sure enough, the lack of stability does bring a certain focus - which, to your point, can be Great article. hbbd```b``A$Sd9&@A vX{> Even if they are, that does not mean you should take it. 0000012893 00000 n Beware of companies that extend the start of their payout beyond this normal 1 month, because this can have a big impact on your income from the annuity. 0000000776 00000 n I am 64 yrs. Alcatel-Lucent to expand lump-sum offer to 32,000 more participants Alcatel-Lucent completes buy-in for U.K. pension fund, eyes full buyout Alcatel-Lucent enters into second buy-in for U.K . Workers' Rights Button submenu. To read about CWA Members, Leadership or Industries, visit ourAbout page. endstream endobj startxref Again, this is an extremely important decision and it requires careful consideration. Kh#3w3g@|9%lQ8zRO 0vmb|@f)4|b;'.o04}* >~A=(zZm/y]?E}r*e{,5i03=H9`}p 0cg atZ2$4^a1'J>gfr~0K2]3kQ^E\V9aUYp0NjUDFL1`8K^{q "]A Aa>&.cHeWW1B1Q`gT$a8XFm. 0000000016 00000 n Alcatel-Lucent also recommends recipients of the offer consult with their personal financial planner and/or tax advisor before making a decision. they have known this for over 30 days and i am not making any headway with getting it corrected. `lsIf8 y[e?f-IE2.H54&%6h2SQ HUE{RV3@@ Or you could wait a few years to buy an. You have until September to decide and you should use the time to consult with someone who can review your individual situation. hmk0"tzc7hh:(}&5se(|EV i"0W-kb@@.P|,rQfd\e.9thw)SV"\N2,]Ew9gmP?e? Even if they are, that does not mean you should take it. Pension Plans offer lump sums periodically, but typically change once a year. <]>> It is a sizable amount of money. This one-time opportunity--called the Alcatel-Lucent Retiree Lump-Sum Window Program (the "Program")--formally began on July 20, 2015 and ended on September 25, 2015. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. (And, you will understand why the company wants to end the pension promise because it was too generous.). The only caveats with this purchase of an immediate annuityare that if you die in a year or two, the insurance company keeps the remaining balance in the annuity account, and the check is a fixed amount that will not go as far if we have an inflation problem. We have raised the question with Nokia. endstream endobj 548 0 obj <>stream Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. A1) Alcatel-Lucent is making available financial and tax education services through Deloitte, an objective, third party organization, at no cost to you. startxref A decision by telecom company Alcatel-Lucent to move $3 billion out of a well-funded pension fund for retired workers into a fund for managers has union leaders worried about the long-term stability of the retirees' fund. Advisor action items: Talk the your Alcatel-Lucent clients who may be affected. sw endstream endobj 272 0 obj <>stream 297 0 obj <>stream received a package in the mail and realized my pension was based on leaving the company oct, 1982. i left the company on 7/15/85. Q6) What company is the new annuity going to be with? In fact Alcatel-Lucent was a foreign company and they could not take our pension funds. hb```2ff5Ad`C PI&,~Lj b69=d291 0{D4)LTYs7-nJU:en\k'Wl2/WTN.\xaAAHy40QXah`h hhh s@`H1HQAi7*+':]0AC [8]XiV# M,y one-time, opportunity to convert their current monthly pension payment to a lump-sum payment (or, for some individuals, to change their pension payment option). Perhaps your real question is whether the buyout amount if invested in a different immediate annuity (a check a month for life, fixed) is enough to get you a check equivalent to the promised lifetime pension check. Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected. On the one hand, you could roll the lump sum into an IRA, with no tax consequences, and then manage the investments and a withdrawal plan (with a certain Minimum Required Distribution) every year. 268 0 obj <> endobj It is in the companys self-interest to keep the pension plan healthy because if it is not, they cannot pay for retiree medical from the plan and they have a contract saying they will pay retiree medical through the end of 2019. Currently the LTPP is funded at approximately 149%. 0000017395 00000 n In addition, Nokia will most probably create a Nokia (USA) subsidiary which would be completely subject to US laws. I have many questions. You can have automatic monthly withdrawals, or take money out at any time. If you choose to do nothing, your current monthly pension payments will continue. Recipients have the option to do nothing and will continue to receive their current monthly annuity payments. 