I still work at a Sears store owned by Seritage. I have over 30 years in. I wonder about the pension plan if there is either type of bankruptcy. If I stay will I lose my pension, I am sure many others at Sears are also worried.
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I left the company 18 years ago after 17 years of service. They contacted me about 5 years ago and offered me the opportunity to roll it into my current 401k or cash it out. I'm thankful I rolled it over.
Right now you can only take out half of the pension in a lump sum unless it is less than $5000.
The other half you can get in a monthly annunity payment with various options if you have a spouse you want to leave it to if you should pass away.
I know this to be true since I just filled out my paperwork on taking my lump sum amount to be into an IRA and the rest in a monthly payment.
Since Sears ended the pension about 12 years ago,there is not all that much in it,and you are not permitted to take it all out at this time if you are in Plan 1,which I was. What is Plan 2 I do not know.
I have already checked into the pension ... I personally contacted them to do a lump sum ... at this current time there is not enough money in the pot to get a full lump Doeguess is eddie will fill bankruptcy to get out from under it so he can profit even more when this company folds ...
my only hope and DREAM is that the company offers us long time employees a buyout before the end happens.. by reading on here the thoughts of buy outs will happen in august PLEASE if anyone hears of any other news in this area share with us !!!!!!!!!!!!!!!!!!!
The PBGC will cover your monthly benefit but you can forget about your lump sum. Problem is like most government agencies that fund is running out of money too. That means they could cut your monthly payout if they decided to.
@OJB No need to be so mean.
You are f--- e d
You need to call the pension dept. I worked for Sears over 18 years. My store closed down in March 2017. There was about 5 of us that will be receiving our pension. I am cashing out my pension, its not much, but I will get something. If you are 55 and older you can receive your pension. They will take out 20% for federal taxes, and state taxes. I do not know if you will be able to receive the full amount of your pension, depends on what you have in the pension plan. Go to 88sears on the website, its where your 401(k) plan is look on the left side for the Pension Plan and click on that or you can call them and they will tell you everything. God Bless
There's a government agency, the PBGC, that should cover your pension up to a point
https://www.pbgc.gov/about/faq/pg/general-faqs-about-pbgc