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hey joined wipro this feb. its a new client account and project contract is till 2024.im thinking if i start looking for switch in 2023 and show that to wipro as a counter offer, would they retain me and match with an offer?band b3, 8.8 YOE, 26.5 CTC, skill Business intelligence consulting (business analyst)
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Is 400k the new 100k?
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They will send you information on rolling it over when you leave
Rising Star
Great! Thanks!
Yup, roll it over to your IRA without any penalties. I did it, seamless.
Rising Star
Perfect. Very helpful!
Pro
I just kept it. Can’t wait to collect that $1006 every month 17 years from now… 😂
Pro
Yeah they offered a lump sum but the discount rate was ridiculous so I’m taking the $1006 and living to 150 years old out of spite ;)
Which pension are you talking about? 401(K) is not the pension per se. Are you referring to 1) the cash balance one which you can roll over or 2) the traditional defined benefit plan which you can’t roll over anywhere else although you might have a lump sum payment option?
Yeah for cash balance, you can roll it into an IRA without any penalty and invest at your discretion or leave it at EY and they will continue to credit the stated rate but future contribution from them will stop. I am new to EY and I have only the cash balance type although I think older employees might have the traditional DB plan.