PENSION CONSULTANTS, INC. At Pension Consultants, Inc. We are dedicated to serving you. references & resources. Annual Report (10-K) EXHIBIT 10. We pay attention to details and your individual needs. pk-alcatel-lucent.ch. Alcatel Lucent (ALU) Q1 2014 Earnings Conference Call May 9, 2014 7:00 a.m. SUPPLEMENTAL PENSION PLAN LUCENT TECHNOLOGIES INC. Mr. Alcatel-Lucent investor relations: Marisa Baldo . . No pension or it was capped. About Alcatel-Lucent (Euronext Paris and NYSE: ALU) . I signed off immediately because I did not want survivor benefit. The lump sum offer would almost certainly be affected by the higher interest rate—higher rates result in lower pension liabilities and therefore a lower value on any lump sum offer. Monthly payments are also an option. Employer I want you to credit me in your pension system for my 6 years of work at McDonalds. pension liabilities reduced by $ 5.7 billion in 2015. 7) Yet from the lump-sum offered, they still beat my original (current) pension, so the low-balling wasn't below that. GM and Delphi offered workers with at least 26 years of experience full retirement benefits and payouts of up to $35,000. ALCATEL-LUCENT USA INC. Pension Recoupment: The NRLN is also advocating its pension recoupment proposal. This type of pension usually also pays a taxable 'survivor's pension' to the deceased's spouse, civil partner or dependent child. SUPPLEMENTAL PENSION PLAN Adopted Effective January 1, 1998, As Amended and Restated Effective October 19, 2001 . For AT&T management employees who meet the 75-point rule but don't have 30 years of service, their pension benefit will be reduced if taken before age 55. Revenues for the Group excluding Managed Services, reflecting the termination or restructuring of loss-making contracts, declined 3% year-on-year. Alcatel has stated it has the authority to transfer the money and that the transfers cannot be challenged by unions via arbitration. Lower limits apply to . opportunity to convert their current monthly pension payment to either a lump sum payment or change their annuity option to a new annuity option." It is not clear whether Alcatel-Lucent will offer a lump sum but in today's environment there is no requirement for the sponsor to disclose the purchase of a third-party annuity. Please call our office at 800-900-5867 if you have additional questions or need help in the retirement planning process. . For a married member, a lump-sum payment in accordance with paragraph 1 may only be made with the written consent of the spouse. Cash Lump Sum Options for: Company Pension. Where you can expect - and get - personalized service. (QDRO) In June 2015 offered & accepted Lump Sum pension buyout-received numerous qualification notifications. As a Western Electric/Alcatel-Lucent/Nokia retiree, I suggest a possible solution. If you do not meet the 75-point rule yet and are pension eligible (5 years of service), you will receive your earned AT&T pension at age 65. Was told in 2010 pension was $290.71 mo w/o survivor benefit. Alcatel-Lucent (ALU) Q3 2015 Results Earnings Conference Call October 29, 2015, 9:15 AM ET Executives Philippe Camus - Chairman Jean Raby - Chief Financial Officer Philippe Guillemot -. 80 Lump-sum death benefit for pensions in payment prior to 01.01.1993 34 . Alcatel-Lucent plans voluntary lump-sum offer in 2015. The New Jersey team used to be part of Alcatel-Lucent but is now fully integrated within Nokia. These terms are capitalized whenever they appear to let you know that they are defined in the Section labeled "Terms You Should Know". Most schemes will pay out a lump sum that is typically two or four times their salary. A lump-sum distribution is the distribution or payment within a single tax year of a plan participant's entire balance from all of the employer's qualified plans of one kind (for example, pension, profit-sharing, or stock bonus plans). To learn more about your benefits, contact the Nokia Benefits Center at 1-888-232-4111, 9 a.m. - 5 p.m. Give the funeral director the deceased's Social Security number so he or she can report the death. This includes salary plus any AT&T awards. employer, Alcatel-Lucent USA Inc. (the "Company") elected to use a two-year actuarial (smoothed) valuation method. Pension Lump-Sum Payment Windows Are Back. They go back and give you say $30,000 lump sum now (age 60 . We get to know you and strive to ensure your complete satisfaction. Mar 4, 2021 11:20:00 AM / by The Retirement Group. (or the actuarial equivalent thereof in the event of a lump sum payment), an annuitant's Excess . Pension Plan Administrator Alcatel-Lucent Room 7C-415 600-700 Mountain Avenue Murray Hill, NJ 07974 Advertisement. pension plan; the benefits are those insured on the last day of employment. Alcatel-Lucent is offering certain eligible former employees who are not currently receiving a pension, a lump-sum buyout. Lucent later worked out an agreement with the CWA setting up two additional levels of benefits under the LCTOP - an "enhanced LCTOP" that increased the maximum lump-sum payment to $40,000 and a second new level . For this hypothetical, assuming a 1.25% rate at the bank, you would need a lump sum of $2,400,000 to produce just $2,500, per month . Multiply the present value factor by the annual payment. Successful Completion of The Shift Plan . In addition to the previously announced intent to offer to retirees of the US Management Pension Plan who are receiving monthly pension benefit payments the opportunity to elect to convert those payments into a single, lump sum payment, the Group announces today that it is now in a . 