Solvay Pension Plan

Can anyone out there clarify the Solvay pension plan. The way I understand it is if you have five years of service you are vested and can start receiving benefits at age 55. Does anyone roughly know the monthly amount you can receive? I am not talking about the IRA program here.

Thanks.

$0 There is no pension plan.

There is a the pension plan for you reps who were there before 2005 or so...the pension basicly ended at the time they raised the 401K from 7% to 10%. When I was let go in 2007 I had approximately 100K in 401K and 17K in pension. I took the cash and rolled it over, but I could have gotten approximately $150 per month for the rest of my life after age 65 I think.

The current plan is that the company contribute % based on your age + years of service. It's vested after 3 years. You can roll it over to an IRA if you leave the company.

Will we be able to cash out part of our 401k's after abbott buys us?

Hmmm. I rolled over my 401K into a IRA when let go from Solvay, but still have retirement savings there. Is this something that roll over too? Anyone know for sure?? If so, want to grab it before the Abbott buyout. If cannot, is it lost $$? Anyone know for sure?? As a former Solvay employee, wishing everyone the best on the buyout. Good Luck!!

Originally Posted by Anonymous

Will we be able to cash out part of our 401k's after abbott buys us?

yes but you have to pay it back

The day the deal is done and we become Abbott employees, ING will be notified. Upon receiving our FINAL paychecks, we can either 1. Roll the money out to another bank or instution for IRA's 2. Transfer it to Abbotts 401K plan 3. Cash it out. I would advise to do lots and lots of research before you do anything. Our pensions go with us too. If you want your pension cash NOW....YOU have to submit a form to ING (call them) within 60 or 90 days...after that, you forfeit your right to that money until you turn the ripe age of 65....
ING has been very helpful in helping me decide what is best for me. They will for you too. Just get online and google the hell out of 401 K rollover after layoffs or terminations.

Co. paid pension and 401K are two different things. Both can be accessed at age 62 with no penalties and at the highest payout.
Democrats are trying to change that by changing the retirement age to 69 for anyone born after 1960.
When the buyout goes through, you will get an info packet on retirement package, if you are eligible, and it will outline what the options are.
401K is your money. Roll it over or IRA. Research the differences. IRA gives you more choices but costs you more. You may be eligible for a one time draw without penalty but have to be 52YO. You can trust the guys that crashed the market by selling paper on mortgages or you can get off your ass and research what your options are with your money….

Kudo's to the above poster....the pension plan does follow you. Call ING. You have two options to take now, or when you retire.