Baxter Special Lump Sum Pension Payment

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

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  1. Anonymous

    Anonymous Guest

     

  2. Anonymous

    Anonymous Guest

    Remember if you choose to take the lump sum you will have to pay a total of 30% in taxes both federal and state if you are under 65.

    The best thing to do is either
    Roll it into your Baxter IIP, IRA or Roth IRA and that way you will have control over the money and you can manage your money.

    Another thing to keep in mind is if you keep it in the Baxter pension fund if you die your spouse only gets 50% of the pension. If both you and your spouse die your children get Zero.
    If it is in the Baxter 401K or and IRA account you can leave the money to your kids.
     
  3. Anonymous

    Anonymous Guest

    Baxter is offering a buyout - Why? Does Baxter management do anything that is not in their best interest? It is my opinion that they are up to something or some type of cost saving strategy and it is not good for the average employee or ex-employee. If I was to bet, I would think they are attempting to some how dump the pension plan on PBGC -only time will tell.
     
  4. Anonymous

    Anonymous Guest

    I worked at Baxter from 1974 to 1993 and I'm not getting $85,000. Guess you made more then me working there LOL. I'm getting $50,000. I took the lump sum also and rolling it into an IRA. If you're 59-1/2 years old or more, there's no additional 10% penalty. I just turned 60 and this money couldn't come at a better time. Baxter ended their Pension Plan in 2006. Of course it's good for Baxter to offer the lump sum to keep administrative costs of the plan down and other factors, but they're not cheating anyone. With what I'd get monthly and life expectancy, I'm better off with the lump sum. Thank you Baxter!!
    I enjoyed my years there a lot, best job I've ever had, and back then they treated their employees very well. Everyone benefitted when the company did well. Use to get big raises, stock splits, great health benefits, good times. Like most corporations, they started tightening their belt in the mid 90's. It's still a good company to work for.
     
  5. Anonymous

    Anonymous Guest

    I wonder when the checks will be mailed.
     
  6. Anonymous

    Anonymous Guest

    My wife got her letter and she took lump sum. I called them because I worked there from 1972 to1985. They say they can not find me in their employment records! I have sent them info and earnings records from IRS. Still waiting to see if they can find me. Would be a great Christmas present because I'm retiring in February fro my present job!
     
  7. Anonymous

    Anonymous Guest

    Dec 31 checks to be sent or received by.
     
  8. Anonymous

    Anonymous Guest

    has anyone received their lump sum check
     
  9. Anonymous

    Anonymous Guest

    They originally said they would all be paid out on Dec. 17th. Now when you call, they say thats been changed & you'll get the check within the last 2 wks of December. So much for "Immediate"
     
  10. Anonymous

    Anonymous Guest

    According to the recording they sent confirmations within 3 weeks of receiving the election forms back, but I didn't receive anything. Did anyone else get a confirmation?
     
  11. Anonymous

    Anonymous Guest

    Yes, I got a letter. I would call to make sure they received your information. I had to send mine twice
     
  12. Anonymous

    Anonymous Guest

    State Street Bank is the company handling the payout but i cant find a spokesperson or contact number for them --today i was told the checks will either be mailed this week or next

    Come on! surely something this major can be scheduled!!
     
  13. Anonymous

    Anonymous Guest

    Anyone have the number to call them?
     
  14. Anonymous

    Anonymous Guest

    I received the confirmation letter and I believe we're to have the checks by the end of December. They want to get them out by the end of the year, tax purposes I'm sure. I can use it right now LOL.
     
  15. Anonymous

    Anonymous Guest

    I just figured that I would chime in with the same news. Either this week or sometime next week. As of today, nothing. It sure would be nice to have it come in before Christmas.
     
  16. Anonymous

    Anonymous Guest

    does anyone know how they are mailing it? and has anyone received theirs yet?
     
  17. Anonymous

    Anonymous Guest

    The phone number is 800-524-7704. I was told last week that the checks would be mailed out this week. They know exactly when these checks will be mailed and it is a total shame that they just will not tell the truth.
     
  18. Anonymous

    Anonymous Guest

    I just called again.. & the story is we'll receive the checks by the end of the year for tax purposes. Sure.. for Baxter. I told the rep that I was told in November the checks would be mailed out on the 17th. She said she hadn't been told when they were being mailed, only we'd get them by eoy. I asked her if she didn't know if they had been or would be mailed, how could she say they would arrive before the year end. No answer for that.
    I also told her if they were mailed next week, which Monday the 24th is Christmas Eve and the next day is Christmas, due to the snail mail, we probably wouldn't receive the checks until next year. Answer: that's a possibility.
    Also she slipped up & said "when they are mailed Monday".
    Seems to me, if these checks have been mailed on the 17th like they were saying, it would be easier to say that instead of thinking up excuses.

    They just need to tell the truth. Don't mean to look a gift horse in the mouth, but I need mine!!
     
  19. Anonymous

    Anonymous Guest

    they will wait as long as possible because they earn dividends off the money. as long as the check is dated before the 31st then we still have to claim it on this years taxes and they earn money longer.
     
  20. Anonymous

    Anonymous Guest

    I WANT MY MONEY NOW!!!!!

    Ok to get serious now...I was wondering what the rest of you might have found out regarding the issue of taxes on these pay outs. It is my understanding, that if you are over 59 1/2
    years old, that no taxes would be owing on these funds. I am hoping this is true! As I indeed fit that senior category. :)

    Would appreciate any feedback anyone might have on this.

    Thank you and MERRY CHRISTMAS!