In addition, Nokia will most probably create a Nokia (USA) subsidiary which would be completely subject to US laws. 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. Tenth Floor *4w|
sX8#.i_96"he@;(e[*'m'-Ksbzgh k@0n`76Cdi} fK0/h. {j 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. hb```\B cbM((-fu``
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As we get more information, we will publish it on this site. Because this offer was already approved and in the works it is NOT impacted by the ruling. %PDF-1.4
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Biggest Lucent Pension Drop in a Generation. But keep in mind that a lump sum pension payout makes it easier to overspend in retirement. Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. In fact these two announcements are not connected. 2023 Communications Workers of America, AFL-CIO, CLC All Rights Reserved | Site Map | Privacy Policy. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. (And, you will understand why the company wants to end the pension promise because it was too generous.). J m^?bSL&MM>^S!OYuFG]2_w*'~vmi"chV6{8E&`(72jje&}\MlKM+TLigQC42BIj4^C};)k"C+"?j^SDE5[k]83/pivCNSa+| $
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. sure enough, the lack of stability does bring a certain focus - which, to your point, can be Great article. %%EOF
The lump-sum window runs from July 20 through September 25 and is completely voluntary. As we get more information, we will publish it on this site. 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.) A recent call with a financial advisor in California is representative of a common question related to pension de-risking and lump sums. History. 0000001121 00000 n
Advisor action items: Talk the your Alcatel-Lucent clients who may be affected. What You Can Do on the YBR Website If you are now receiving benefits: View your payment confirmations and history; The lump-sum window runs from July 20 through September 25 and is completely voluntary. 544 0 obj
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Today, the pension plan is covered by ERISA and is protected by the Pension Benefit Guaranty Corporation (PBGC). Case of the Week: Plan Establishment and Compensation, Case of the Week: Faulty Form 5500 Filings and Reasonable Cause, BREAKING NEWS: Announcing the 2022 NAPA Top DC Advisor Teams, Breaking News: Biden Vetoes Congressional Resolution Blocking ESG Rule, Jerry Schlichter and Tom Clark Fiduciary Litigation Debate: DC Pension Geeks Podcast, Brian Graff Has a Stark Warning for Advisors: NAPA 401(k) Summit, 401(k)s Increasingly Under Attack in Wake of SECURE 2.0 Passage. Alcatel-Lucent also recommends recipients of the offer consult with their personal financial planner and/or tax advisor before making a decision. In fact Alcatel-Lucent was a foreign company and they could not take our pension funds. 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 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. 2015 Columbia Management Investment Advisers, LLC. I am 64 yrs. A1) Alcatel-Lucent is making available financial and tax education services through Deloitte, an objective, third party organization, at no cost to you. Holy cow, Nevin, you wrote a white paper! Cash Lump Sum Options for: Company Pension; Any State or Federal Government Pension; Military; Police and FIre Pension; Teacher Pension; Call Us Toll Free: 1-800-853-5640 to reach a representative who will discuss your lump sum pension payment and retirement annuity options with you. [|c-Ur7fg Jlh>{.OQQ ,FuZr"\>`k_,&^[\z^ :;@.
@V6l "{1 Q6) What company is the new annuity going to be with? i received an offer for a lump sum payout based on the incorrect monthly pension. 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. 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. 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. 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. 685 Third Avenue If you choose to do nothing, your current monthly pension payments will continue. You can have automatic monthly withdrawals, or take money out at any time. It is a sizable amount of money. 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). hbbd```b``z
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The Pension Protection Act helps to ensure the plan is appropriately funded. )@,F/3H4(-A
&.}qp@|te\j|Y#|:Op:[JAa9@gTj-@J Alcatel-Lucent Old Scheme, London, completed a 100 million ($123.7 million) buy-in with Boarding Insurance Core. 569 0 obj
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Q5) Will the new IRS ruling on pensions affect our Lucent retirees taking this lump sum? Q2) Do I have to take this lump sum buyout offer? Any money left over in the fund the company would have to pay a penalty tax on. Questions Regarding the Alcatel-Lucent Pension Lump Sum Buyout. 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). old, single, working fulltime, and in great health (knock on wood). 284 0 obj
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To read about CWA Members, Leadership or Industries, visit ourAbout page. Alcatel-Lucent announced it was being purchased by Nokia. Following are the questions, with the answers, that we have received to date. Leadership. 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. Examples of those protections are: The Company may not retroactively reduce those benefits, once they are vested. Approximately 75,000 eligible former employees, surviving beneficiaries and alternate payees of Alcatel-Lucent have begun receiving formal lump-sum window notices. To read about CWA Members, Leadership or Industries, visit ourAbout page. This offer, called the Alcatel-Lucent Retiree Lump-Sum Window Program, formally began on July 20, 2015 and ended on September 25, 2015. 17 0 obj
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Call 1-888-232-4111 and select "Retirement and Investments", then select "Pension". All of this is costly to the company. 40 0 obj
