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. 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 The lump-sum window runs from July 20 through September 25 and is completely voluntary. 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. 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. Alcatel-Lucent plans to make a voluntary lump-sum offer in 2015 to about 45,000 U.S. retirees and former employees vested in its U.S. defined benefit pension funds, according to a 6-K filing with . 0000001040 00000 n 0000015986 00000 n Alcatel-Lucent announced it was being purchased by Nokia. One of them is offering lump sum buy-outs. One more point, just because our pension are protected now, we should not assume it will always be this way. 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). Alcatel-Lucent Old Scheme, London, completed a 100 million ($123.7 million) buy-in with Boarding Insurance Core. 0000008372 00000 n 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. BIs Article search uses Boolean search capabilities. The Columbus Dispatch Tuesday February 16, 2016 5:00 AM. Can the company terminate the pension plan? For Alcatel-Lucent's U.S. pension plans, the funding policy is to contribute amounts to the . 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.) IF the company decided to terminate the plan they would have to do it under government guidelines. That is not necessarily true. The Program is not being offered to everyone. %%EOF Skip up main content . xoH-Ge/+Uj%_lQ8B\R,Nk;Od.''M[fy%'mNd/i(-*i_EvS4H.fx3Vpe That will get you a guaranteed stream of (fully taxable) income for as long as you live. The National Association of Plan Advisors is a non-profit professional society. The CWA actuaries will review them to be sure that how they are being calculated is correct. endstream endobj 272 0 obj <>stream startxref Choose your news we will deliver. For a standard termination the company would have to show the PBGC that the plan has enough money to pay all the benefits owed to participants. The ERISA consultants at the Learning Center Resource Desk, which is available through Columbia Threadneedle Investments, regularly receive calls from financial advisors on a broad array of technical topics related to IRAs and qualified retirement plans. HWmkF}J\l|MiJ(R~H'g that are available to them under the Program. 0 tS Legislation and Politics. 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. If you choose to do nothing, your current monthly pension payments will continue. (And, you will understand why the company wants to end the pension promise because it was too generous.). 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"). To read about CWA Members, Leadership or Industries, visit ourAbout page. 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 Even if they are, that does not mean you should take it. 0000000016 00000 n In addition, Nokia will most probably create a Nokia (USA) subsidiary which would be completely subject to US laws. History. Therefore, the company cannot just take money from the pension plan and use it for other things. 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. 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 i receive a pension from alcatel-lucent. 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. 268 0 obj <> endobj I have many questions. 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. 0000001121 00000 n Jobs, Health Care & Retirement Security . endstream endobj 273 0 obj <>stream endstream endobj startxref 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 She writes a weekly personal finance column syndicated in major newspapers by Tribune Content Agency. endstream endobj 548 0 obj <>stream I am 64 yrs. For example, hurricane & loss. The Pension Protection Act helps to ensure the plan is appropriately funded. 0000007454 00000 n 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. The advisor asked: What are the details around Alcatel-Lucents lump sum offer to former employees?. More on Alcatel-Lucent retiree and pension issues and the acquisition by Nokia. The lump sum amount, if not invested, will hold me for 13 yrs. Workers' Rights Button submenu. In fact these two announcements are not connected. hbbd```b``z "kd(d? You can make some investments that are likely to generate growth and income to support your retirement needs. 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 2023 Communications Workers of America, AFL-CIO, CLC All Rights Reserved | Site Map | Privacy Policy. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. Used with permission. If the plan is not fully-funded, the employer may apply for a distress termination if the employer is in financial distress. Traditionally, when interest rates rise by 1% the amount in an Lucent employee's lump-sum will drop by 8 - 12%. Tenth Floor 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. %PDF-1.5 % After all, getting a huge influx of cash into your account upon retirement would make anyone jump for joy. CWA is not in the position to interpret the companys offer and does not give out financial advice. 0000015024 00000 n Thank y. Terry Says: Well, first of all, you have one fact wrong. 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 Case of the Week: Do Roth Recharacterizations Still Exist? (What you might be thinking is that an IRA is less secure from creditors than a pension payout, and that would be correct.) What questions should I be asking? Health & Safety Fact Sheets ; Legislation & Politics ; News & Events A recent call with a financial advisor in California is representative of a common question related to pension de-risking and lump sums. Illinois DOES NOT currently tax IRA withdrawals. 0000009608 00000 n 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. 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. hbbd```b``A$Sd9&@A vX{> 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. 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. xb```b``d`e`y |,@Q9F90*oZWcS;ik5H0frrx@,V"a"C8jqP 0 Last week retirees received the first official notice of the lump sum offering. 