Vm}O%TimaUMG60)f 6(jvR NEZ;[R!m))62Kr)7;yPedf`zms 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. 0000012893 00000 n 40 0 obj <>stream Get Email Updates; Receive Text Alerts; Detect Your Local; Search; Services Laborer of Worldwide . 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). 0000008372 00000 n To do so, however, the employer must prove to a bankruptcy court or to the PBGC . Their answer is that there are no plans for a cost-of-living raise. The Program Window is only in effect beginning July 20, 2015 and ends at 11:59 p.m. (EDT) on September 25, 2015. Even if they are, that does not mean you should take it. Synopsis of Material Modifications Alcatel-Lucent Retirement . \?Q8za"mb CMz>GWcgeXSoGcg z!#}'`yOx"(:otxJ+;`Oc56d jnSf;Tm;H8b`i@5@(^hq;X8@d]EXr|w^>|K3Y6g9skZy&jteg}aBM\ju.Ks8XpOTi#Dl8gCx. In fact these two announcements are not connected. 569 0 obj <>stream History. Or you could wait a few years to buy an. Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected. 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. Learn more here. 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 That is not necessarily true. One more point, just because our pension are protected now, we should not assume it will always be this way. The attachment labeled Lump Sum Program Announcement identifies who is and is not eligible. I'd point out however that not all wobble stools are bad. Plan assets are protected from being used for purposes other than providing benefits (or reasonable administrative expenses). 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. But keep in mind that a lump sum pension payout makes it easier to overspend in retirement. Our legal department and our research department both came to the same conclusion: U.S. law that currently protects the pension benefits of our members will still apply if Nokia purchases Alcatel Lucent. It is a sizable amount of money. <]>> If you are not familiar with these principles, here are some quick tips. Because this offer was already approved and in the works it is NOT impacted by the ruling. 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. i receive a pension from alcatel-lucent. In fact Alcatel-Lucent was a foreign company and they could not take our pension funds. So, if you are evaluating whether or not to take the lump sum, you should not take the lump just because you are fearful about the Nokia merger. 0 Legislation and Politics. View all Financial Planning / Retirement questions. A2) This offer is strictly voluntary. for subscribing, you are all set for your money saving tips. Examples of those protections are: The Company may not retroactively reduce those benefits, once they are vested. You may also contact the Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. Questions Regarding the Alcatel-Lucent Pension Lump Sum Buyout. Alcatel-Lucent announced it was being purchased by Nokia. Alcatel-Lucent announced it was being purchased by Nokia. 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. 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"). 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). Last week retirees received the first official notice of the lump sum offering. You have until September to decide and you should use the time to consult with someone who can review your individual situation. old, single, working fulltime, and in great health (knock on wood). endstream endobj 272 0 obj <>stream To read about CWA Members, Leadership or Industries, visit ourAbout page. %%EOF 0000008051 00000 n Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected. Q1) Where can I get more information about this offer? Advisor action items: Talk the your Alcatel-Lucent clients who may be affected. 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. hbbd```b``z "kd(d? In fact these two announcements are not connected. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. 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. 8bOM4JDEEE3`%y1OSwR;jysrU ;(SRg3,}tc qR{SeL1E9im|6';Ye]DHH. You will receive your first bill in mid-November for your December coverage. A5) The new ruling by the IRS addresses discontinuing offering a lump sum buy out in certain circumstances going forward. Pros and Cons of Lump Sum Pension Payouts. 0000000016 00000 n Can the company terminate the pension plan? r?Yw-g{A8se? Jx^m!xDC8p:PI((`![G EkrQXADX 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. they have known this for over 30 days and i am not making any headway with getting it corrected. For Alcatel-Lucent's U.S. pension plans, the funding policy is to contribute amounts to the . Please review the attached documents for complete information regarding this Program. 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 3QxbOJZL3 i`/ 4(yKH.WT=\}LN8V^*~& Suite 3200 Hello Terry, endstream endobj startxref 2015 Columbia Management Investment Advisers, LLC. Sign up and get the best of News delivered straight to your email inbox, free of charge. 0000001040 00000 n 0000002597 00000 n you the lump-sum payment. If you choose to do nothing, your current monthly pension payments will continue. Q6) What company is the new annuity going to be with? !J,3pNM,A|f5\mCl]) Pv&hhy 6u!2|)z9F_!lE^wxDaOo8^ %SE91q45),lEQN8:O $o2dhcflYK fgOlK: 2SYu*q"H3;Ydi37t6K^4nb8o?