Bayer employees lump sum option

Anyone out there get the lump sum option from Bayer pension plan. Buyout figure really weak for 15 years of work. Anyone out there going to take the buyout?

 

Can you give us an idea of what your 15 years got you? What would the pension look like if you waited to collect it ? Were you with Berlex under their plan? Thanks

 

I was offered only about 20% of the full value, assuming I live to age 80. By my calculation it's as if they are saving I wiil only live to age 68.

So obviously I am not taking this offer.

 

This company is disgusting.

 

What division is this that this is happening to? I feel for yal.

 

I got the offer and I left Bayer in 2001. I was only at Bayer a few years and was just Bayer-ly vested in the pension. So my offer is like the one the poster got which is the equilivient of living to age 68. I'm not taking it cuz I plan to live to 100 and really make them pay!

 

I was in BAYER WH for 24 years beginning in 1983 my lump sum was about 77k they can kiss my ass. Pretty cut and dry they are trying to fuck us all !!!

 

they're so fing slimy!

 

They aint trying,they are fucking us all,if you leave it better stay healthy (married/divorced at least they get something) thats if you die) for a little while,but with no lump sum any more when u punch your ticket the odds are in their favor and even better for them if your
single.....take the cash out and eithier buy a tank of heating oil or ffffing blow it on hookers and drugs

 

Just got my statement and after 21 years - lump sum payout is about $300K- taking it to the bank-

 

liar

 

19 years....370,000. Screw Bayer. No benefits.

 

20 years - 270k

 

5 years, 12K

 

Is this just for ex-employees? Or is the offer for current employees also?

 

I just received my lump sum buyout from Solvay. I had 15 years service and they are only offering $90,900. I currently have 10 years at Chevron Phillips and if I left today I would get $189,000. That is 50% more for 5 years less service!
They said the Lump of Coal (I mean Sum) would be equal to my monthly benefit over my life expectancy which by my calculations is $188900.
They are trying to keep from having to dole out lots of cash to have their pension plan fully funded by January. I want to tell them to shove it but I am goimg to consult a Financial Advisor.

 

I trying to take lump sum just to get it.out of their hands. They sent letter stating election kit would follow and to reply by Nov 2 nd. They never sent kit but said they would correct problem per supervisor. Though letter final reply date is Nov 2, internally they state no more kits mailed out after Oct 1 but nobody aware of this but one person that decided. Since date is getting close they say they won't.send a kit as they have had so many requests. This is why I want my money outa there. Others on this forum in same boat?

 

DUMBASS

 

10 years left in 2003, $65K.

 

I went to some annuity calculators online to see what I could buy with their offer, I can't buy anything near what the retirement plan would pay. I think retirements are protected up by law up to about $5000 a month. For example: for $1,000 a month with 50% survivors benefit retirement plan, it would cost over $200,000 to buy an annuity. Their offer is about $175000.