nothing for non-proper employees (Global, Lexmark or any other company swallowed up by the mother ship). You are not eligible for any compensation. I know I tried.
@ck The pension can't be "scooped", at minimum it's guaranteed by the Pension Benefit Guaranty Corporation.
Not sure how many times you need to be told, but the pension has been scooped, it's gone.
@af 100% no longer an option.
@ag ridiculous. Stop posting nonsense.
@ac Very kind of you to take the time to post here and show your concern. I think everyone who works for the company knows what's going on. It's a pay check and when it's time to move on, it's time to move on.
Good to see that they funded 76%. That tells me the company is for sale, and did not want an underfunded pension as a deterrent
The best thing about leaving XRX was the the 100% lump sum option.
You people are dead already. You just don’t know it yet.
I pity you all. In fact seriously I do.
Probably up due to investment performance. When XRX goes insolvent, eventually everyone will be forced to the annuity and when the trust runs out of funds the fed will pick up the payments. Follow the math though. When a lump sum is taken, funds are removed from the trust (numerator), but the liability is also gone (denominator), so the effect of withdrawals on the funding ratio is not as dramatic as one might think.
@a5 You might be correct but funding level is up 5% over last year in the U.S. pension, so that's a good thing. The notice said that there's 2,200+ active employees in the plan, so there's not going to be a run at the gate for the money. There's no guarantee that folks will want a lump sum either as it may be beneficial for older workers to take the annuity. Finally, the guarantee by the gov is up to $94,000 in yearly pension benefits. Majority, if not all of the rank and file would be protected in the U.S. when the company goes belly up. Anyone making 94K a year in pension is a BIG wig and I'm not concerned with those types
Xerox will file Chapter 11 and get out of these payments; the company can't afford these payments. The funding level it is at now will probably be the highest it will ever be at as people start to take there 50% lump sums out.