WWTBAM Bored

Husband1111 and I got letters yesterday saying the company we were both laid off from will be sending us information about a one time option to take a lump sum payment of our pension.

Didn't know this was possible.

The company has been going through some changes so we a curious as to what is going on there.

christie1111 wrote:Husband1111 and I got letters yesterday saying the company we were both laid off from will be sending us information about a one time option to take a lump sum payment of our pension.

Didn't know this was possible.

The company has been going through some changes so we a curious as to what is going on there.

I've received several of these lump sum pension options as well..... for someone who used to live here before me. I'm so tempted to take the lump sum payment, but am afraid of being put behind bars....

lb13

Interesting.

And are you opening their mail?

Is there a bankruptcy?

themanintheseersuckersuit wrote:Is there a bankruptcy?

No, company is still in business and the stock is pretty high.

I really have to move my 401K money out of their sock while it is high.

Better do that this weekend.

christie1111 wrote:Interesting.

And are you opening their mail?

I keep looking for quilts and canisters....

lb13

My guess is, they're just trying to eliminate an outstanding obligation. That future obligation probably shows up as a swath of red ink on their financial report. My own situation, I took the lump sum and regretted it at retirement time. Your mileage may vary.

christie1111 wrote:

themanintheseersuckersuit wrote:Is there a bankruptcy?

No, company is still in business and the stock is pretty high.

I really have to move my 401K money out of their sock while it is high.

Better do that this weekend.

You really shouldn't keep your money in a sock.

I thought you had to transfer your money from a 401K within a specified time after stopping working for the company that set it up. I could be wrong, I don't have time to look that up.

Bob Juch wrote:

christie1111 wrote:

themanintheseersuckersuit wrote:Is there a bankruptcy?

No, company is still in business and the stock is pretty high.

I really have to move my 401K money out of their sock while it is high.

Better do that this weekend.

You really shouldn't keep your money in a sock.

I thought you had to transfer your money from a 401K within a specified time after stopping working for the company that set it up. I could be wrong, I don't have time to look that up.

If you're talking strictly about 401ks (not pensions) we certainly didn't have to roll over the ones we had (Jeff's from back in the day prior to semi-retirement) at any specific time. I know I can leave mine here after I retire, per HR recently. We will be transferring it, but don't have to.

Bob Juch wrote:

christie1111 wrote:

themanintheseersuckersuit wrote:Is there a bankruptcy?

No, company is still in business and the stock is pretty high.

I really have to move my 401K money out of their sock while it is high.

Better do that this weekend.

You really shouldn't keep your money in a sock.

I thought you had to transfer your money from a 401K within a specified time after stopping working for the company that set it up. I could be wrong, I don't have time to look that up.

Below a certain amount of money, the company has the option to impose that requirement. But if you have enough there, they don't. I still have my 401(k) from my first job as a lawyer, which I left in 1996. --Bob