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Baxter Special Lump Sum Pension Payment

Discussion in 'Baxter' started by Anonymous, Sep 19, 2012 at 4:02 PM.

  1. Anonymous

    Anonymous Guest

    Any former colleagues receive this package? Wondering what you think of the offer and assumptions. I haven't had a chance to review but am thinking about taking the lump sum. I was only there for 5 years so not expecting a windfall, but might be nice to take the money if the offer and assumptions to calculate current value are fair. Just wondering if anyone else in same boat or what people inside or outside of Baxter are hearing about this.
     
  2. Anonymous

    Anonymous Guest

    if you were only there 5 years, i don't think you even qualify for any pension. the cutoff date for that was 2007ish??
     
  3. Anonymous

    Anonymous Guest

    I left in 2005. They sent me a letter, so I assume that I qualify. Maybe I won't get the kit... That would be typical.
     
  4. Anonymous

    Anonymous Guest

    When is the packet supposed to arrive? I got the letter too and am now waiting to see the details.
     
  5. Anonymous

    Anonymous Guest

    Received the packet 9-19-12.
     
  6. Anonymous

    Anonymous Guest

    For those that received letter, is the lump sum a good choice. With only a few years of service under my belt, my pension set to start in 30+ years is only $414/month. Wonder what the lump sum will be.
     
  7. Anonymous

    Anonymous Guest

    If you were there for 5 years, you ain't gettin nothin. I got the se letter. I'd expect nothing. Whoever get the package first, give us the bad news.
     
  8. Anonymous

    Anonymous Guest

    I got the package in the mail yesterday. I am mid-forties with 10+ years experience but left long ago.

    The lump sum offer was about 4X the annual pension I'll otherwise receive when I turn 65, not bad. Lots of material I haven't read yet but at first glance it looks like the tax impact is zero if I accept the lump sum and roll into an IRA.

    Interest rates are low so it costs companies more to fund these pensions, I'm sure that is why the offer is extended.
     
  9. Anonymous

    Anonymous Guest

    Received my packet on Wednesday the 19th. I was very happy with the offer. I worked at Baxter for 9 years and the offer was just under 40 grand.
     
  10. Anonymous

    Anonymous Guest

    Does anyone have information about the possibility of retiree health care/RX coverage which may be offered with pension? Was that ever on the table? Thanks.
     
  11. Anonymous

    Anonymous Guest

    Just received my package. It states that-

    Option 1- I can get a $52/month payment or a $25,000 lump sum payment immediately.

    Option 2- I can get my single life annuity Paid at 65 years for the amount of $900/ month.

    Why would I take the immediate payment?

    Am I getting 900/month til I die?
     
  12. Anonymous

    Anonymous Guest

    Does anyone know how this lump sum is calculated? The docs say that the estimated social security benefit is used in the calculation and you can have it re-estimated. Also I see they are missing some earnings of mine. So I'm thinking of having them re-calculate but would hate to have this result in a change downward. Would be nice to know how it's calculated.
     
  13. Anonymous

    Anonymous Guest

    Health insurance, ect. You'll have to get s job at home depot for health coverage. Your lucky your getting this from Baxter in the first place. This is a major reason I came to Baxter on the first place.
     
  14. Anonymous

    Anonymous Guest

    Sorry about the misspelling. iPhone!
     
  15. Anonymous

    Anonymous Guest

    Who received the offer?
    What determined if you did or did not receive?
     
  16. Anonymous

    Anonymous Guest

    If you were hired before 2007, I think and have 5 years in. You would know if you were hired with a pension plan.
     
  17. Anonymous

    Anonymous Guest

    I called the 800 number because some of my earnings were missing....they said they take the 5 highest earnings years for the calculation. You only need to have it re-calculated if you are taking the annunity and your martial status has changed. If you are taking the lump sum, the numbers will not change.
     
  18. Anonymous

    Anonymous Guest

    I would like some info about this .... is this about 401or something else. A friend said she got a letter but I haven't lived at my address then in over 20 years.
     
  19. Anonymous

    Anonymous Guest

    I would take the lump sum and roll it into a self directed 401k or IRA. You get control of the money to invest in property or precious metals. Right now, I would say using it to buy property would be worth more in the long run.
     
  20. Anonymous

    Anonymous Guest

    I got the letter and the package. I chose a lump sum of $85,600. Started at Bax in 1972, left in early 1987. If I took the normal monthly annuity payout at age 65, I'd get $620/mo. Not too bad for a SS supplement, but I can do better by rolling it into my IRA (tax free). Still waiting for the check.
     

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