Better try and get your pension when you can. See this link: http://www.fool.com/investing/general/2016/03/28/sears-holdings-corp-is-sitting-on-a-ticking-time-b.aspx?source=eptcnnlnk0000002&utm_campaign=article&utm_medium=feed&utm_source=cnnmoney
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I feel for you being let go 19 days before your 38th anniversary but do you have to keep telling this same story every day?
The pension is still not funded and hopefully the assets the gov't took to cover actually have the value they think they have.
Can somebody explain how the pension deal they struck last week will impact us? From my understanding they basically made a deal that allows the company's assets to be seized if it defaults on the pension plan. Does that means the pensions are secure, or is this a sign that corporate is preparing for shutdown?
Yes we have a pension, not much but we do have one. We also have a 401K that the company used to contribute to, but they stopped doing that years ago. My job was eliminated 3/4/16 just 19 days before my 38yr anniversary. There are no benefits worth working for Sears or Kmart. Eddie is only thinking about himself. I can't wait until it all goes under so he can't screw anymore associates.
You guys actually have pensions??? We get nada now. Zilch.
Yeah I have never heard of anyone getting it fast!!! If its not funded the federal government will only let you get so much (I thinks its 50%) in a fiscal year! You have to wait till the next year for the rest! I have seen I change from year to year. Hope when I eligible they are properly funded! But that's not a sears rule its the federal government. Have friends who got it all at once and others had to split it!! They say you have to read it very carefully because any little thing can cause a delay!
I was out of there nearly 10 years when I became eligible to draw money out. No option for
Lump sum that year. . By the time the application went through twice, due to the first one getting lost, nearly 4 months elapsed. I am informed that the plan administor has changed, so good luck to all getting things settled in a timely manner.
If you are no longer working call 88sears and inquire about your pension. I am still working (FTA) and I don't think I can access it while employed!! I know friends that have taken a lump sum but they are either retired or part time!!!
i took the buyout when it was offered a few years ago and I'm glad I did. But I haven't worked for Sears for many years. 38 years should give you a decent bit...I got 20K lump sum for having worked there 15 years with crappy pay.
I was wondering also. I don't have much either but I want it all. My job was eliminated 3/4/16. My 38th anniversary would have been 3/23/16.