Pension Question, Newbie on Forum

[Porkenstein]

I am brand new to the forum and don't know if this subject is covered in this forum. I left Xerox Corp an 1999 at the age of 49 after 21 years with company. I rolled over my 401k and thought that that was it. I had someone tell me today that since I was fully vested besides the 401k that I will still be eligible for the pension plan as I am over 55. Can that possibly be true. I thought leaving early even being fully vested that I would lose it.

 

[obryanjf]

Thats not how mine works at small Xerox supplier Megacorp. I'm vested and if I leave tomorrow will get a check at 65. In my case, my vested benefit stops growing with inflation when I quit.

job

 

[Porkenstein]

Even if it stopped growing at 49 when I retired are you saying I will still get a retirement check, even if it is a small one. I thought since I left before retirement I was only going to get what I put in to the 401K. I guess I need to make some calls to Xerox Benifits on Monday

 

[obryanjf]

In my case, that is exactly what I am saying. I'm 42 now and plan on ER'ng around 45. At 65 I will get a small pension check.

job

 

[Goonie]

Where I retired from, once you were vested (8 years), you were guaranteed a pension. If you didn't meet the age/years-on-the-job combo for the full pension, but were vested, you would still collect some amount of pension starting at age 55.

So if someone started at age 18, and only worked until 26, they'd be vested and the pension money would continue to accrue interest until they started drawing their monthly pension payments anytime from 55 or above. Those 8 years wouldn't pay a large sum, but it would probably pay enough to cover a few rounds of golf each month.

 

[Porkenstein]

I think you guys are correct. I had 21 years in and at the time I started you were vested at only 5 years. If it turns out that way it's money I hadn't counted on and it sure is exciting. I know tomorrow. By the way I retired on my own money at age 49 and have never regretted it, never been bored, and would recommend it to anyone. Why bust your butt and retire at 65 and then possibly die before you can enjoy retirement. Just the old Porkers opinion.