0000001515 00000 n 0000002597 00000 n Your guidance is very much appreciated. We strongly advise you to gather as much information as possible and to consult with your own personal financial planner, legal advisor and/or tax advisor. Hello Terry, Case of the Week: Do Roth Recharacterizations Still Exist? The lump-sum window runs from July 20 through September 25 and is completely voluntary. We have been receiving a number of questions regarding the lump sum buyout recently offered to certain former employees, surviving beneficiaries and alternate payees, who are currently receiving monthly pension payments from the Lucent Technologies Inc. Pension Plan (the Plan). 2023 Communications Workers of America, AFL-CIO, CLC All Rights Reserved | Site Map | Privacy Policy, To: Alcatel- Lucent Formerly Represented Retirees, Surviving Beneficiaries and Alternate Payees, RE: Lump Sum Buy Out Of Monthly Pension Payments, Alcatel-Lucent Lump Sum Buy Out Of Monthly Pension Payments. Legislation and Politics. 0000014974 00000 n This is an extremely important decision and it requires careful consideration. Despite a July 9 announcement that the IRS intends to eliminate lump-sum windows for retirees already receiving annuity payments, the Alcatel-Lucent lump-sum window is allowed to proceed under a special prenotice grandfather clause for programs announced prior to July 9. 0000022178 00000 n For media inquiries, call CWA Communications at 202-434-1168 or emailnews@cwa-union.org. Some eligible former employees also had the opportunity to change their existing annuity option to a different annuity option. To search specifically for more than one word, put the search term in quotation marks. These mailings detail a one-time opportunity to convert their remaining annuity payments under the Alcatel-Lucent Retirement Income Plan or Lucent Technologies Inc. Pension Plan to a lump-sum payment. The company said in its fourth-quarter 2014 earnings release that the offer, to take place in the fourth quarter of 2015, will run concurrently with a previously announced offer for retirees in its U.S. Management Pension Plan. The Pension Protection Act helps to ensure the plan is appropriately funded. It is in the companys self-interest to keep the pension plan healthy because if it is not, they cannot pay for retiree medical from the plan and they have a contract saying they will pay retiree medical through the end of 2019. A4) What page 15 of the Financial and Tax book is referring to is that if Alcatel-Lucent declares bankruptcy and does not have enough money to cover the liabilities of the plan the PBGC would take over the plan. 0000015986 00000 n Interest rates have increased rapidly over the course of 2022, and if you receive your Lucent pension as a lump sum this reduces the value. 0000007454 00000 n %PDF-1.7 % THIS PROGRAM IS STRICTLY VOLUNTARY! 0000002392 00000 n As of Dec. 31, 2013, the U.S. pension funds had $30.1 billion in assets and $26.2 billion in projected benefit obligations, for a funding ratio of 115%, according to the companys most recent 20-F filing. 0000014929 00000 n Please review the attached documents for complete information regarding this Program. For example, hurricane & loss. Following are the questions, with the answers, that we have received to date. The Program Window is only in effect beginning July 20, 2015 and ends at 11:59 p.m. (EDT) on September 25, 2015. Sign up and get the best of News delivered straight to your email inbox, free of charge. We strongly advise you to gather as much information as possible and to consult with your own personal financial planner, legal advisor and/or tax advisor. 0 It is a sizable amount of money. %PDF-1.5 % )@,F/3H4(-A &.}qp@|te\j|Y#|:Op:[JAa9@gTj-@J Alcatel-Lucent announced it was being purchased by Nokia. In fact these two announcements are not connected. 0000015024 00000 n Learn more here. A2) This offer is strictly voluntary. Suite 3200 Alcatel-Lucent informed the CWA National yesterday that they intend to make available to certain former employees, surviving beneficiaries and alternate payees, who are currently receiving monthly pension payments from the Lucent Technologies Inc. Pension Plan (the Plan), a Lucent Retiree Lump Sum Window Program (the Program). You can direct any service of legal process related to the Pension Plan to: The Alcatel-Lucent Employee Benefits Committee at Alcatel-Lucent, Room 7C-415, 600-700 Mountain Avenue, Murray Hill, NJ 07974, or The trustee of the Pension Plan (see "Pension Trust Fund"). Q3) Page 10 of the Alcatel-Lucent Retiree Lump Sum Window booklet says the company has rights to terminate