To receive your pension, you must be 55 years of age and have at least 10 years with the company. Even though the pension is frozen, you cannot access it until you no longer work work for the company. Of course, you can't access your 401K before age 59-1/2 or you pay a large penalty for early withdrawal. One phone call to Fidelity can answer all these questions. They are very helpful, and do return calls.
The pension amount is calculated on the interest rate of the 30 year treasury notes. When the economy is down, like now, the interest rate is low, thus the pension amount is higher. When we received our pension info last year when we had the employee cutback, the pension amount was calculated for each of us. My amount looked pretty low, however Fidelity based it on my retirement date of age 66, assuming the economy would be stronger and the 30 year treasury note interest rates higher. After speaking with Fidelity, I learned that my current pension amount was higher, so being over 55, I took the pension immediately, as did another of my teamates in the same boat. I took a lump sum, and she took the monthly payment option, as that worked better for her. I have reinvested my pension with another company and can choose funds, make changes, etc. on-line like we used to do with our 401K's. (You can not longer access you funds and manage them on-line because MJN will not pay Fidelity for that service.) Hope this is helpful. It takes alot of time to investigate this stuff, because no one supplies you with any information. Good Luck.