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). While a pension annuity offers a fixed monthly income, a. Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right Loading Home Buying Calculators You may also contact the Nokia Benefits Resource Center. 2015 Columbia Management Investment Advisers, LLC. 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. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. You will receive your first bill in mid-November for your December coverage. Holy cow, Nevin, you wrote a white paper! at the current rate of yearly allocations given by the employer. 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. Copyright 2023by NAPA, Compliance Administrator (TPA) Evaluation. hmk0"tzc7hh:(}&5se(|EV i"0W-kb@@.P|,rQfd\e.9thw)SV"\N2,]Ew9gmP?e? In fact Alcatel-Lucent was a foreign company and they could not take our pension funds. Recipients have the option to do nothing and will continue to receive their current monthly annuity payments. 3QxbOJZL3 i`/ 4(yKH.WT=\}LN8V^*~& Again, this is an extremely important decision and it requires careful consideration. Get Email Updates; Receive Text Alerts; Detect Your Local; Search; Services Laborer of Worldwide . [|c-Ur7fg Jlh>{.OQQ ,FuZr"\>`k_,&^[\z^ :;@. @V6l "{1 Today, the pension plan is covered by ERISA and is protected by the Pension Benefit Guaranty Corporation (PBGC). Hello Terry, Just go to www.immediateannuities.com, and insert your age, gender, state, and the lump sum amount you have to invest. About 55,000 Examples of those protections are: The Company may not retroactively reduce those benefits, once they are vested. New York, NY 10017-4036, Chicago Office To search specifically for more than one word, put the search term in quotation marks. Even if they are, that does not mean you should take it. "9:@$;dIs0&w@qY }*#l8l 0 You have until September to decide and you should use the time to consult with someone who can review your individual situation. 0000008051 00000 n Currently the LTPP is funded at approximately 149%. 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 example, workers compensation. In fact Alcatel-Lucent was a foreign company and they could not take our pension funds. 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 I'd point out however that not all wobble stools are bad. 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). As we get more information, we will publish it on this site. 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. The attached information (cover letterprogram announcementFTE Guide) will be mailed by Alcatel-Lucent to eligible Plan participants beginning tomorrow, Friday, June 26, 2015. Eligible former employees are NOT required to make any changes to how or when they receive their Plan benefits. Alcatel-Lucent announced it was being purchased by Nokia. Learn more here. What asset class is best for corporate plans' growth investments when using LDI? )@,F/3H4(-A &.}qp@|te\j|Y#|:Op:[JAa9@gTj-@J Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. They could do that by purchasing annuities through an insurance company. Call 1-888-232-4111 and select "Retirement and Investments", then select "Pension". Your guidance is very much appreciated. 685 Third Avenue Questions Regarding the Alcatel-Lucent Pension Lump Sum Buyout. But keep in mind that a lump sum pension payout makes it easier to overspend in retirement. You may also contact the Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. Recipients have the option to do nothing and will continue to receive their current monthly annuity payments. THIS PROGRAM IS STRICTLY VOLUNTARY! You may also contact the Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. Pros and Cons of Lump Sum Pension Payouts. My son in Corby, your life and leadership have been an inspiration to us all. 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.) 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). L Ne`8H3*00\?0 Z* I need to continue to withdraw money from my pension to live. About Change submenu. XWyTfnzp@EA0DEqD" Sign up to receive Terrys free newsletter!! Alcatel-Lucent also recommends recipients of the offer consult with their personal financial planner and/or tax advisor before making a decision. 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. hb```\B cbM((-fu`` x';n\("v%u6~:8:F )T@TH HQAA|D,LG&[lnP%Vif^ %t,e`` %x( endstream endobj startxref Alcatel-Lucent, Murray Hillary, N.J., plans on make a unpaid lump-sum offer in 2015 until about 45,000 U.S. retirees and former employees vested in its U.S. defined benefit pension funds, according to a 6-K filing with the U.S. Securities and Exchange Order. 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. Because this offer was already approved and in the works it is NOT impacted by the ruling. 0000010715 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. Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. Therefore, the company cannot just take money from the pension plan and use it for other things. So assuming that you are not going to be sued, this is strictly a financial planning question. Terry Savage is a nationally recognized expert on personal finance, the economy and the markets. 0000012893 00000 n 0 This is an extremely important decision and it requires careful consideration. 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. old, single, working fulltime, and in great health (knock on wood). To do so, however, the employer must prove to a bankruptcy court or to the PBGC . 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.) The Program Window is only in effect beginning July 20, 2015 and ends at 11:59 p.m. (EDT) on September 25, 2015. To: Formerly Represented Retirees of Alcatel-Lucent, Subject: Questions Regarding the Alcatel-Lucent Pension Lump Sum Buyout. Approximately 75,000 eligible former employees, surviving beneficiaries and alternate payees of Alcatel-Lucent have begun receiving formal lump-sum window notices. A schedule of those sessions is in the Financial and Tax Education Guide booklet provided in the program announcement package. You DO NOT have to accept this offer. 