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 . Alcatel-Lucent Heinz SPX Corporation McCormick & Company Anixter International . Alcatel-Lucent and HP expanded their global alliance to incorporate IP routing and optical products into HP's existing routing and storage portfolios, to leverage the convergence of IT and telecommunications. 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). I was drawing a pension with . This extra payment, called the "DLS Equivalent," became the focus of the appeal. Recipients have the option to do nothing and will continue to receive their current monthly annuity payments. That difference 3. Furthermore, if you are a government employee, the government may reduce your payments if . Good vacation, good 401K and medical benefits. The company has offered me a lump payment of $181,000 or a guaranteed monthly income of $1,020 when I retire. And food processor Heinz, telecommunications equipment maker Alcatel-Lucent and computer hardware/software company NCR Corp. all announced lump sum pension buyouts to certain employees or retirees. The Company is generally required to use this same method for the 2012 Plan Year. The company's third-quarter 2015 earnings report stated that it expected a pension surplus for U.S. retirees of $500 million after it made a lump-sum payment to certain plan members. Let me be clear: The sponsors of defined benefit plans aren't bad guys for offering lump sum cashouts. Initially when contacting AT&T in 2010 they said I was a Lucent/Alcatel retiree - contact Lucent benefits and they said not I was AT&T . Effective 1/2/15, Aon-Hewitt became the record keeper for the Alcatel-Lucent pension plan. 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. This was partially offset by an increase in financial expense of Euro 62 million . and 2015 Plan Years, the Plan's sponsoring employer, Alcatel-Lucent USA Inc. (doing business as Nokia) (the . Manufacturer offers 2,200 former employees lump-sum pension buyouts. . If it is based soley on the 417(e) rates, then I think the 26-year certain would be 10,000 * 122.9885 . March 1, 2007, your benefits will be provided through the Pension Plan. Dear Mr. Berko: I'm single and retiring at the end of the year from Alcatel-Lucent. Here is your summary of the key features of the Lucent Pension Program (LPP) of the Alcatel-Lucent Retirement Income Plan (Pension Plan). The Morning Call story about Social Security and Medicare was an attention grabber. (III)(A)(8) . Insured Persons who leave Switzerland or Liechtenstein permanently may not ask for a Lump Sum payment of the Exit Benefits up to the total of the Pension Capital - as per Article 15 LOB, if: a) they continue to be mandatorily insured for Old Age, Death and Disability Security in a member state of the European Union, or b) they continue to be mandatorily insured for Old Age, Death and . If you're 60, they figure you'll collect your money for 15 years if you took a monthly check at age 65. The SVTP will result in an increase in Plan Liabilities . NCR offers lump-sum pension benefit to 20,000 retirees Alcatel-Lucent: 45,000 . NCR is offering former employees the chance to take the money they are . Nokia was once a giant in the mobile phone industry but was clobbered by Apple ( AAPL ) and Samsung . Rollover: a payment of all or part of a lump sum distribution to a traditional IRA, Roth IRA or another qualified retirement plan that accepts rollovers. Cookie Preferences Do Not Sell My Data (US ONLY) pkpro.ch. The company's third-quarter 2015 earnings report stated that it expected a pension surplus for U.S. retirees of $500 million after it made a lump-sum payment to certain plan members. Military. 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). Taking it prior to age 65 will result in a . . In 2012, the maximum monthly pension payable at age 65 that the PBGC guarantees is $4,653 for a single life annuity and $4,188 for a 50-percent, joint-and-survivor annuity. Recoupment is when a . IP Transport revenues reached Euro 649 million in Q4 2014, an increase of 3% . Alcatel-Lucent to expand lump-sum offer to 32,000 more . Lucent later worked out an agreement with the CWA setting up two additional levels of benefits under the LCTOP - an "enhanced LCTOP" that increased the maximum lump-sum payment to $40,000 and a second new level . The NRLN, Lucent Chapter, and Nokia continue to lobby members of Congress to pass legislation that would make it possible for Nokia (and other companies) with pension plans funded at 110% or more to use surplus funds to sustain benefits. A lump-sum distribution is the distribution or payment within a single tax year of a plan participant's entire balance from all of the employer's qualified plans of one kind (for example, pension, profit-sharing, or stock bonus plans). . our ability to avoid unexpected contributions to such plans and to convert US pension liabilities into a one-time lump-sum payment in a cost-effective manner, changes to existing regulations or technical standards, existing and future litigation, compliance with environmental, health and . In the example, 12.4622 times $10,000 equals $124,622. So when Alcatel-Lucent (the firm was sold to the French telecommunications giant in 2006) recently offered tens of