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Alcatel-Lucent also recommends recipients of the offer consult with their personal financial planner and/or tax advisor before making a decision. <]>> xref `lsIf8 y[e?f-IE2.H54&%6h2SQ HUE{RV3@@ (And, you will understand why the company wants to end the pension promise because it was too generous.). The premium amount will still be based on what your current monthly pension amount is today. Q2) Do I have to take this lump sum buyout offer? So, if you are evaluating whether or not to take the lump sum, you should not take the lump just because you are fearful about the Nokia merger. You DO NOT have to accept this offer. Examples of those protections are: The Company may not retroactively reduce those benefits, once they are vested. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. 685 Third Avenue %%EOF If you have further questions once you receive your package of materials, please contact the Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. startxref IF the company decided to terminate the plan they would have to do it under government guidelines. Q7) What happens to my healthcare if I take this lump sum buy out? Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors. 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). A6) The new annuity is a recalculation, for certain individuals, of the old calculations and is still administered by the pension plan. Alcatel-Lucent announced it was being purchased by Nokia. 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. To search for a combination of terms, use quotations and the & symbol. Questions Regarding the Alcatel-Lucent Pension Lump Sum Buyout. Holy cow, Nevin, you wrote a white paper! )@,F/3H4(-A &.}qp@|te\j|Y#|:Op:[JAa9@gTj-@J Synopsis of Material Modifications Alcatel-Lucent Retirement . All of this is costly to the company. Because this offer was already approved and in the works it is NOT impacted by the ruling. 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. This means that there are specific guidelines that must be followed under federal law. For Alcatel-Lucent's U.S. pension plans, the funding policy is to contribute amounts to the . BIs Article search uses Boolean search capabilities. 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. One more point, just because our pension are protected now, we should not assume it will always be this way. 0 My son in Corby, your life and leadership have been an inspiration to us all. Case of the Week: Plan Establishment and Compensation, Case of the Week: Faulty Form 5500 Filings and Reasonable Cause, BREAKING NEWS: Announcing the 2022 NAPA Top DC Advisor Teams, Breaking News: Biden Vetoes Congressional Resolution Blocking ESG Rule, Jerry Schlichter and Tom Clark Fiduciary Litigation Debate: DC Pension Geeks Podcast, Brian Graff Has a Stark Warning for Advisors: NAPA 401(k) Summit, 401(k)s Increasingly Under Attack in Wake of SECURE 2.0 Passage. hb```\B cbM((-fu`` x';n\("v%u6~:8:F )T@TH HQAA|D,LG&[lnP%Vif^ %t,e`` %x( endstream endobj startxref Get Email Updates; Receive Text Alerts; Detect Your Local; Search; Services Laborer of Worldwide . 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. For example, workers compensation. I need to continue to withdraw money from my pension to live. Alcatel-Lucent Old Scheme, London, completed a 100 million ($123.7 million) buy-in with Boarding Insurance Core. Plan assets are protected from being used for purposes other than providing benefits (or reasonable administrative expenses). 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. Some former employees might also have the opportunity to change their current annuity option to a different annuity form. xb```b``d`e`y |,@Q9F90*oZWcS;ik5H0frrx@,V"a"C8jqP 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. 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. 0000008372 00000 n [|c-Ur7fg Jlh>{.OQQ ,FuZr"\>`k_,&^[\z^ :;@. @V6l "{1 Alcatel-Lucent also recommends recipients of the offer consult with their personal financial planner and/or taxes advisor before making a decision. For example, hurricane & loss. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. Call 1-888-232-4111 and select "Retirement and Investments", then select "Pension". You can have automatic monthly withdrawals, or take money out at any time. Leadership. 0 Just go to www.immediateannuities.com, and insert your age, gender, state, and the lump sum amount you have to invest. A2) This offer is strictly voluntary. 0000002597 00000 n I am 64 yrs. Alcatel-Lucent announced it was being purchased by Nokia. 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. Legislation and Politics. 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. What You Can Do on the YBR Website If you are now receiving benefits: View your payment confirmations and history; PBGC proposes pension plan risk-transfer disclosure requirement, Ford pension plan funding holds steady in 2014, COPYRIGHT 2023 BUSINESS INSURANCE HOLDINGS. 0 Q3) Page 10 of the Alcatel-Lucent Retiree Lump Sum Window booklet says the company has rights to terminate either plan, etc. These resources include group sessions, individual sessions and a Financial and Tax Education Tool. Learn more here. You point out that the pension trust is overfunded, and inflation has taken its toll, particularly on long-time retirees. a835gQ00]=8gVYROU4CCXghhr'Hcbo2.0k7.8-1pC*A#=W[K!F$R# 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. 0000008051 00000 n 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. Rob Kozlowski writes for Pensions & Investments, a sister publication of Business Insurance. 2023 Communications Workers of America, AFL-CIO, CLC All Rights Reserved | Site Map | Privacy Policy, More on Alcatel-Lucent Retiree and Pension Issues and the acquisition of Nokia. Copyright 2023by NAPA, Compliance Administrator (TPA) Evaluation. I need to continue to withdraw money from my pension to live. Last week retirees received the first official notice of the lump sum offering. Some eligible former employees also had the opportunity to change their existing annuity option to a different annuity option. In Column D, at your life. 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. Q2) Do I have to take this lump sum buyout offer? 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. This offer, called the Alcatel-Lucent Retiree Lump-Sum Window Program, formally began on July 20, 2015 and ended on September 25, 2015. We have raised the question with Nokia. 0000014070 00000 n 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. Used with permission. 8bOM4JDEEE3`%y1OSwR;jysrU ;(SRg3,}tc qR{SeL1E9im|6';Ye]DHH. 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. Your guidance is very much appreciated. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. If you are not familiar with these principles, here are some quick tips. To read about CWA Members, Leadership or Industries, visit ourAbout page. While a pension annuity offers a fixed monthly income, a. To do so, however, the employer must prove to a bankruptcy court or to the PBGC . XWyTfnzp@EA0DEqD" You may also contact the Nokia Benefits Resource Center. You will see offerings frm major insurance companies giving you a monthly payout. The materials contained herein are intended for instruction only and are not a substitute for professional advice. Alcatel-Lucent Pension Functionality, London, completing a 100 billion ($123.7 million) buy-in at Pension Insurance Corp. Alcatel-Lucent enters into second buy-in for U.K. pension plan | Pensions & Investments - Brink's offers lump-sum payment to former employees 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 Bottom Line: Rising rates reduce lump sums. 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. In fact these two announcements are not connected. The Columbus Dispatch Tuesday February 16, 2016 5:00 AM. 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. 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. 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 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 Plan assets are protected from being used for purposes other than providing benefits (or reasonable administrative expenses). What questions should I be asking? She writes a weekly personal finance column syndicated in major newspapers by Tribune Content Agency. Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected.

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