alcatel lucent pension lump sum

Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. 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. 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 old, single, working fulltime, and in great health (knock on wood). In mid-July, eligible retirees will be sent a Your Benefit Decision Kit, which will show the amount of the individuals lump sum payment and any new annuity options (if applicable) that are available to them under the Program. 0000014929 00000 n Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. 0000002597 00000 n [|c-Ur7fg Jlh>{.OQQ ,FuZr"\>`k_,&^[\z^ :;@. @V6l "{1 `lsIf8 y[e?f-IE2.H54&%6h2SQ HUE{RV3@@ Alcatel-Lucent to expand lump-sum offer to 32,000 more participants Lucent? How to Navigate Pension Changes - The Retirement Group xuSn0>DBH I$}C.SwB#s_u_0Bt lV:~D[S84eF}dKq_ ={K~922&1BOz:`. %%EOF Retirement Policy Proponent Sen. Ben Cardin Announces His Own Retirement, The Opportunity and Obligation in Small Plan Coverage: Hubs Joe DeNoyior, Expert Excoriated in Excessive Fee Dismissal. Their answer is that there are no plans for a cost-of-living raise. 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Companies that are offering lump-sum pension buyouts - Pension Rights While a pension annuity offers a fixed monthly income, a. The attachment labeled Lump Sum Program Announcement identifies who is and is not eligible. Inflation And Pension Lump Sums: Timing Is Everything - Forbes 0000001958 00000 n I have many questions. To read about CWA Members, Leadership or Industries, visit ourAbout page. In Column D, at your life. 0000000016 00000 n You can have automatic monthly withdrawals, or take money out at any time. Below the lump sum value in Column C, copy and paste the annual pension payout into every row for each year you live, till your life expectancy used in step 1. 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. 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Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected. 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. r?Yw-g{A8se? Jx^m!xDC8p:PI((`![G EkrQXADX In fact Alcatel-Lucent was a foreign company and they could not take our pension funds. For example, hurricane & loss. 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. 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 The advisor asked: What are the details around Alcatel-Lucents lump sum offer to former employees?. 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. 17 0 obj <> endobj Alcatel-Lucent plans voluntary lump-sum offer in 2015 Over the course of the last year the IRS . %PDF-1.7 % TAJ6LuR.u(NdLN_Ht)txF%K.)/|q1oO|uB+t{?ZQWH^ hsPZ=+,wz/ It is a sizable amount of money. 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 Approximately 75,000 eligible former employees, surviving beneficiaries and alternate payees of Alcatel-Lucent have begun receiving formal lump-sum window notices. Alcatel-Lucent announced it was being purchased by Nokia. 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. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. Your guidance is very much appreciated. The attached information (cover letterprogram announcementFTE Guide) will be mailed by Alcatel-Lucent to eligible Plan participants beginning tomorrow, Friday, June 26, 2015. In terms of the Nokia merger -- There is a fear since Nokia is a foreign company our pensions would no longer be protected. If you choose to do nothing, your current monthly pension payments will continue. 130 E. Randolph St. endstream endobj startxref Plan assets are protected from being used for purposes other than providing benefits (or reasonable administrative expenses). Nokia to merge its 401(k) plan into Alcatel-Lucent's offering Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right Loading Home Buying Calculators Get Email Updates; Receive Text Alerts; Detect Your Local; Search; Services Laborer of Worldwide . The permissions that Alcatel-Lucent (ALU) had to file to amend its Pension Plan to offer the lump sum program started long before the Nokia merger was announced. She writes a weekly personal finance column syndicated in major newspapers by Tribune Content Agency. That will get you a guaranteed stream of (fully taxable) income for as long as you live. Or you could wait a few years to buy an. This means that there are specific guidelines that must be followed under federal law. Alcatel-Lucent also recommends recipients of the offer consult with their personal financial planner and/or taxes advisor before making a decision. Alcatel-Lucent announced it was being purchased by Nokia. A lump sum pension distribution offers the flexibility of being able to spend or invest your retirement savings any way you see fit. xoH-Ge/+Uj%_lQ8B\R,Nk;Od.''M[fy%'mNd/i(-*i_EvS4H.fx3Vpe Alcatel-Lucent Retiree Pensions - CWA 4900 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. A2) This offer is strictly voluntary. The Program Window is only in effect beginning July 20, 2015 and ends at 11:59 p.m. (EDT) on September 25, 2015. Choose your news we will deliver. You can make some investments that are likely to generate growth and income to support your retirement needs. Alcatel-Lucent has contracted with Deloitte to provide Financial and Tax Education Individual Sessions through a number of live group sessions across the U.S. and a series of webcasts, as well as the opportunity for individual sessions via phone appointments. 2023 Communications Workers of America, AFL-CIO, CLC All Rights Reserved | Site Map | Privacy Policy. Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. Copyright 2023by NAPA, Compliance Administrator (TPA) Evaluation. Can the company terminate the pension plan? To read about CWA Members, Leadership or Industries, visit ourAbout page. Some former employees might also have the opportunity to change their current annuity option to a different annuity form. A1) Alcatel-Lucent is making available financial and tax education services through Deloitte, an objective, third party organization, at no cost to you. Should You Take Pension Payments or a Lump Sum? A How-To Guide You will see offerings frm major insurance companies giving you a monthly payout. Workers' Rights Button submenu. Alcatel-Lucent Pension Lump Sum Buyout - Communications Workers of America 0000007454 00000 n Traditionally, when interest rates rise by 1% the amount in an Lucent employee's lump-sum will drop by 8 - 12%. ~n]A9iRD wkvU@HB8E8JKkt>:O) 0000001121 00000 n A schedule of those sessions is in the Financial and Tax Education Guide booklet provided in the program announcement package. What You Can Do on the YBR Website If you are now receiving benefits: View your payment confirmations and history; 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. HWmkF}J\l|MiJ(R~H'g![3(!yrqK.//n+BS2bj~BT g8neSlI9oC9/rgczB7e DC4eUS;,'uq_6#:87lS1YA(V[cEUXq#\"?v,|nSIE%v](4h vZJz'^ 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. 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. Therefore, the company cannot just take money from the pension plan and use it for other things. 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. 0 Dossier of the Week: Alcatel-Lucent's Lump-Sum Offer 0000007666 00000 n And it's true that one dollar in 1990 purchasing power requires $2.73 today. If I roll it over, say into an IRA, then the income becomes taxable. To read about CWA Members, Leadership or Industries, visit ourAbout page. endstream endobj 273 0 obj <>stream It is in the companys self-interest to keep the pension plan healthy because if it is not, they cannot pay for retiree medical from the plan and they have a contract saying they will pay retiree medical through the end of 2019. PDF Lucent Technologies Inc. Pension Plan - BenefitAnswers Plus About Change submenu. "9:@$;dIs0&w@qY }*#l8l 0 685 Third Avenue BUT, if you want some certainty about income, then you might take a portion of the money and buy one of those immediate annuities inside your IRA. 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 . As we get more information, we will publish it on this site. The materials contained herein are intended for instruction only and are not a substitute for professional advice. 0000011786 00000 n Alcatel-Lucent enters into second buy-in for U.K. pension plan In fact these two announcements are not connected. Recipients have the option to do nothing and will continue to receive their current monthly annuity payments. One of them is offering lump sum buy-outs. 569 0 obj <>stream 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. Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. Advisor action items: Talk the your Alcatel-Lucent clients who may be affected. 0000022178 00000 n I have to decide by Sept. 11, 2015. IF the company decided to terminate the plan they would have to do it under government guidelines. One more point, just because our pension are protected now, we should not assume it will always be this way. Case of the Week: Do Roth Recharacterizations Still Exist? What questions should I be asking? The Pension Protection Act helps to ensure the plan is appropriately funded. old, single, working fulltime, and in great health (knock on wood). Synopsis of Material Modifications Alcatel-Lucent Retirement . The premium amount will still be based on what your current monthly pension amount is today. Alcatel-Lucent announced it was being purchased by Nokia. Because this offer was already approved and in the works it is NOT impacted by the ruling. 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. 0000012893 00000 n In terms of the Nokia merger There is a fear since Nokia is a foreign company our pensions would no longer be protected. Alcatel-Lucent Pension Lump Sum Buyout | Communications Workers of More on Alcatel-Lucent retiree and pension issues and the acquisition by Nokia. Today, the pension plan is covered by ERISA and is protected by the Pension Benefit Guaranty Corporation (PBGC). 0000015024 00000 n 0000000776 00000 n Last week retirees received the first official notice of the lump sum offering. The Columbus Dispatch Tuesday February 16, 2016 5:00 AM. Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected. hbbd```b``z "kd(d? 0000014974 00000 n In fact these two announcements are not connected. 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. 268 0 obj <> endobj startxref New York, NY 10017-4036, Chicago Office I need to continue to withdraw money from my pension to live. 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. 0000014070 00000 n To search specifically for more than one word, put the search term in quotation marks. Rob Kozlowski writes for Pensions & Investments, a sister publication of Business Insurance. tS 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. If you are not familiar with these principles, here are some quick tips. The CWA actuaries will review them to be sure that how they are being calculated is correct. One more point, just because our pension are protected now, we should not assume it will always be this way. A lump sum payout is the more exciting option of the two. PDF Alcatel Data Networks Inc. Retirement Pension Plan - BenefitAnswers Plus The lump-sum window runs from July 20 through September 25 and is completely voluntary. To: Formerly Represented Retirees of Alcatel-Lucent, Subject: Questions Regarding the Alcatel-Lucent Pension Lump Sum Buyout. Used with permission. Alcatel-Lucent plans voluntary lump-sum offer in 2015 Alcatel-Lucent Lump Sum Pension Offer | Communications Workers of America 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. 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).

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