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Health & Safety Fact Sheets ; Legislation & Politics ; News & Events About 55,000 a835gQ00]=8gVYROU4CCXghhr'Hcbo2.0k7.8-1pC*A#=W[K!F$R# 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. You can make some investments that are likely to generate growth and income to support your retirement needs. xb```b``d`e`y |,@Q9F90*oZWcS;ik5H0frrx@,V"a"C8jqP To do so, however, the employer must prove to a bankruptcy court or to the PBGC . (What you might be thinking is that an IRA is less secure from creditors than a pension payout, and that would be correct.) How to Avoid Taxes on Lump Sum Pension Payout - SmartAsset You can avoid taxes on a lump sum by rolling it over into an individual retirement account (IRA) or another eligible retirement plan. That new car or luxurious vacation may not . To search for a combination of terms, use quotations and the & symbol. Or you could wait a few years to buy an. This is an extremely important decision and it requires careful consideration. 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 . 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.) 130 E. Randolph St. 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. New York, NY 10017-4036, Chicago Office You will see offerings frm major insurance companies giving you a monthly payout. 0000007666 00000 n
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. It brings the total number of retirees and former employees who have yet to retire who will receive the offer to about 74,000, Marco Malfavon, company spokesman, said in an e-mailed reply to questions. endstream
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Therefore, the company cannot just take money from the pension plan and use it for other things. What asset class is best for corporate plans' growth investments when using LDI? A6) The new annuity is a recalculation, for certain individuals, of the old calculations and is still administered by the pension plan. 8bOM4JDEEE3`%y1OSwR;jysrU ;(SRg3,}tc qR{SeL1E9im|6';Ye]DHH. Figuring this out is very simple. <]>>
You will receive your first bill in mid-November for your December coverage. 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. 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. In fact these two announcements are not connected. 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). Workers' Rights Button submenu. You DO NOT have to accept this offer. A2) This offer is strictly voluntary. 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. Some former employees might also have the opportunity to change their current annuity option to a different annuity form. My son in Corby, your life and leadership have been an inspiration to us all. Early this year Alcatel-Lucent announced they were investigating offering a voluntary lump sum buy-out of retiree pensions. endstream
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That will get you a guaranteed stream of (fully taxable) income for as long as you live. Thank y. Terry Says: Well, first of all, you have one fact wrong. While a pension annuity offers a fixed monthly income, a. One of them is offering lump sum buy-outs. Below the lump sum value in Column C, copy and paste the annual pension payout into every row for each year you live, till your life expectancy used in step 1. Examples of those protections are: The Company may not retroactively reduce those benefits, once they are vested. Currently the LTPP is funded at approximately 149%. To read about CWA Members, Leadership or Industries, visit ourAbout page. 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. 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. Your guidance is very much appreciated. 17 24
Please review the attached documents for complete information regarding this Program. 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 . they have known this for over 30 days and i am not making any headway with getting it corrected. Plan assets are protected from being used for purposes other than providing benefits (or reasonable administrative expenses). The Program Window is only in effect beginning July 20, 2015 and ends at 11:59 p.m. (EDT) on September 25, 2015. If I do decide to take it, what are my investment options to continue to withdraw on a monthly or yearly basis? Terry Savage is a nationally recognized expert on personal finance, the economy and the markets. Alcatel-Lucent also recommends recipients of the offer consult with their personal financial planner and/or taxes advisor before making a decision. Over the course of the last year the IRS . Again, this is an extremely important decision and it requires careful consideration. 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. Traditionally, when interest rates rise by 1% the amount in an Lucent employee's lump-sum will drop by 8 - 12%. For Alcatel-Lucent's U.S. pension plans, the funding policy is to contribute amounts to the . 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. You have until September to decide and you should use the time to consult with someone who can review your individual situation. for subscribing, you are all set for your money saving tips. Q3) Page 10 of the Alcatel-Lucent Retiree Lump Sum Window booklet says the company has rights to terminate either plan, etc. Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected. "It is an excuse to put money into their underfunded plan . Even if they are, that does not mean you should take it. Used with permission. More on Alcatel-Lucent retiree and pension issues and the acquisition by Nokia. Therefore, the company cannot just take money from the pension plan and use it for other things. Last week retirees received the first official notice of the lump sum offering. 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. %PDF-1.7
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A lump sum payout is the more exciting option of the two. If the plan is not fully-funded, the employer may apply for a distress termination if the employer is in financial distress. 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. If you choose to do nothing, your current monthly pension payments will continue. To: Formerly Represented Retirees of Alcatel-Lucent, Subject: Questions Regarding the Alcatel-Lucent Pension Lump Sum Buyout. Q2) Do I have to take this lump sum buyout offer? A5) The new ruling by the IRS addresses discontinuing offering a lump sum buy out in certain circumstances going forward. BIs Article search uses Boolean search capabilities. You may also contact the Nokia Benefits Resource Center. under the Plan to a one-time, lump-sum payment.
