Retirement

by Sharon
(Goodyear AZ)

I retired in 10/2013 the retirement info went into the retirement system automatically for only one of the pensions, I worked for a bank and have 2 pensions with the bank one under the current bank and one under a bank that the current bank purchased.

I was 55 at the time and had to do a rollover. The pension under the current bank rolled over fine and was done @ a 2.90 lump sum discount rate but the pension under the bank that was purchased was not put into the retirement system and when I called about it in 10/2013 I was told I did not have it even thou I had received info on it before.

Finally in 11/2013 I was able to have a bank finance planner get and verify that I did have another pension and request the retirement package, I have now received the rollover check but it was not for the amount qouted I was advised that the lump sum discount rate had increased for 2014 to 3.68 so that was why the check amount changed.

I want to know why both pension were not completed at the same time in 10/2013 they were both with the same company. Also the bank stated they cannot give me anything showing that the lump sum discount rate is now @ 3.68 that I would have to research that info on my own.

Is there such a thing as a lump sum discount rate and did the bank handle this whole process correctly?

Wendy: I easily understand how the two pension plans were completely separate. You'd need to apply for each separately... some employees (newer ones) wouldn't have the old plan, right?

You should make an appt with a financial planner near you (just google: FInancial planner in goodyear az). Most will do a free consultation, then its up to you if you want to work with them. You might even talk to two different ones to see if their answers are the same.

Sorry I can't help... every plan is different.

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