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. What You Can Do on the YBR Website If you are now receiving benefits: View your payment confirmations and history; Pension Plans offer lump sums periodically, but typically change once a year. 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. This offer, called the Alcatel-Lucent Retiree Lump-Sum Window Program, formally began on July 20, 2015 and ended on September 25, 2015. You will see offerings frm major insurance companies giving you a monthly payout. Last week retirees received the first official notice of the lump sum offering. Suite 3200 17 24 A2) This offer is strictly voluntary. Main Office \?Q8za"mb CMz>GWcgeXSoGcg z!#}'`yOx"(:otxJ+;`Oc56d jnSf;Tm;H8b`i@5@(^hq;X8@d]EXr|w^>|K3Y6g9skZy&jteg}aBM\ju.Ks8XpOTi#Dl8gCx. 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 130 E. Randolph St. 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 A2) This offer is strictly voluntary. In fact, at this years CWA T&T Leadership conference, our Research Department conducted a workshop on trends in Pension de-risking and bargaining. Advisor action items: Talk the your Alcatel-Lucent clients who may be affected. under the Plan to a one-time, lump-sum payment. 297 0 obj <>stream Examples of those protections are: The Company may not retroactively reduce those benefits, once they are vested. 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. A1) Alcatel-Lucent is making available financial and tax education services through Deloitte, an objective, third party organization, at no cost to you. Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. TAJ6LuR.u(NdLN_Ht)txF%K.)/|q1oO|uB+t{?ZQWH^ hsPZ=+,wz/ xref 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. A lump sum payout is the more exciting option of the two. 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. Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected. 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. 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. Everyones situation is different and unique to them. 0000014974 00000 n To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. In fact, at this years CWA T&T Leadership conference, our Research Department conducted a workshop on trends in Pension de-risking and bargaining. If you dont have a choice, but must take the lump sum offered, then I suggest rolling it to an IRA as described above. If you are eligible for a lump sum, you may be able to get a significantly . Leadership. 0000022178 00000 n `lsIf8 y[e?f-IE2.H54&%6h2SQ HUE{RV3@@ Their answer is that there are no plans for a cost-of-living raise. 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. !J,3pNM,A|f5\mCl]) Pv&hhy 6u!2|)z9F_!lE^wxDaOo8^ %SE91q45),lEQN8:O $o2dhcflYK fgOlK: 2SYu*q"H3;Ydi37t6K^4nb8o?/zYK 0000001515 00000 n Please review the attached documents for complete information regarding this Program. Vm}O%TimaUMG60)f 6(jvR NEZ;[R!m))62Kr)7;yPedf`zms 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. 0000011786 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. 0000007666 00000 n J m^?bSL&MM>^S!OYuFG]2_w*'~vmi"chV6{8E&`(72jje&}\MlKM+TLigQC42BIj4^C};)k"C+"?j^SDE5[k]83/pivCNSa+| $ In fact these two announcements are not connected. 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). for subscribing, you are all set for your money saving tips. The lump-sum window runs from July 20 through September 25 and is completely voluntary. 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 . For media inquiries, call CWA Communications at 202-434-1168 or emailnews@cwa-union.org. Some former employees might also have the opportunity to change their current annuity option to a different annuity form. Social Security Solvency: Is it Really That Bad? Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. This means that there are specific guidelines that must be followed under federal law. Synopsis of Material Modifications Alcatel-Lucent Retirement . 569 0 obj <>stream 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. %PDF-1.4 % trailer old, single, working fulltime, and in great health (knock on wood). In fact these two announcements are not connected. If I roll it over, say into an IRA, then the income becomes taxable. The purpose of the Program is to offer eligible former employees the ability to convert their current monthly pension payments into a one-time lump sum payment. A lump sum pension distribution offers the flexibility of being able to spend or invest your retirement savings any way you see fit. You can have automatic monthly withdrawals, or take money out at any time. In fact these two announcements are not connected. Q5) Will the new IRS ruling on pensions affect our Lucent retirees taking this lump sum? 0000002392 00000 n Everyones situation is different and unique to them. sure enough, the lack of stability does bring a certain focus - which, to your point, can be Great article. In terms of the Nokia merger There is a fear since Nokia is a foreign company our pensions would no longer be protected. %%EOF 0000002597 00000 n We have raised the question with Nokia. 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. Alcatel-Lucent also recommends recipients of the offer consult with their personal financial planner and/or taxes advisor before making a decision. Q6) What company is the new annuity going to be with? To read about CWA Members, Leadership or Industries, visit ourAbout page. I have many questions. If you choose to do nothing, your current monthly pension payments will continue. 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. One more point, just because our pension are protected now, we should not assume it will always be this way. web design and development by new target, inc. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. 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. 40 0 obj <>stream PBGC proposes pension plan risk-transfer disclosure requirement, Ford pension plan funding holds steady in 2014, COPYRIGHT 2023 BUSINESS INSURANCE HOLDINGS. What about the Pension Protection Act? 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.
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