pension plan letter

[Anonymous]

No, and you didn't receive a letter either. Idiot.

I wish the person who posted this could explain their thought process behind it.....other than the fact they are a douche

 

[Ann Ominous]

Not true! You have the option of taking your pension at the full amount monthly, or you can elect to take a few options leaving set percentages to your surviving mate, all less than the original full amount. I retired a number of years ago at 62 years old. I chose to take the 100% pension, knowing that I was in good health (as was my wife, and who was 3 years younger than me, and had an executive job and a good pension and a 401K of her own). We are both now retired with over $200,000 a year coming in on pensions and rollover IRA's.
With the stock market on the up, both of our rollovers are well over 1 million.

All I'm saying is that you have to evaluate your existing situation for yourself. Get some professional advice, but do not even think about an annuity (they profit the agents and their companies much more than you), and if you take a managed account from a financial institution (usually at 1% yearly)....use that for a year or so as a learning tool only, and then go on your own....It's not that difficult and you will do easily as good as your advisory company, who cares more about themselves than you. Good luck.

PSS Retiree here. Outstanding Post! So many investment advisors focus on what percentage of your assets can be withdrawn to leave your principle available for at least 30 years. There is a much better way to prepare financially for retirement. Structure your life style so that in retirement you can live off your pension and social security. Leave your 401-k and IRA undisturbed and allow those funds to compound over the years, during retirement. If you do not have a pension, and need to live off your IRA, then leave your 401 intact. The key to a secure retirement is to have a significant amount of money that is allowed to compound during retirement. Having that chunk of money allows 2 things: financeal peace of mind, and an inheritance to leave the kids, if one is so inclined.

We still carry a modest mortgage. Retired from AZ after self identifying last December at age 61. Now living comfortably off social security and pension.

Key take aways for people focused on retirement: pay down debt, and invest as much as you can in 401 and IRA.

 

[Anonymous]

If you are in your mid 40s and get this offer, take it! Think about what the world is going to be like in 2025. Use the money to stockpile supplies and munitions because that's what everyone will need to have if they are still "lucky" enough to still be alive.

 

[Anonymous]

Retired AZ DSM here. Retired ten years ago (at age 63). Lump sum was not available at that time, but I was eager to leave the s--t house that AZ had become....and still is.
As of this date, I have collected over $600,000 in pension benefits, and when combined with my (well over) $1.5 million dollar rollover IRA, social security, my wife's executive lump sum payout from her top 50 corporation - rolled over with her IRA, and her social security, we're doing pretty good. The system worked for us.
However, I got out at the right time, as did my wife (she retired five years ago). Since then a lot has changed. Big business has become the master, the employess the victims. The middle class ....yes, you are the middle class is being snuffed out....not to the slave level, but certainly to the inconsequential. As long as the middle classes allow management to crap all over them, nothing good will happen, and America will be all the worst for it.
Only when the middle classes have a say in their business destinies will America thrive.

The union movement in America has been curtailed, and management is in total control of the economy, and that is one of the biggest problems we face. Yes, I'm quite aware that big pharma never had unions or major labor problems.... but the threat of unionization and the reliance of a labor force accustomed to elite treatment was omni-present. No more, all of that is gone, and all of you are in big trouble as long as management rules without regard to labor's needs.
I'm not complaining for myself. I'm set for life, but I do care about you and your fellow workers. Beware of big business, remember who you are, not who you want to be. When you go to the polls next month, vote with your brains, not with your expectations. Understand who truly represents you, and not who represents the forces that now use you and abuse you as they wish. Don't vote for the people that gave you David Brennan and his trusty band of crooks, and probably will continue to do the same as long as they are able.

You've been reading Karl Marx, haven't you? That is the biggest load of socialist crap. Try trolling some other board, Comrade.

 

[Anonymous]

You've been reading Karl Marx, haven't you? That is the biggest load of socialist crap. Try trolling some other board, Comrade.

My moron friend,
You've forgotten about all of the socialist/commie crap in America...such as the armed services, the post office, congress, social security, medicare, free media accessability, and so much more that you and every other American depends on and uses daily. Pure Karl Marxian and dangerous. I recommend you find another, better place to live in without all of this dangerous stuff to haunt you....perhaps Afganistan would be to your liking.
If you leave now, I suspect most of us wouldn't miss you...even if the tea party would.

 

[Anonymous]

You've been reading Karl Marx, haven't you? That is the biggest load of socialist crap. Try trolling some other board, Comrade.

Ha ha! Comrade? I guess you enjoy bending over and taking it from management every day of your life. You'll be singing a different tune when you're out on the street within a few months. And trust me, you will be, oaf.

 

[Anonymous]

$7500 for 8 years service? Why would I want to save that for when I'm 65? I might as well take it now and enjoy a decent vacation.