either plan, etc. And it's true that one dollar in 1990 purchasing power requires $2.73 today. Any money left over in the fund the company would have to pay a penalty tax on. 130 E. Randolph St. Therefore, the company cannot just take money from the pension plan and use it for other things. If I do decide to take it, what are my investment options to continue to withdraw on a monthly or yearly basis? Alcatel-Lucent announced it was being purchased by Nokia. In addition, Nokia will most probably create a Nokia (USA) subsidiary which would be completely subject to US laws. That is not necessarily true. A lump sum payout is the more exciting option of the two. Below is a list of employers that have announced that they are offering lump-sum pension buyouts to certain groups of employees, former employees, or retirees. But keep in mind that a lump sum pension payout makes it easier to overspend in retirement. Questions Regarding the Alcatel-Lucent Pension Lump Sum Buyout. "9:@$;dIs0&w@qY }*#l8l 0 Alcatel-Lucent, Murray Hill, N.J., announced Friday it plans to extend an offer of an immediate lump-sum payment to about 32,000 retirees and former employees in its U.S. Inactive Occupational Pension Plan. Health & Safety Fact Sheets ; Legislation & Politics ; News & Events Q2) Do I have to take this lump sum buyout offer? Q1) Where can I get more information about this offer? That will get you a guaranteed stream of (fully taxable) income for as long as you live. 17 24 The CWA has requested that ALU give us a complete accounting of how they are arriving at the lump sums (interest rates, mortality tables, etc.) trailer xb```b``d`e`y |,@Q9F90*oZWcS;ik5H0frrx@,V"a"C8jqP 40 0 obj <>stream Information and opinions provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Columbia Threadneedle. Examples of those protections are: The Company may not retroactively reduce those benefits, once they are vested. One of them is offering lump sum buy-outs. New York, NY 10017-4036, Chicago Office In fact these two announcements are not connected. I need to continue to withdraw money from my pension to live. *4w| sX8#.i_96"he@;(e[*'m'-Ksbzgh k@0n`76Cdi} fK0/h. {j So assuming that you are not going to be sued, this is strictly a financial planning question. This means that there are specific guidelines that must be followed under federal law. What You Can Do on the YBR Website If you are now receiving benefits: View your payment confirmations and history; Sign up to receive Terrys free newsletter!! at the current rate of yearly allocations given by the employer. She writes a weekly personal finance column syndicated in major newspapers by Tribune Content Agency. Currently IL does not charge on pension income? The attached information (cover letterprogram announcementFTE Guide) will be mailed by Alcatel-Lucent to eligible Plan participants beginning tomorrow, Friday, June 26, 2015. Alcatel-Lucent, Murray Hill, N.J., announced Friday it plans to extend an offer of an immediate lump-sum payment to about 32,000 retirees and former employees in its U.S. Inactive. Plan assets are protected from being used for purposes other than providing benefits (or reasonable administrative expenses). Q7) What happens to my healthcare if I take this lump sum buy out? 0000011786 00000 n 0 History. You may also contact the Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. Leadership. A2) This offer is strictly voluntary. The lump sum amount, if not invested, will hold me for 13 yrs. hbbd```b``z "kd(d? \?Q8za"mb CMz>GWcgeXSoGcg z!#}'`yOx"(:otxJ+;`Oc56d jnSf;Tm;H8b`i@5@(^hq;X8@d]EXr|w^>|K3Y6g9skZy&jteg}aBM\ju.Ks8XpOTi#Dl8gCx. Legacy Alcatel-Lucent Pension Plan If you are eligible for a legacy Alcatel-Lucent pension benefit, you can learn more about it through the YBR website. Over the course of the last year the IRS . Main Office hb```\B cbM((-fu`` x';n\("v%u6~:8:F )T@TH HQAA|D,LG&[lnP%Vif^ %t,e`` %x( 685 Third Avenue There are many things you need to take into account, many of which are described in the packet (taxes, your health, your age, your dependents, etc.) There are many politicians in the pockets of corporate America who want to weaken pension rules, attack Social Security and Medicare and strip Unions of their ability to bargain. 