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Pension Plans offer lump sums periodically, but typically change once a year. We have raised the question with Nokia. 553 0 obj
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The CWA actuaries will review them to be sure that how they are being calculated is correct. These resources include group sessions, individual sessions and a Financial and Tax Education Tool. tS 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. 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. 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. In terms of the Nokia merger -- There is a fear since Nokia is a foreign company our pensions would no longer be protected. Case of the Week: Do Roth Recharacterizations Still Exist? 0000022178 00000 n
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. Some eligible former employees also had the opportunity to change their existing annuity option to a different annuity option. After all, getting a huge influx of cash into your account upon retirement would make anyone jump for joy. Jobs, Health Care & Retirement Security . 3QxbOJZL3
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If you are not familiar with these principles, here are some quick tips. They could do that by purchasing annuities through an insurance company. I have many questions. 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. hkkG@$fg.e5$-ZRY+u}3+)Jb5j?Bs33g0.lDEPO"$LRBQB{L2BgB@GyNyU/^mDJ$.nyw'(FyY_1JNb+vFcq+3r,k5>k9]TF5Fr
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zv# The National Association of Plan Advisors is a non-profit professional society. 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. Main Office You may also contact the Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. I'd point out however that not all wobble stools are bad. Even if they are, that does not mean you should take it. Careers at CWA. Vm}O%TimaUMG60)f 6(jvR
NEZ;[R!m))62Kr)7;yPedf`zms It is a sizable amount of money. 0000008051 00000 n
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"]A Aa>&.cHeWW1B1Q`gT$a8XFm. View all Financial Planning / Retirement questions. 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. 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. I have to decide by Sept. 11, 2015. To search specifically for more than one word, put the search term in quotation marks. 0000009608 00000 n
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. And it's true that one dollar in 1990 purchasing power requires $2.73 today. 0000001515 00000 n
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For media inquiries, call CWA Communications at 202-434-1168 or emailnews@cwa-union.org. One more point, just because our pension are protected now, we should not assume it will always be this way. 297 0 obj
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You have until September to decide and you should use the time to consult with someone who can review your individual situation. Rob Kozlowski writes for Pensions & Investments, a sister publication of Business Insurance. Currently IL does not charge on pension income? 0000002392 00000 n
If you have further questions once you receive your package of materials, please contact the Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. So assuming that you are not going to be sued, this is strictly a financial planning question. Information and opinions provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Columbia Threadneedle. Plan assets are protected from being used for purposes other than providing benefits (or reasonable administrative expenses). For example, workers compensation. 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. 0000002947 00000 n
THIS PROGRAM IS STRICTLY VOLUNTARY! 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. |@5=Ni!_DKZ89_<9Fa0MU)C2:)}yH0u
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:vz,!MM@\Torx9 d:'FK]M2| If you roll to Fidelity, Vanguard, or T. Rowe Price they will handle both the investment and withdrawal planning for you. 0000015024 00000 n
Everyones situation is different and unique to them. web design and development by new target, inc. 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. you the lump-sum payment. 0
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. 0000010715 00000 n
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 . 0000002597 00000 n
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. at the current rate of yearly allocations given by the employer. %%EOF
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. 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. 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. Privacy PolicyTerms of UseCopyright. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. Alcatel-Lucent announced it was being purchased by Nokia. r?Yw-g{A8se? Jx^m!xDC8p:PI((`![G
EkrQXADX Hello Terry, That is not necessarily true. Recipients have the option to do nothing and will continue to receive their current monthly annuity payments. 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). It brings the total number of retirees and former employees who have yet to retire who will receive the offer to about 74,000, Marco Malfavon, company spokesman, said in an e-mailed reply to questions. The lump sum amount, if not invested, will hold me for 13 yrs. In Column D, at your life. HWmkF}J\l|MiJ(R~H'g![3(!yrqK.//n+BS2bj~BT g8neSlI9oC9/rgczB7e
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vZJz'^ This will limit your search to that combination of words. xuSn0>DBH I$}C.SwB#s_u_0Bt
lV:~D[S84eF}dKq_ ={K~922&1BOz:`. Former employee, ATT/Lucent/Alcatel-Lucent is offering a lump sum buyout of our pensions. \?Q8za"mb CMz>GWcgeXSoGcg
z!#}'`yOx"(:otxJ+;`Oc56d
jnSf;Tm;H8b`i@5@(^hq;X8@d]EXr|w^>|K3Y6g9skZy&jteg}aBM\ju.Ks8XpOTi#Dl8gCx. Recipients have the option to do nothing and will continue to receive their current monthly annuity payments. 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. I have many questions. 0000000016 00000 n
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. Two announcements have been made this year by Alcatel-Lucent and many of you might think they are connected. Social Security Solvency: Is it Really That Bad? Q7) What happens to my healthcare if I take this lump sum buy out? If I roll it over, say into an IRA, then the income becomes taxable. It doesnt prevent a company from declaring bankruptcy. 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. The attachment labeled Lump Sum Program Announcement identifies who is and is not eligible. 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. 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. A schedule of those sessions is in the Financial and Tax Education Guide booklet provided in the program announcement package.
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