Pension Payout Opinions? -- BOEING

[zedd]

Quote:

Originally Posted by FACT0RYGRUNT So thats 7 years or 8 calculated from Boeing for the 110,000 lump ?

7, 8, I don't remember. That was a previous life. But since it seems to matter to you I'll go dig up my Total Access credentials and look it up.

In the mean time might we interest you in pasture raised pork finished on organic apples, pears and acorns. We're selling halfs and wholes.

[FACT0RYGRUNT]

Quote:

Originally Posted by zedd 7, 8, I don't remember. That was a previous life. But since it seems to matter to you I'll go dig up my Total Access credentials and look it up. In the mean time might we interest you in pasture raised pork finished on organic apples, pears and acorns. We're selling halfs and wholes.

I went back and changed my last post..

[Running_Man]

Quote:

Originally Posted by maxq pb4uski, no need to flame. I'm merely curious why they'd offer the better deal. :-)

From looking at this the reason you are being offered more money is because you are switching from a pension to an insurance annuity. They pay the insurance company the money and that is the end of their obligations. If they keep you as a pension as interest rates and life expectancy changes pension expense changes and they are looking to eliminate pension expense from their income statement.

This means with your lower than limit payments to the pension guarantee fund your government guarentee is less valuable and they are offerring a 10% premium to entice you and hold up in court in case the annuity goes up in flames.

By the way you were right to wonder why the company is doing this, that is critical thinking necessary to make sure you are not missing an angle. Companies for the most part hate difficult questions or being honest on how the company is doing by implementing this plan.

[supernova72]

Quote:

Originally Posted by FACT0RYGRUNT So thats 7 years or 8 calculated from Boeing for the 110,000 lump ? Edit nevermind I was half asleep when I read that last post. Seems low, as im pretty sure they just handed out some more in Sept 2015 to past IAM members at 20-25k per year of service, ill have to ask them again what they were offered.

A friend of mine has a brother who worked in the 737 production area for about 21 yrs. Left about 3 yrs ago at 50 yrs old. His lump sum offer was $157K. From what I heard he's going to take it.

[FACT0RYGRUNT]

Quote:

Originally Posted by supernova72 A friend of mine has a brother who worked in the 737 production area for about 21 yrs. Left about 3 yrs ago at 50 yrs old. His lump sum offer was $157K. From what I heard he's going to take it.

phhhhhh not a smart move unless hes gonna die next year.

At 21 years its worth way more than that. Better check those numbers again.

[zedd]

FWIW I looked mine up. 7.2904 years.

[supernova72]

Quote:

Originally Posted by zedd FWIW I looked mine up. 7.2904 years.

I just passed 31 yrs. I wonder if I could multiply your 110k by 4.25. Lol. That would be 467K.

I was thinking although there are a bunch of factors to consider and actuarial tables etc it might be up to the benefits folks to determine how much to sweeten the pot? Meaning, if they want say 70% of the folks to take it then maybe they will factor it "up". Wishful thinking of course.

I read history ways when other megacorps offer this up 58% have taken it.

[FACT0RYGRUNT]

Quote:

Originally Posted by supernova72 I just passed 31 yrs. I wonder if I could multiply your 110k by 4.25. Lol. That would be 467K. I was thinking although there are a bunch of factors to consider and actuarial tables etc it might be up to the benefits folks to determine how much to sweeten the pot? Meaning, if they want say 70% of the folks to take it then maybe they will factor it "up". Wishful thinking of course. I read history ways when other megacorps offer this up 58% have taken it.

Yeah so yours is probably worth right now if you retired today without early out penalty 35k a year and roughly 700k min thats a big hit off the top.

More than likely anyone current will get offered with 25+ years a early out no penalty full value but no medical after you leave even at under 55yrs old. Basically get rid of the obligation, and the old school workers, and be free to manipulate the younger crowd with carrots.

Either way it will be to benefit the companys pockets, not the workers.