/zYK The National Association of Plan Advisors is a non-profit professional society. There are many things you need to take into account, many of which are described in the packet (taxes, your health, your age, your dependents, etc.) Payments are expected to be made from existing U.S. plan assets and we do not expect to make any contributions to U.S. plan assets in connection with either offer, Mr. Malfavon said. Rob Kozlowski writes for Pensions & Investments, a sister publication of Business Insurance. 0000007454 00000 n A6) The new annuity is a recalculation, for certain individuals, of the old calculations and is still administered by the pension plan. For a standard termination the company would have to show the PBGC that the plan has enough money to pay all the benefits owed to participants. You may also contact the Nokia Benefits Resource Center. Interest rates have increased rapidly over the course of 2022, and if you receive your Lucent pension as a lump sum this reduces the value. New York, NY 10017-4036, Chicago Office "9:@$;dIs0&w@qY }*#l8l 0 sure enough, the lack of stability does bring a certain focus - which, to your point, can be Great article. So assuming that you are not going to be sued, this is strictly a financial planning question. If you dont have a choice, but must take the lump sum offered, then I suggest rolling it to an IRA as described above. You point out that the pension trust is overfunded, and inflation has taken its toll, particularly on long-time retirees. endstream endobj startxref 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. You can have automatic monthly withdrawals, or take money out at any time. We have been receiving a number of questions regarding the lump sum buyout recently offered 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). 0000001121 00000 n For media inquiries, call CWA Communications at 202-434-1168 or emailnews@cwa-union.org. These resources include group sessions, individual sessions and a Financial and Tax Education Tool. Thank y. Terry Says: Well, first of all, you have one fact wrong. 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. sw Employers that reduce the risk of their pension plans could face a new requirement: disclosing basic information about the transactions to the Pension Benefit Guaranty Corp. as part of paying their annual premium to the federal agency. 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. Plan assets are protected from being used for purposes other than providing benefits (or reasonable administrative expenses). In terms of the Nokia merger There is a fear since Nokia is a foreign company our pensions would no longer be protected. More on Alcatel-Lucent retiree and pension issues and the acquisition by Nokia. BIs Article search uses Boolean search capabilities. Menu burger Close thin Facebook Twitter Google plus Linked in Reddit Email arrow-right-sm arrow-right Loading Home Buying Calculators 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. This means that there are specific guidelines that must be followed under federal law. Alcatel-Lucent also recommends recipients of the offer consult with their personal financial planner and/or taxes advisor before making a decision. xref Call 1-888-232-4111 and select "Retirement and Investments", then select "Pension". In terms of the Nokia merger -- There is a fear since Nokia is a foreign company our pensions would no longer be protected. You can make some investments that are likely to generate growth and income to support your retirement needs. Everyones situation is different and unique to them. As we get more information, we will publish it on this site. 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. Jobs, Health Care & Retirement Security . After all, getting a huge influx of cash into your account upon retirement would make anyone jump for joy. IF the company decided to terminate the plan they would have to do it under government guidelines. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. 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. Illinois DOES NOT currently tax IRA withdrawals. L Ne`8H3*00\?0 Z* About Change submenu. hb```\B cbM((-fu`` x';n\("v%u6~:8:F )T@TH HQAA|D,LG&[lnP%Vif^ %t,e`` %x( 17 24 *4w| sX8#.i_96"he@;(e[*'m'-Ksbzgh k@0n`76Cdi} fK0/h. {j The lump-sum window runs from July 20 through September 25 and is completely voluntary. I have many questions. 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. endstream endobj 548 0 obj <>stream It doesnt prevent a company from declaring bankruptcy. PBGC proposes pension plan risk-transfer disclosure requirement, Ford pension plan funding holds steady in 2014, COPYRIGHT 2023 BUSINESS INSURANCE HOLDINGS. For example, hurricane & loss. The advisor asked: What are the details around Alcatel-Lucents lump sum offer to former employees?. 0000015986 00000 n This offer, called the Alcatel-Lucent Retiree Lump-Sum Window Program, formally began on July 20, 2015 and ended on September 25, 2015. 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. Privacy PolicyTerms of UseCopyright. 