thousands of retirees a one-time, lump-sum payout instead of their regular . (2012 - 21,000), NCR (2014 - 20,000), Alcatel Lucent (2015 - 74,000) • 2015 - IRS limits lump sum offers to participants in pay status (Notice 2015-49) - Variations • Limit based on benefit amount (benefit amount of $100,000 of less) - Concerns • Settlement accounting • Adverse selection (those with shortest lives take lump . Art. In full year 2014, sales increased 6% compared to 2013. Exhibit 10.1 August 22, 2007 Mr. Frank A. D'Amelio Dear Frank: This is to confirm our understanding with respect to the terms of the additional retirement benefit offered to you in the offer letter dated August 22, 2007 (the " Offer Letter ") to replace certain retirement benefits that you will forfeit as a consequence of your termination of employment from Alcatel-Lucent prior to age 55. Annual Report (10-K) EXHIBIT 10. (or the actuarial equivalent thereof in the event of a lump sum payment), an annuitant's Excess . Alcatel-Lucent USA Inc., the Pension Plan sponsor, is responsible for furnishing you with information regarding your benefits under the Pension Plan. The death benefit is taxable. So, say if your're entitled to $500/month for 15 years that comes $6000/year X 15 year = $90,000 that you'd collect in retirement. AG COMMUNICATION SYSTEMS CORPORATION PENSION PLAN FOR CERTAIN UNION REPRESENTED EMPLOYEES is a Defined Benefit Plan providing retirees with a predetermined monthly retirement benefit upon reaching a specific age. The benefit is a year's salary at the time of your death, capped at a maximum of $39,000. Also was required to sign off on any and all future pension benefits as well as . The reduction in Total Plan Assets from 2015 to 2016 reflects the impact of the 2015 Retiree Lump Sum Window Program and the plan spin-offs described in the 2015 Annual Funding Notice. Law360 (March 12, 2008, 12:00 AM EDT) -- A group of 27 former employees of Alcatel-Lucent claims the telecommunications giant violated the Employee Retirement Income Security Act by . Investopedia: Lump Sum Versus Regular Pension Payments. Study Finance: Present Value of an Annuity Table. 6. You were to receive a death benefit from Lucent equal to the retirees compensation in year of retirement. Additionally, a lump-sum distribution is a distribution that's paid: Because the participant, if an employee . The pension may not continue making payments as large as promised if the trustor or insurer goes out of business. Alcatel is less than half the size, with a market value around €12.6 billion ($13.4 billion). Packets being given to retirees and separated, vested employees considering taking an immediate lump-sum distribution from their former employer's defined benefit retirement plan rather than continuing lifetime income benefits routinely lack some key information needed to make an informed decision, or were unclear, according to the U.S. Government Accountability Office in a recent study. Replace the "IMPORTANT CONTACTS" section of your SPD with the following: . A schedule of those sessions is in the Financial and Tax Education Guide booklet provided in the program announcement package. I have just started collecting my vested pension from AT&T (left company 2/1987). 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. The IRS recently announced a reversal of the 2015 decision that participants in pay status taking a lump-sum payment is a violation of required minimum distribution rules. The lump-sum window runs from July 20 through September 25 and is completely voluntary. SUPPLEMENTAL PENSION PLAN LUCENT TECHNOLOGIES INC. A pension option will always be a little riskier than a lump sum option because you will need to rely on your sponsor to care for your money. The Qwest case added an additional wrinkle — that the pension plan had permitted retirees to take lump sum distributions of their pensions at retirement, to which Qwest added to each a lump sum payment to reflect an actuarially reduced death benefit. Learn about Alcatel-Lucent , including insurance benefits, retirement benefits, and vacation policy. . In fact, at this year's CWA T&T Leadership conference, our Research Department conducted a workshop on trends in Pension de-risking and bargaining. which was one of the options. Welcome to. Step 3. b) Plan . 03-23-2019, 07:41 PM mlb : Location: North Monterey County . Younger workers will receive either $70,000 or $140,000, depending . our ability to avoid unexpected contributions to such plans and to convert US pension liabilities into a one-time lump-sum payment in a cost . Benefits information above is provided anonymously by current and former Alcatel-Lucent employees, and may include a summary provided by the employer. Alcatel-Lucent Reports Q4 and Full-Year 2014 Results . Your monthly benefit from your plan is below PBGC guarantees. This summary plan description gives you important information regarding your participation in and 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. The "Pensionskasse der Alcatel-Lucent Schweiz AG" (hereafter: the "Fund") is a . If, pursuant to paragraph 2, the Fund must pay benefits after it has transferred the vested . As described in previous columns, ALU used new actuarial tables (mortality rates/life expectancy) to calculate the pension liabilities on its financial statements, but used the old tables to calculate and pay the lump sum. Despite a July 9 announcement that the IRS intends to eliminate lump-sum windows for retirees already receiving annuity payments, the Alcatel-Lucent . W To help convince workers to leave the company of their own accord, Lucent offered the LCTOP, a lump-sum payment of $30,500. 