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Let's grab coffee. I can show you around town
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I hope my manager rotten in hell!!!!😡😡😡
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Basically you can take the $5000 now and pay the required penalty and tax or you can file that letter in a drawer, forget about it, and when you are 60 you’ll have a pension worth $40000.
FV of your $5,000 at retirement age is $40,000
If you don’t want to lose track of the account, you could also take the cash value and roll it over into your new 401k plan so all of your retirement money is consolidated. You don’t have to pay taxes or the penalty on the 5000 now if it’s properly rolled over into a new retirement account. Call benefits express and they can walk you through the options.
How long were you at ey?
EY does pensions? That's so old school. Defined contribution is the future, don't they know?
I believe all of the Big 4 still has a pension in place. I know for sure EY and KPMG do.
That’s correct. Deloitte has a pension as well
PwC has one too...and matches 25% of 401k contribution up to 6%
How long were you there
Ey has two parts to its pension plan- the plan was frozen a year ago so your benefit under the traditional plan was frozen at that time based on your cumulative service through the time of the freeze. New benefits are granted under the cash balance formula. Your total benefit is the sum of the two parts.
The lump sum benefit portion represents the amount of the benefit that you're eligible to take now -. you can choose to defer these benefits and take a monthly annuity later upon your retirement
Roll it. I had a one and lost it. Keep it with you and keep track even if you need to open a personal account
Not a BDO issue. Private industry.