0000001121 00000 n Jobs, Health Care & Retirement Security . For media inquiries, call CWA Communications at 202-434-1168 or emailnews@cwa-union.org. web design and development by new target, inc. As we get more information, we will publish it on this site. A7) If your healthcare premium is currently being deducted from your monthly pension check and you convert your monthly pension payments to a lump sum payment during the program, you will be billed directly for your healthcare premium and you MUST pay the premium in order to continue to receive your healthcare. Alcatel-Lucent Old Scheme, London, completed a 100 million ($123.7 million) buy-in with Boarding Insurance Core. endstream endobj 545 0 obj <>/Metadata 74 0 R/Pages 542 0 R/StructTreeRoot 124 0 R/Type/Catalog/ViewerPreferences 554 0 R>> endobj 546 0 obj <>/MediaBox[0 0 612 792]/Parent 542 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 547 0 obj <>stream HWmkF}J\l|MiJ(R~H'gJb5j?Bs33g0.lDEPO"$LRBQB{L2BgB@GyNyU/^mDJ$.nyw'(FyY_1JNb+vFcq+3r,k5>k9]TF5Fr ov+%]lnJyZCm;[yw9{Zy zv# For Alcatel-Lucent's U.S. pension plans, the funding policy is to contribute amounts to the . Their answer is that there are no plans for a cost-of-living raise. 544 0 obj <> endobj Thank y. Terry Says: Well, first of all, you have one fact wrong. Holy cow, Nevin, you wrote a white paper! That is not necessarily true. r?Yw-g{A8se? Jx^m!xDC8p:PI((`![G EkrQXADX Last week retirees received the first official notice of the lump sum offering. Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. In terms of the Nokia merger There is a fear since Nokia is a foreign company our pensions would no longer be protected. Pros and Cons of Lump Sum Pension Payouts. J m^?bSL&MM>^S!OYuFG]2_w*'~vmi"chV6{8E&`(72jje&}\MlKM+TLigQC42BIj4^C};)k"C+"?j^SDE5[k]83/pivCNSa+| $ Q4) Also on page 15 in the Financial & Tax booklet, provided by the company, it says if they go broke we get nothing in a pension. But even if you follow the recommended plan,there will be no guarantees that the payouts will last your lifetime as would be the case with a pension. 2015 Columbia Management Investment Advisers, LLC. Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected. 0000008372 00000 n What questions should I be asking? Skip up main content . XWyTfnzp@EA0DEqD" You point out that the pension trust is overfunded, and inflation has taken its toll, particularly on long-time retirees. Cash Lump Sum Options for: Company Pension; Any State or Federal Government Pension; Military; Police and FIre Pension; Teacher Pension; Call Us Toll Free: 1-800-853-5640 to reach a representative who will discuss your lump sum pension payment and retirement annuity options with you. The National Association of Plan Advisors is a non-profit professional society. You will receive your first bill in mid-November for your December coverage. Bottom Line: Rising rates reduce lump sums. One more point, just because our pension are protected now, we should not assume it will always be this way. I have many questions. Q5) Will the new IRS ruling on pensions affect our Lucent retirees taking this lump sum? Chicago, IL 60601, R.I. treasurer seeks transparency laws for church plans, Public pension funds adopt cost-sharing mechanisms to stem volatility, Avery Dennison to terminate U.S. pension plan, Sponsored Content: The Plan Sponsors Guide to Retirement Income, The Institutional Investors Guide to ESG Investing, The Plan Sponsor's Guide to Retirement Income, 2023 Defined Contribution East Conference, Alcatel-Lucent plans voluntary lump-sum offer in 2015, Celanese reveals $143 million in lump-sum payments, Lockheed Martin removes $529 million in PBO through lump-sum payments, Hospira pays $22 million in lump sums to former employees, GAO report calls for more disclosure to participants in lump-sum offers, Alcatel-Lucent completes buy-in for U.K. pension fund, eyes full buyout, Nokia to merge its 401(k) plan into Alcatel-Lucent's offering, Alcatel-Lucent enters into second buy-in for U.K. pension plan. To: Formerly Represented Retirees of Alcatel-Lucent, Subject: Questions Regarding the Alcatel-Lucent Pension Lump Sum Buyout. To read about CWA Members, Leadership or Industries, visit ourAbout page. If you choose to do nothing, your current monthly pension payments will continue. xref If I roll it over, say into an IRA, then the income becomes taxable. More on Alcatel-Lucent retiree and pension issues and the acquisition by Nokia. In a lump sum buy-out the company is paying the present value of the pension amount so that it takes the liability off their books, which means they no longer have to pay PBGC premiums or manage the money themselves. Used with permission. If you dont have a choice, but must take the lump sum offered, then I suggest rolling it to an IRA as described above. Payments are expected to be made from existing U.S. plan assets and we do not expect to make any contributions to U.S. plan assets in connection with either offer, Mr. Malfavon said. In fact that is why the CWA had to lobby for expanded legislation to continue to provide for collectively bargained medical and death benefits from the Plan. After all, getting a huge influx of cash into your account upon retirement would make anyone jump for joy. Alcatel-Lucent announced it was being purchased by Nokia. For us that would be December 2, 2015, because the lump-sum payout from AL-LU is set for November 2, 2015 (and we can't change that date). In fact these two announcements are not connected. 