Anyone else get the L3 post card in the mail offering a lump sum now instead of a pension when you retire?
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No, i'm not an employee anymore. I saw the writing on the wall and left Waco a few years ago. My current company has substantially better benefits and the work environment couldn't be any better. The actual L3 offer package arrived in the mail today. Three options were offered:
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Cash buyout
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An Annuity purchased by L3 and managed by another company.
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Keep the existing retirement
Some initial research tells me that companies do this so they can remove the retirement obligation from their financial books. Makes them more attractive to sell. I'll be taking this to an attorney and financial adviser next week.
Either way I'd bet they're looking to f--- you over!
Are you still an L3 employee? Have not heard of such an offer to current employees and not from L3.
call the service center, most likley your pension is small and qualifies for a lump sum distribution, you can do nothing if you want, it's just a option. I have one like that from company, I just ignore the notices because I don't want to mess with it