04:38. The retirement benefit paid to a retiree is typically calculated using a formula which often employs years of credited service under the plan and salary information. . However, the benefit could be taken over a 5 year period, instead of a lump sum, thereby decreasing the tax due in any one year. This site is composed of two primary resources: our Wiki and our Forum. . These resources include group sessions, individual sessions and a Financial and Tax Education Tool. They're prudently managing . The new plan website can be accessed at http://resources.hewitt.com/alcatel . Say Lucent estimates your life expectancy to be 80. opportunity to convert their current monthly pension payment to either a lump sum payment or change their annuity option to a new annuity option." It is not clear whether Alcatel-Lucent will offer a lump sum but in today's environment there is no requirement for the sponsor to disclose the purchase of a third-party annuity. In Nov. 2015 funds dispersed and rolled over into IRA. The team is growing overall to suit the company's need for pension expertise. To report the death of a person who is receiving or due a pension benefit from PBGC, please call us at 1-800-400-7242 . 6) From the fact that out of 20 companies none could take the lump-sum and match the new AL-LU pension offer, I concluded that AL-LU low-balled the lump-sum amounts offered, at least when compared to the new pension offers. When you call, you will need the following information: The deceased participant's name and address. special pension benefit, and one-time lump-sum transition payment (equal to $10,000). If you have questions, or you are having trouble logging on, please contact the NYU Pension Service Center at 1-855-632-5016. The term is intended to honor Vanguard founder and investor advocate John Bogle. NCR Corp. on Wednesday said it is buying a group annuity to provide pension benefits to about 4,500 retirees and their beneficiaries. ALCATEL-LUCENT USA INC. TTY/ASCII users may call 711. . No employer is forced to offer a lump-sum payment option to retirees. By Erin Coe. Therefore, if the person took the lump sum, he should receive $124,622. Since 2005 been receiving pension benefit as result of divorce. Alcatel has stated it has the authority to transfer the money and that the transfers cannot be challenged by unions via arbitration. The global pension team comprises several smaller teams. The successful completion of such lump-sum pension offer to US retirees resulted in an actual increase in US pension surplus of US$ 449 million which was recognized in Q4. SUPPLEMENTAL PENSION PLAN Adopted Effective January 1, 1998, As Amended and Restated Effective October 19, 2001 . Patrick Badiuk is a Representative with FSC Securities and may be reached at www.theretirementgroup.com. You may use Form MO- 1040P or Form MO-1040 and Form MO-A. Any State or Federal Government Pension. Alcatel-Lucent Reports Q4 2015 Results . and, that the widow/widower was awarded via divorce decree the legal right to a Pension or lump sum payment instead of a Pension. The Bogleheads® emphasize starting early, living below one's means, regular saving, broad diversification, simplicity, and sticking to one's investment plan regardless of market conditions. Police and FIre Pension. Running the numbers will help uncover how much risk is needed. 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 . If the person who died was under age 75, this lump sum is tax-free. Certain words and phrases have a specific meaning under the Pension Plan. pkpro.ch. opportunity to convert their current monthly pension payment to either a lump sum payment or change their annuity option to a new annuity option." It is not clear whether Alcatel-Lucent will offer a lump sum but in today's environment there is no requirement for the sponsor to disclose the purchase of a third-party annuity. (III)(A)(8) . To help convince workers to leave the company of their own accord, Lucent offered the LCTOP, a lump-sum payment of $30,500. One item to note is that the $17,000 lump sum payment in the 4 percent interest rate example above would most likely not remain $17,000. You may also contact the Alcatel-Lucent Retiree Lump Sum Window Benefits Center at (866) 617-7164. Packets being given to retirees and separated, vested employees considering taking an immediate lump-sum distribution from their former employer's defined benefit retirement plan rather than continuing lifetime income benefits routinely lack some key information needed to make an informed decision, or were unclear, according to the U.S. Government Accountability Office in a recent study. Highlights of Q4 2014. The deceased participant's Social Security number. At actual rates, Group . Try that in the private sector. The company's global pensions team now comprises 35 employees based in New Jersey, Munich and Espoo in Finland. Teacher Pension. With the move by the U.S. Treasury and IRS, private companies are allowed to . Lucent Technologies Inc. Pension Plan . pk-alcatel-lucent.ch. We are an independent financial advisory group that specializes in transition planning and lump sum distribution.
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