569 0 obj <>stream If you roll to Fidelity, Vanguard, or T. Rowe Price they will handle both the investment and withdrawal planning for you. The lump-sum window runs from July 20 through September 25 and is completely voluntary. If you are not familiar with these principles, here are some quick tips. TAJ6LuR.u(NdLN_Ht)txF%K.)/|q1oO|uB+t{?ZQWH^ hsPZ=+,wz/ a835gQ00]=8gVYROU4CCXghhr'Hcbo2.0k7.8-1pC*A#=W[K!F$R# (What you might be thinking is that an IRA is less secure from creditors than a pension payout, and that would be correct.) Alcatel-Lucent, Murray Hill, New Jersey, announced Friday it plans to extend an offer of an immediate lump-sum payment to about 32,000 retirees and former employees in its U.S. Inactive Occupational Pension Plan. For specifics, click on the employer's name to see the company's press release, SEC filing, or news story announcing the change (some links may expire). Alcatel-Lucent, Murray Hill, New Jersey, announced Friday it plans to extend an offer of an immediate lump-sum payment to about 32,000 retirees and former employees in its U.S. Inactive . Our legal department and our research department both came to the same conclusion: U.S. law that currently protects the pension benefits of our members will still apply if Nokia purchases Alcatel Lucent. All of this is costly to the company. To do so, however, the employer must prove to a bankruptcy court or to the PBGC . endstream endobj 273 0 obj <>stream It brings the total number of retirees and former employees who have yet to retire who will receive the offer to about 74,000, Marco Malfavon, company spokesman, said in an e-mailed reply to questions. In Column D, at your life. In terms of the Nokia merger -- There is a fear since Nokia is a foreign company our pensions would no longer be protected. 0000008051 00000 n Privacy PolicyTerms of UseCopyright. endstream endobj 18 0 obj <> endobj 19 0 obj <>/ProcSet[/PDF/Text]/ExtGState<>>>/Type/Page>> endobj 20 0 obj <> endobj 21 0 obj <> endobj 22 0 obj <> endobj 23 0 obj <> endobj 24 0 obj <>stream Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. %%EOF tS endstream endobj 269 0 obj <>/Metadata 17 0 R/Pages 266 0 R/StructTreeRoot 32 0 R/Type/Catalog>> endobj 270 0 obj <>/MediaBox[0 0 612 792]/Parent 266 0 R/Resources<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 271 0 obj <>stream To read about CWA Members, Leadership or Industries, visit ourAbout page. A5) The new ruling by the IRS addresses discontinuing offering a lump sum buy out in certain circumstances going forward. One option is to take the lump sum and park it in a money-market fund currently paying more than 4% until better investment opportunities come along. Quantifying sustainability the numbers, the data, and the people, Valuing Banks: Hidden Losses Versus Assets, Research for Institutional Money Management, Global Fixed Income: Volatility and Uncertainty Here to Stay, For institutional investors, ETFs can make meeting liquidity needs easier, Gold: the most effective commodity investment, 2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios, Ten ways retirement plan professionals add value to plan sponsors. You may also contact the Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. In fact that is why the CWA had to lobby for expanded legislation to continue to provide for collectively bargained medical and death benefits from the Plan. The Columbus Dispatch Tuesday February 16, 2016 5:00 AM. ~n]A9iRD wkvU@HB8E8JKkt>:O) A recent call with a financial advisor in California is representative of a common question related to pension de-risking and lump sums. old, single, working fulltime, and in great health (knock on wood). old, single, working fulltime, and in great health (knock on wood). There are many things you need to take into account, many of which are described in the packet (taxes, your health, your age, your dependents, etc.) Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. Tenth Floor If the plan is not fully-funded, the employer may apply for a distress termination if the employer is in financial distress. 