)@,F/3H4(-A &.}qp@|te\j|Y#|:Op:[JAa9@gTj-@J Vm}O%TimaUMG60)f 6(jvR NEZ;[R!m))62Kr)7;yPedf`zms 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. Some former employees might also have the opportunity to change their current annuity option to a different annuity form. 2023 Communications Workers of America, AFL-CIO, CLC All Rights Reserved | Site Map | Privacy Policy. In fact Alcatel-Lucent was a foreign company and they could not take our pension funds. That will get you a guaranteed stream of (fully taxable) income for as long as you live. It doesnt prevent a company from declaring bankruptcy. Q6) What company is the new annuity going to be with? In fact these two announcements are not connected. We have raised the question with Nokia. 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 Sign up and get the best of News delivered straight to your email inbox, free of charge. Because this offer was already approved and in the works it is NOT impacted by the ruling. Hello Terry, In fact these two announcements are not connected. Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected. Careers at CWA. Alcatel-Lucent Retiree Pensions - CWA 4900 The company said in its fourth-quarter 2014 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. In fact these two announcements are not connected. To search specifically for more than one word, put the search term in quotation marks. 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. As we get more information, we will publish it on this site. Sell Your Pension & Retirement Plan for a Cash Lump Sum! %PDF-1.5 % 0000009608 00000 n J m^?bSL&MM>^S!OYuFG]2_w*'~vmi"chV6{8E&`(72jje&}\MlKM+TLigQC42BIj4^C};)k"C+"?j^SDE5[k]83/pivCNSa+| $ 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 . 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. They could do that by purchasing annuities through an insurance company. 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 Copyright 2023by NAPA, Compliance Administrator (TPA) Evaluation. 0000007666 00000 n Types of Pension Payouts: Lump Sum vs. Monthly - SmartAsset <]>> Alcatel-Lucent announced it was being purchased by Nokia. Pension Plans offer lump sums periodically, but typically change once a year. Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. 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. trailer !J,3pNM,A|f5\mCl]) Pv&hhy 6u!2|)z9F_!lE^wxDaOo8^ %SE91q45),lEQN8:O $o2dhcflYK fgOlK: 2SYu*q"H3;Ydi37t6K^4nb8o?/zYK Choose your news we will deliver. I am 64 yrs. 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. 0000008372 00000 n In mid-July, eligible retirees will be sent a Your Benefit Decision Kit, which will show the amount of the individuals lump sum payment and any new annuity options (if applicable) that are available to them under the Program. More on Alcatel-Lucent retiree and pension issues and the acquisition by Nokia. This means that there are specific guidelines that must be followed under federal law. In terms of the Nokia merger -- There is a fear since Nokia is a foreign company our pensions would no longer be protected. 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. THIS PROGRAM IS STRICTLY VOLUNTARY! 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. 0000015986 00000 n If you roll to Fidelity, Vanguard, or T. Rowe Price they will handle both the investment and withdrawal planning for you. Leadership. You DO NOT have to accept this offer. 0000001515 00000 n \?Q8za"mb CMz>GWcgeXSoGcg z!#}'`yOx"(:otxJ+;`Oc56d jnSf;Tm;H8b`i@5@(^hq;X8@d]EXr|w^>|K3Y6g9skZy&jteg}aBM\ju.Ks8XpOTi#Dl8gCx. Alcatel-Lucent announced it was being purchased by Nokia. 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 Bottom Line: Rising rates reduce lump sums. If you are eligible for a lump sum, you may be able to get a significantly . `lsIf8 y[e?f-IE2.H54&%6h2SQ HUE{RV3@@ 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.) I need to continue to withdraw money from my pension to live. i receive a pension from alcatel-lucent. 17 24 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. What about the Pension Protection Act? Skip up main content . How to Avoid Taxes on Lump Sum Pension Payout - SmartAsset 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. The premium amount will still be based on what your current monthly pension amount is today. In fact, at this years CWA T&T Leadership conference, our Research Department conducted a workshop on trends in Pension de-risking and bargaining. Alcatel-Lucent plans voluntary lump-sum offer in 2015
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