I have over 18 years at Sears, and my store is closing. I will get 8 weeks of severance pay. I am a full-time associate will my pay be 30 hours or 40 hours, I am not grandfather in. I am FTA30. I am over 50 with over 10 years of working at Sears. I am entitled to the pension, and I have my 401(k). Will I receive my pension when my store close. I am not yet 55. Any help is always appreciated. Thanks,
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Find out if you have a pension. I just assumed I didnt have one and found out I did by accident. There are many of my coworkers who assumed the same thing. I wonder how many people have quit and were not aware they had it.
Most of our group bailed way before the merger, although a few remained and were let go shortly afterwards.
handwritings on the wall folks.
Get out now, We have been warning all of you for a couple of years.
Thank you guys for all of your help. Yes I will receive a pension. Thank God, not much but something. My store lease does not expire until 2018, that's what I heard. But as you know we are closing. I think our problems were are sales, or bad location. We knew it was coming, but we thought we had until later in the year. God Bless to all the other associates, maybe Mr. Lampert can make Sears profitable in the near future.
As previously stated the pension was stopped years ago. If you are eligible you will get your pension (this is guranteed by the fed's). I would definitely check to see if you do get a pension just to make sure. Sears used to give 26 weeks severance now it is down to 8 weeks so that is all you will get. If you are full time this is where you need to make a decision. When they liquidate your store all payroll is out the door. You can work as many hours as you want, a least that is what happened in my closing store. I worked 60 hours a week for months, but I made as much in three months as I made in a year.
I am over 55 but I went and got myself another job at a sporting goods store, they love older workers because we show up on time and dont call in, and it has been great. I am making more money than at sears, have less stress, the managers and co-workers are great and have worked my way up to get benefits. There is life, even for us older people, after sears/kmart and regret not doing it sooner.
The pension was stopped in 2005 or 2006. Unless you had10 years before the pension was stopped you are not part of the pension. That leaves with your severance and the 8 weeks of severance.
If you have a pension you can receive it at age 55 if you no longer work for that company and there will be no penalties (though they will deduct for federal taxes, in my case 20%).
I don't know anything about the pension plans, but I was FT30 when my position was eliminated last year, and my severance was 8 weeks at 35 hours. It was paid out bi-weekly just like my regular paychecks.
Were you part of the pension plan? I think you would know by now. Take your eight weeks and that is it.