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. old, single, working fulltime, and in great health (knock on wood). You have until September to decide and you should use the time to consult with someone who can review your individual situation. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. That new car or luxurious vacation may not . Therefore, the company cannot just take money from the pension plan and use it for other things. 0000011786 00000 n Workers' Rights Button submenu. This is an extremely important decision and it requires careful consideration. Q3) Page 10 of the Alcatel-Lucent Retiree Lump Sum Window booklet says the company has rights to terminate either plan, etc. We have raised the question with Nokia. Alcatel-Lucent, Murray Hill, New Jersey, 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. To search specifically for more than one word, put the search term in quotation marks. While a pension annuity offers a fixed monthly income, a. The Pension Protection Act helps to ensure the plan is appropriately funded. You may also contact the Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. 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. Tenth Floor Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. 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 . 0000017395 00000 n For example, workers compensation. 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. Recipients have the option to do nothing and will continue to receive their current monthly annuity payments. A4) What page 15 of the Financial and Tax book is referring to is that if Alcatel-Lucent declares bankruptcy and does not have enough money to cover the liabilities of the plan the PBGC would take over the plan. hbbd```b``A$Sd9&@A vX{> I need to continue to withdraw money from my pension to live. Pension Plans offer lump sums periodically, but typically change once a year. Currently the LTPP is funded at approximately 149%. She writes a weekly personal finance column syndicated in major newspapers by Tribune Content Agency. What You Can Do on the YBR Website If you are now receiving benefits: View your payment confirmations and history; Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. %PDF-1.4 % 17 0 obj <> endobj 0000014070 00000 n hkkG@$fg.e5$-ZRY+u}3+)Jb5j?Bs33g0.lDEPO"$LRBQB{L2BgB@GyNyU/^mDJ$.nyw'(FyY_1JNb+vFcq+3r,k5>k9]TF5Fr ov+%]lnJyZCm;[yw9{Zy zv# I have many questions. The lump-sum window runs from July 20 through September 25 and is completely voluntary. To: Formerly Represented Retirees of Alcatel-Lucent, Subject: Questions Regarding the Alcatel-Lucent Pension Lump Sum Buyout. (And, you will understand why the company wants to end the pension promise because it was too generous.). Perhaps your real question is whether the buyout amount if invested in a different immediate annuity (a check a month for life, fixed) is enough to get you a check equivalent to the promised lifetime pension check. One of them is offering lump sum buy-outs. If I roll it over, say into an IRA, then the income becomes taxable. `lsIf8 y[e?f-IE2.H54&%6h2SQ HUE{RV3@@ under the Plan to a one-time, lump-sum payment. ~n]A9iRD wkvU@HB8E8JKkt>:O) Kh#3w3g@|9%lQ8zRO 0vmb|@f)4|b;'.o04}* >~A=(zZm/y]?E}r*e{,5i03=H9`}p 0cg atZ2$4^a1'J>gfr~0K2]3kQ^E\V9aUYp0NjUDFL1`8K^{q "]A Aa>&.cHeWW1B1Q`gT$a8XFm. Your guidance is very much appreciated. Currently IL does not charge on pension income? A3) The language on page 10 is standard language. 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. tS 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. What questions should I be asking? Q5) Will the new IRS ruling on pensions affect our Lucent retirees taking this lump sum? 2023 Communications Workers of America, AFL-CIO, CLC All Rights Reserved | Site Map | Privacy Policy. My son in Corby, your life and leadership have been an inspiration to us all. In addition, Nokia will most probably create a Nokia (USA) subsidiary which would be completely subject to US laws. Used with permission. In fact, at this years CWA T&T Leadership conference, our Research Department conducted a workshop on trends in Pension de-risking and bargaining. 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. %PDF-1.5 % 0000015024 00000 n Examples of those protections are: The Company may not retroactively reduce those benefits, once they are vested. Eligible former employees are NOT required to make any changes to how or when they receive their Plan benefits. 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. 0000014974 00000 n 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). J m^?bSL&MM>^S!OYuFG]2_w*'~vmi"chV6{8E&`(72jje&}\MlKM+TLigQC42BIj4^C};)k"C+"?j^SDE5[k]83/pivCNSa+| $ 0000002947 00000 n I am 64 yrs. 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. One option is to take the lump sum and park it in a money-market fund currently paying more than 4% until better investment opportunities come along. If I do decide to take it, what are my investment options to continue to withdraw on a monthly or yearly basis? Our legal department and our research department both came to the same conclusion: U.S. law that currently protects the pension benefits of our members will still apply if Nokia purchases Alcatel Lucent. at the current rate of yearly allocations given by the employer. Therefore, the company cannot just take money from the pension plan and use it for other things. More on Alcatel-Lucent retiree and pension issues and the acquisition by Nokia. One more point, just because our pension are protected now, we should not assume it will always be this way. XWyTfnzp@EA0DEqD" 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 0000000776 00000 n Bottom Line: Rising rates reduce lump sums. The Program is not being offered to everyone. 