I got the paperwork in asap when I knew I was leaving. The account doesn't show any movement out online.
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@wyw. I was grade 9 on my last day and ~ 20 years with Intel (ISPd). It is not true that only grade 6 and below are eligible for pension, but it is true that they made some changes a few years ago that affected higher grades. The Fidelity tool shows a balance of about 100K on my pension. I know another grade 9 who retired a year ago and did received his pension balance as a lump sum.
When I inquired of Fidelity early to mid-June, specifically asking "I know you need time to process pension payout requests. What date should I use if my last day worked will be 6/24?". The answer was August 1st, not July 1st as that's not enough time for them to process ONCE your last day employed rolls around. Keep in mind your last day worked (ANY date between 4/25 - 6/24) and your last day employed (6/24) aren't necessarily the same date.
I suspect that's what's going on with yours. Patience, Grasshopper....
I called and Fidelity says it takes 3-6 weeks from commencement of benefit date to actually receive the payment. So I am surprised someone says they have already received their check. For OP asking what is pension--it is a stop-gap for people who do not have much in Intel RC and is for grade 6 and below only.
Yes, what does pension payout mean? Do you mean withdrawal or moving it to an IRA?
buddy of mine did on July 2
Call fidelity. They'll have info and access to everything including pension and will help you roll over. Took care of mine last week.
Pension who has pension, you must be in a unique position as I thought most defaulted to falling into the SERP
How does the pension payout work?