If you are laid off, who determines if you get severance and do you keep your retirement?
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"To achieve a cash value of $5,000 in your pension plan it takes somewhere between 10 to 11 years of service with the company depending on your salary."
Whoaaa, doggy! (as Jed Clampett used to say). If true, that's one low-end pension! Lower than whale dung on the bottom of the ocean!
I have heard staffing in Bank will be cut pretty significantly, in particular the BAs. Sure all of this is rumor and we won't know facts until they come out, but I want to be prepared.
Why would we be SOL on bank as there are no plans for cutting of bank staff?
Even if you are vested, you are not guaranteed the pension plan at retirement age. If the cash value of your pension plan is less than $5,000 State Farm can choose to cash you out of the pension plan. At the time of your termination an Actuarial calculates the cash value of your pension plan based on an algorithm. I called HR several years ago and pressed them on this specific question when they started laying people off. To achieve a cash value of $5,000 in your pension plan it takes somewhere between 10 to 11 years of service with the company depending on your salary. I did the calculation.
Bank has not mentioned a transition plan yet. If no transition plan is approved we are SOL??
If a transistion plan is approved severance would apply. And if you are vested in the pension plan that money is yours when you reach the age of retirement.