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. 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. Recipients have the option to do nothing and will continue to receive their current monthly annuity payments. 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 What about the Pension Protection Act? Leadership. A schedule of those sessions is in the Financial and Tax Education Guide booklet provided in the program announcement package. BUT, if you want some certainty about income, then you might take a portion of the money and buy one of those immediate annuities inside your IRA. If the plan is not fully-funded, the employer may apply for a distress termination if the employer is in financial distress. 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 HWmkF}J\l|MiJ(R~H'g![3(!yrqK.//n+BS2bj~BT g8neSlI9oC9/rgczB7e DC4eUS;,'uq_6#:87lS1YA(V[cEUXq#\"?v,|nSIE%v](4h vZJz'^ That will get you a guaranteed stream of (fully taxable) income for as long as you live. 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). endstream endobj 273 0 obj <>stream What asset class is best for corporate plans' growth investments when using LDI? I need to continue to withdraw money from my pension to live. On the one hand, you could roll the lump sum into an IRA, with no tax consequences, and then manage the investments and a withdrawal plan (with a certain Minimum Required Distribution) every year. 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. 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. If the lump sum is not anywhere near enough to generate the same monthly income as your pension, then if given the choice you will want to stick with the pension promise. 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. If you are eligible for a lump sum, you may be able to get a significantly . 0000014929 00000 n CWA is not in the position to interpret the companys offer and does not give out financial advice. 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.) [|c-Ur7fg Jlh>{.OQQ ,FuZr"\>`k_,&^[\z^ :;@. @V6l "{1 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 2023 Communications Workers of America, AFL-CIO, CLC All Rights Reserved | Site Map | Privacy Policy, To: Alcatel- Lucent Formerly Represented Retirees, Surviving Beneficiaries and Alternate Payees, RE: Lump Sum Buy Out Of Monthly Pension Payments, Alcatel-Lucent Lump Sum Buy Out Of Monthly Pension Payments. %PDF-1.7 % The lump sum amount, if not invested, will hold me for 13 yrs. 0000010715 00000 n %%EOF Quantifying sustainability the numbers, the data, and the people, Valuing Banks: Hidden Losses Versus Assets, Research for Institutional Money Management, Global Fixed Income: Volatility and Uncertainty Here to Stay, For institutional investors, ETFs can make meeting liquidity needs easier, Gold: the most effective commodity investment, 2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios, Ten ways retirement plan professionals add value to plan sponsors. 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.) 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. Figuring this out is very simple. And it's true that one dollar in 1990 purchasing power requires $2.73 today. As we get more information, we will publish it on this site. 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 . Copyright 2023by NAPA, Compliance Administrator (TPA) Evaluation. Main Office )@,F/3H4(-A &.}qp@|te\j|Y#|:Op:[JAa9@gTj-@J 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. If you choose to do nothing, your current monthly pension payments will continue. Q7) What happens to my healthcare if I take this lump sum buy out? Alcatel-Lucent Old Scheme, London, completed a 100 million ($123.7 million) buy-in with Boarding Insurance Core. Approximately 75,000 eligible former employees, surviving beneficiaries and alternate payees of Alcatel-Lucent have begun receiving formal lump-sum window notices. web design and development by new target, inc. Again, this is an extremely important decision and it requires careful consideration. Health & Safety Fact Sheets ; Legislation & Politics ; News & Events 297 0 obj <>stream 268 0 obj <> endobj To search for a combination of terms, use quotations and the & symbol. 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). 0000002392 00000 n 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. Careers at CWA. In fact these two announcements are not connected. Despite a July 9 announcement that the IRS intends to eliminate lump-sum windows for retirees already receiving annuity payments, the Alcatel-Lucent lump-sum window is allowed to proceed under a special prenotice grandfather clause for programs announced prior to July 9. 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alcatel lucent pension lump sum 2023