Got news that my pension lump sum just got a 7.8% bump and went to the managing site's estimator and lo and behold......
It was explained that by law they had to apply new actuary/mortality tables that showed life expectancy for men increasing and thus the bump in the lump sum. The monthly annuity offered did not change.
I am retiring 12/22 this year and will be eligible for the pension Feb 1 next year.
Was this something that was done for all pensions? Did anyone else with a pending lump sum get a bump? It was not communicated to me by the managing fin company either, I heard it via a co-worker. (if you have one, go check it!!)
As it was explained to me, this is mandated by law..... and "oddly" (not), my megacorp just tried to buy off pensions by offering an early, while still employed lump sum payouts this past summer. For me and many co-workers who were eligible it was an insulting offer, about 40% of what I am eligible for next year. It was a no-brainer to pass up the offer, but it makes me wonder if they knew this bump was coming??