I got laid off by Deloitte back in June, and just got the questionnaire asking if I want to keep my pension or do lump sum ($14k). Any advice?

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Probably roll it over to another 401k unless you wanna yolo take the penalty and dump it into GME

likefunny

^good point! Might be the preferred way if you don’t like your new companies list of available funds.

Lump sum

likesmart

Roll it over! The yearly increase is like 3.5% and over a long period of time in the stock market, you’re definitely going to make more there on an annual basis. Plus who wants to stake a major part of their retirement on the existence of a single company?

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I’m with D3. Rolling into a retirement account will generate far more over the long term.

Roll

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At EY one of our pension options is a fixed amount monthly until we die (after we hit retirement). While it sounds dumb to keep your money in the pension, it could be more secure to keep it there!

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Keep it where it is

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You take it lump sum and put it in the market and it will grow a lot more than the small monthly payment you’ll receive.

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Are you the type of person that will invest the money right away? If not, definitely keep it in the pension. If yes, still consider keeping it in pension but probably not a big deal either way

Yea it is

What happens if Deloitte goes under? Do you get to keep your pension?

PBGC insures it

Just echoing that you want to roll into an IRA

Interesting to hear that EY and D have a pension. PwC doesn’t. EY/D - is it a true pension where you get some amount based on some factors truly for the rest of your life (post retirement age - what is it - 59.5?)

You get $5k to start (once eligible), vest in 3 years. When you leave, cash payable if balance is under (I think) 20k or something like that.

OP how many years were you employed by Deloitte? Trying to estimate how much I will be getting.

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