 

[Anonymous]

My moron friend,
You've forgotten about all of the socialist/commie crap in America...such as the armed services, the post office, congress, social security, medicare, free media accessability, and so much more that you and every other American depends on and uses daily. Pure Karl Marxian and dangerous. I recommend you find another, better place to live in without all of this dangerous stuff to haunt you....perhaps Afganistan would be to your liking.
If you leave now, I suspect most of us wouldn't miss you...even if the tea party would.

You're going to have to decipher your rant, Hugo. You've made exactly no sense, and obviously have no idea what comprises a socialist model. Those CDs supplied by the Socialist Workers Party about how the "bosses" run America have infected your brain. One of the primary reasons the US is in the shape it's in is because too many people believe liberal politicians, who use the bogeyman of class warfare to inflame the ignorant. Private business cannot force you to surrender your labor OR capital. Only the government can confiscate your property and give it to someone else. The tea party is a loosely affiliated, grass roots taxpayer revolt, pure and simple. They are fighting for the right of every citizen, even misguided souls like yourself, to run their life as the individual sees fit, not some politician or government bureaucrat.

And, contrary to what some may claim, private businesses do not exist to provide lifetime employment. They exist to turn a profit and a return on their shareholders' investment. Their responsibility to their employees is an honest day's pay for an honest day's work. Conversely, if the employee finds a better opportunity, he/she is free to pursue it without any concerns for his former employer. How many Abbott folks who've gotten a better offer from another company have turned down an opportunity because it wouldn't be "fair" to the company they'd worked at for an extended period?

President Obama calls the Constitution of the United States a "collection of negative rights" that doesn't say what the government may do FOR you. Problem is, what the government wants for you may not be what YOU want for you. Of course, I'm assuming a rational human being as citizen.

Maybe you should speak with your shrink about reviewing your medications.

 

[Anonymous]

You're going to have to decipher your rant, Hugo. You've made exactly no sense, and obviously have no idea what comprises a socialist model. Those CDs supplied by the Socialist Workers Party about how the "bosses" run America have infected your brain. One of the primary reasons the US is in the shape it's in is because too many people believe liberal politicians, who use the bogeyman of class warfare to inflame the ignorant. Private business cannot force you to surrender your labor OR capital. Only the government can confiscate your property and give it to someone else. The tea party is a loosely affiliated, grass roots taxpayer revolt, pure and simple. They are fighting for the right of every citizen, even misguided souls like yourself, to run their life as the individual sees fit, not some politician or government bureaucrat.

And, contrary to what some may claim, private businesses do not exist to provide lifetime employment. They exist to turn a profit and a return on their shareholders' investment. Their responsibility to their employees is an honest day's pay for an honest day's work. Conversely, if the employee finds a better opportunity, he/she is free to pursue it without any concerns for his former employer. How many Abbott folks who've gotten a better offer from another company have turned down an opportunity because it wouldn't be "fair" to the company they'd worked at for an extended period?

President Obama calls the Constitution of the United States a "collection of negative rights" that doesn't say what the government may do FOR you. Problem is, what the government wants for you may not be what YOU want for you. Of course, I'm assuming a rational human being as citizen.

Maybe you should speak with your shrink about reviewing your medications.

What comes next in your tea party/KKK brain....Sharia law?

 

[Anonymous]

Typical comeback. Name calling.

You only show your ignorance

 

[Anonymous]

I just got the letter today and they are sending out my packet. I left AZ 2 years ago with 12 years of service and thought I had selected out of the defined pension plan year's ago when I was with the company. I have no idea where this money came from or how much it is. They wouldn't tell me over the phone. I feel stupid for not really knowing this information. But did anyone else opt out in around 2004 when they asked us if we wanted to be in the "new" pension plan or stay in the old? My friend stayed in the old plan and left and now has a pension with the company. How much would it be for 12 years of service? Suppose I will just have to wait and find out.

 

[Anonymous]

Retired AZ DSM here. Retired ten years ago (at age 63). Lump sum was not available at that time, but I was eager to leave the s--t house that AZ had become....and still is.
As of this date, I have collected over $600,000 in pension benefits, and when combined with my (well over) $1.5 million dollar rollover IRA, social security, my wife's executive lump sum payout from her top 50 corporation - rolled over with her IRA, and her social security, we're doing pretty good. The system worked for us.
However, I got out at the right time, as did my wife (she retired five years ago). Since then a lot has changed. Big business has become the master, the employess the victims. The middle class ....yes, you are the middle class is being snuffed out....not to the slave level, but certainly to the inconsequential. As long as the middle classes allow management to crap all over them, nothing good will happen, and America will be all the worst for it.
Only when the middle classes have a say in their business destinies will America thrive.

The union movement in America has been curtailed, and management is in total control of the economy, and that is one of the biggest problems we face. Yes, I'm quite aware that big pharma never had unions or major labor problems.... but the threat of unionization and the reliance of a labor force accustomed to elite treatment was omni-present. No more, all of that is gone, and all of you are in big trouble as long as management rules without regard to labor's needs.
I'm not complaining for myself. I'm set for life, but I do care about you and your fellow workers. Beware of big business, remember who you are, not who you want to be. When you go to the polls next month, vote with your brains, not with your expectations. Understand who truly represents you, and not who represents the forces that now use you and abuse you as they wish. Don't vote for the people that gave you David Brennan and his trusty band of crooks, and probably will continue to do the same as long as they are able.

