For those that have been with the company where we have pension payouts, does anyone know how secure this fund is. I was laid off and have been given an option to leave the money in the fund with monthly payments made to me for as long as I live....... tempted to take this, but fear that if the company goes under so does my pension money. Does anyone know how this fund is secured??
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I received a notice from IRS that I might be entitled to a pension from Macy's. I worked at Macy's for 22 years. When I called, I was told that I'm entitled to a (roughly) 40k pension and that they will mail the paperwork to me. I asked this person if this fund was completely separate from the 401 and she said yes. A few months passed and I called back and told them I didn't receive the packet. I was told that I am not eligible for the pension and she didn't know how I got the info that I was. I spoke to her supervisor who also told me my records do not show pension. Did anyone have this same experience?
If you have worked for Macy's long enough to get a pay out and are over 55 years of age you get like .07% less a year until you reach 59 1/2 then .06 to age 65 , but no one will tell you what the times of years you will get. how many years to figure a total lump sum vs just taking your monthly pay out at 65 but, in my case i have to wait until age 70 for full retirement so I will just take a lump sum at age 58 with 28 years with Macy's.
You need to get with pension benefits ASAP. There is no legal way they can take money out of your pension for any reason, besides to pay you. Let us know what you find out..........
Nope...no loan
Nope... not 401k
It is a cash account pension with Macy’s through Merrill Lynch.
Are you sure it was not your 401K???
Question for the post below, How many years were you with the company? If you were 100% vested they can not take money out. Did you take a loan out that was not paid back?
No it is not safe!! I left the company (and money was left in the pension). They told me it would be there for me to have if I every returned. Then I came back to the company and after over 9 years of being back.... they took half of the pension out of my account!!!
They said it was because there was a break in service!!!
After 9 years... NOW they decide to take it back???
Really Macy’s??!!
Well then I guess Merrill Lynch transferred mine to Wells Fargo Bank because I chose an annuity instead of taking a lump sum payment.
If you are referring to your pension, it does come from Macy's unless you transferred it to another entity. The Macy's pension is from Merrill Lynch.
My pension is coming from an annuity run by Wells Fargo bank. It has nothing to do with Macys. I took the severance package in September of 2018 and the deposit is made on the first of every month.
The pension plan money is in a trust that is managed by JP Morgan Chase. It is separate from Macy's, and safe from any creditors. When I was layed off from Macy's, I left my cash in the plan. I now work for them again. My feeling is that our pension money is very safe.
Hi.....this is a great question. I retired 2 years ago when my store closed, after 33 years of service. You have options. Once a year we receive a notice about how the pension is funded. I just received mine last week. At the beginning of 2018 it was funded 94.05%. At the beginning of 2016 it was funded 102.89%. It is in a trust. I have not taken mine yet.......it is earning 5%, with interest payments credited quarterly. You also have the option of a lump sum when you decide to take it. You do not have to take it now. I am planning on taking mine at 65......in 18 months. Make sure you get all the paperwork and read about your options carefully. Call HRSW and get some information. Are you old enough and have a long enough length of service to be considered a retiree? Best of luck to you...