0000002947 00000 n i receive a pension from alcatel-lucent. How to Avoid Taxes on Lump Sum Pension Payout - SmartAsset You can avoid taxes on a lump sum by rolling it over into an individual retirement account (IRA) or another eligible retirement plan. A schedule of those sessions is in the Financial and Tax Education Guide booklet provided in the program announcement package. I need to continue to withdraw money from my pension to live. The CWA actuaries will review them to be sure that how they are being calculated is correct. Careers at CWA. The company said in its fourth-quarter earnings release that the offer, to take place in the fourth quarter of 2015, will run concurrently with a previously announced offer for retirees in its U.S. Management Pension Plan. In fact Alcatel-Lucent was a foreign company and they could not take our pension funds. While a pension annuity offers a fixed monthly income, a. About 55,000 Q2) Do I have to take this lump sum buyout offer? One more point, just because our pension are protected now, we should not assume it will always be this way. More on Alcatel-Lucent retiree and pension issues and the acquisition by Nokia. In fact, at this years CWA T&T Leadership conference, our Research Department conducted a workshop on trends in Pension de-risking and bargaining. For media inquiries, call CWA Communications at 202-434-1168 or emailnews@cwa-union.org. Synopsis of Material Modifications Alcatel-Lucent Retirement . Therefore, the company cannot just take money from the pension plan and use it for other things. The Program is not being offered to everyone. %PDF-1.4 % Questions Regarding the Alcatel-Lucent Rent Lump Sum Purchase Alcatel-Lucent Pension Lump Sum Buyout | Communications Workers of America | Nokia to merge its 401(k) plan into Alcatel-Lucent's offering Everyones situation is different and unique to them. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. I am 64 yrs. for subscribing, you are all set for your money saving tips. This offer, called the Alcatel-Lucent Retiree Lump-Sum Window Program, formally began on July 20, 2015 and ended on September 25, 2015. As of Dec. 31, 2013, the U.S. pension funds had $30.1 billion in assets and $26.2 billion in projected benefit obligations, for a funding ratio of 115%, according to the companys most recent 20-F filing. 553 0 obj <>/Filter/FlateDecode/ID[<94B3386967048548A045BA5BD9299ADC><31856CD454ED2C479B066D538F2F01B1>]/Index[544 26]/Info 543 0 R/Length 70/Prev 342004/Root 545 0 R/Size 570/Type/XRef/W[1 3 1]>>stream BIs Article search uses Boolean search capabilities. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. 2023 Communications Workers of America, AFL-CIO, CLC All Rights Reserved | Site Map | Privacy Policy. Traditionally, when interest rates rise by 1% the amount in an Lucent employee's lump-sum will drop by 8 - 12%. Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right Loading Home Buying Calculators 284 0 obj <>/Filter/FlateDecode/ID[<401FD2CD3C4E2E4F956EAD5ECE542FCA><5B6DADCB6C7B5D49B41567324319F557>]/Index[268 30]/Info 267 0 R/Length 90/Prev 182067/Root 269 0 R/Size 298/Type/XRef/W[1 3 1]>>stream Last week retirees received the first official notice of the lump sum offering. |@5=Ni!_DKZ89_<9Fa0MU)C2:)}yH0u g>.]uj&G([mRgm=G-MA5@au%l :vz,!MM@\Torx9 d:'FK]M2| As we get more information, we will publish it on this site. What about the Pension Protection Act? A6) The new annuity is a recalculation, for certain individuals, of the old calculations and is still administered by the pension plan. xoH-Ge/+Uj%_lQ8B\R,Nk;Od.''M[fy%'mNd/i(-*i_EvS4H.fx3Vpe Approximately 75,000 eligible former employees, surviving beneficiaries and alternate payees of Alcatel-Lucent have begun receiving formal lump-sum window notices. Recipients have the option to do nothing and will continue to receive their current monthly annuity payments. [|c-Ur7fg Jlh>{.OQQ ,FuZr"\>`k_,&^[\z^ :;@. @V6l "{1 One of them is offering lump sum buy-outs. The best way to safeguard our future is to stay active in your Retiree Councils and vote for people who will fight to protect our rights and our benefits. Illinois DOES NOT currently tax IRA withdrawals. Get Email Updates; Receive Text Alerts; Detect Your Local; Search; Services Laborer of Worldwide . Information about your Pension Plan benefit is also accessible, and pension transactions can be initiated, online through the Your Benefits Resources (YBR) website at http://resources.hewitt.com/nokia, 24 hours a day, seven If the lump sum is not anywhere near enough to generate the same monthly income as your pension, then if given the choice you will want to stick with the pension promise.