Nobody cares about you. Let someone else blow your horn, the sound will travel twice as far! What a putz!!!

 

[Anonymous]

Nobody cares about you. Let someone else blow your horn, the sound will travel twice as far! What a putz!!!

I retired with lots of dough and job satisfaction (not considering my time with the Swedes). On the other hand you're still with this soon to totally destroy itself company, and there can be no doubt that you will still be here when that happens....without a job, without a hope of getting anyone to hire you, without a pension, probably no IRA, and worst of all....without a brain.
And you call me a putz?

 

[Anonymous]

I retired with lots of dough and job satisfaction (not considering my time with the Swedes). On the other hand you're still with this soon to totally destroy itself company, and there can be no doubt that you will still be here when that happens....without a job, without a hope of getting anyone to hire you, without a pension, probably no IRA, and worst of all....without a brain.
And you call me a putz?

Yeah, Yeah, Yeah. Also heard you didn't know how to manage people that's why you were let go.

 

[Anonymous]

Yeah, Yeah, Yeah. Also heard you didn't know how to manage people that's why you were let go.

Putzzzzzzz.

 

[Anonymous]

For those of you who received letters, can you provide any more info? Is this the first time you were offered a lump sum? Or did you choose a monthly annuity before and are being given another chance to take a lump sum? Is this the buy-out of the old defined benefit pension plan that we have been dreading/expecting?

Without sharing any confidential personal information, can you post a copy of the letter?

I am trying to decide what to do with my pension and when and this would really help. Thanks.

 

[Ann Ominous]

For those of you who received letters, can you provide any more info? Is this the first time you were offered a lump sum? Or did you choose a monthly annuity before and are being given another chance to take a lump sum? Is this the buy-out of the old defined benefit pension plan that we have been dreading/expecting?

Without sharing any confidential personal information, can you post a copy of the letter?

I am trying to decide what to do with my pension and when and this would really help. Thanks.

Thanks for asking this necessary question. For what it is worth: I self identified last December and started to take my monthly pension as soon as I could -April. I have NOT received any letter offering a lump sum if I "cashed out" of the monthly pension.

There are compelling reasons to take the lump sum option, at the time when one starts his or her pension. Everyone's situation is different, and my decision to take the monthly pension was made after much discussion, research, thought, etc. Bottom line for me was that I would not have been able to safely generate as much monthly income by investing the lump sum, as I would have income from the monthly pension.

Have not touched IRA nor 401-k, and will not need to for the forseeable future. One can choose income from investments, or choose income from monthly pension (assuming it is available). I chose the monthly pension so that I could let the IRA and 401-k grow without withdrawals.

 

[Anonymous]

The Elephant in the Room...

... Surprised nobody has brought this up. What if the dollar continues to slide or even crash (or, more accurately, when?)? In this case your monthly annuities will devalue rapidly to the point where it may buy you a cup of coffee a month. Since the pension annuity is not linked to inflation expect to see 50% reductions in real purchasing power every five years or so, even without a dollar crash. This is the new reality and old way thinking will cost you $$$$$$. I'm taking the lump sum option now and investing in a non-traditional IRA that will include some tangible assets and more offshore exposure.

 

[Anonymous]

I just got the letter today and they are sending out my packet. I left AZ 2 years ago with 12 years of service and thought I had selected out of the defined pension plan year's ago when I was with the company. I have no idea where this money came from or how much it is. They wouldn't tell me over the phone. I feel stupid for not really knowing this information. But did anyone else opt out in around 2004 when they asked us if we wanted to be in the "new" pension plan or stay in the old? My friend stayed in the old plan and left and now has a pension with the company. How much would it be for 12 years of service? Suppose I will just have to wait and find out.

I had 12 years of service and my pension was $200,000. They DO tell you over the phone...you must not have spoken to the right person.

 

[Anonymous]

Re: The Elephant in the Room...

... Surprised nobody has brought this up. What if the dollar continues to slide or even crash (or, more accurately, when?)? In this case your monthly annuities will devalue rapidly to the point where it may buy you a cup of coffee a month. Since the pension annuity is not linked to inflation expect to see 50% reductions in real purchasing power every five years or so, even without a dollar crash. This is the new reality and old way thinking will cost you $$$$$$. I'm taking the lump sum option now and investing in a non-traditional IRA that will include some tangible assets and more offshore exposure.

On the other hand the market is almost exactly where it was two years ago. A little more loss and it will be below. 2010 was the last hurrah. My investments in foreign stock lost money a year ago. Bonds yields are poor and stocks are risky at best. Treasuries yield nothing really and today there is even risk there with foreign ownership. CD's stink. The market is jittery with so many overseas imponderables. I'm not seeing any safe havens.