cash balance annuity

Yo Goober, i guess the sun comes out and dipshits like you crawl out from under the rocks again. Go ahead Goobe, put your lifelong pension money under the watchfull eye of GSK. After all they have the highest values and as we have seen with the latest 3.2 bbbbillion dollar fine, the company you can trust. And if you don't believe me just ask Deidre, she will affirm just how honest and trustworthy GSK values are! Yah Goobe the water is warm. Go for it! Sign the paper work and go with Big Orange!!! Lol

 

I am sure these financial matters are way above your head and you have no idea what a funding level looks like or means. I will also bet you have never even read the plan documents and probably don't even know where to find them.

Tell us again as to who the Goober really is.

 

Likewise my financial planner also told me there was nothing she could provide to give the me what we be a 6.5% payout per year from the value of the Cash Balance Plan. She recommend taking the Pension for secure monthly income delaying social security for a few more years to get that maximum. Lot's of Pro's and Con's risks researching everything on the web (Clark Howard, Motley Fool, Dave Ramsey & etc.) Its really based on the individual's comfort with investing it, current health and maintaining a spend level if those funds are needed. Also the legacy after we are gone with 100% Joint 2 lifetimes once we are gone, its gone nothing for the children. But if either one of us live longer than 15.5 years with that payout we made the right decision. With the 401K IRA Rollover moved out of GSK invested very conservative along with other investments that is enough risk and comfort for me and will leave more than enough for the children. Time to think about us, I am leaning on taking the Pension starting Jan of 2018. Yes taxes will be taken out of a pension, if rolled into an IRA a RMD would be required at age 70.5. Difficult decision to make after retiring (packaged out!) from GSK end of 2016 after 33 years. My retiree friends its a mix of 50/50 some put it into an outside annuity. Talked with several outside firms (dinner invites in the mail) about annuities much lower payments, very costly, very slime ball sales and very vague info. Hey also GSK funded all of this for us a great benefit we made no employee contribution. Anyone else that converted the Cash Balance to a Pension as GSK?

 

yes

 

Gee that must have been Bill Gates or someone important ...... OR .......it could have been one of those tough guys from Chicago's ghettos.

 

Look at it this way; it’s wonderful to at least have the opportunity to make that decision its free money folks! Pension or Lump sum either way you’re ahead. Many companies never had this type of plan for their employees, as stated we paid nothing into this plan. No animosity towards our wonderful company GSK but would we all not like to bet against them! Betting you/your spouse will live longer than they ever expected making them pay those monthly pensions 30+ beyond years! Is taking the lump Sum a cope out, betting you’re going to die soon and leave it all to you children/family money grubbing relatives. Advisor also said take the pension. Planning on winning this bet against GSK we are planning on living a long time, taking that Pension!

 

I just took the lump sum for the cash balance plan rather than the GSK "pension". One advisor did recommend taking the "pension" because of the rate of return. However, another anaylyzed both options and I decided, in the end, to take the lump sum. It may not have been the right decision, however, I'm comfortable with it. Frankly, I just don't trust GSK. I just want to take the money and run.

 

I'll bet your pension/ annuity will be sold to an insurance company sooner or later. Companies don't want the burden of paying pensions. I took the lump, rolled it over into an IRA. Wool. O doubt convert it slowly into s Roth.
Pension is great, but remember, no guarantee when you'll croak and when you do, it's gone. With phones, booze, and weed on the road with asshole drivers, every day is an adventure.
One bird on hand is worth two in the bush.

 

Pension is federally guaranteed if company defaults. I took lump sum too. I'd rather be in control of my money and not trust GSK to do the right thing. They take care of themselves first.... and so do I.

 

If you don't trust your company, we are happy you are gone.

 

#32 returning. I should also add that I am a former employee--I left GSK several years ago. In the end, I decided to take the lump sum, after consutation with several advisors, and roll it over into other investment vehicles. I wanted to have more control over the funds, through my advisor, and I wanted to create opportunities for the funds to pass on to surving children. The GSK annuity does not provide for that.

In the end, many may disagree with this approach, However, I feel that it was the best decision for me.

It's also worth noting that while the government---through the PBGC---- does guarentee pensions, you'll get only a fraction of the original amount should PBGC assume control of the pension fund.

 

I should clarify----as a "reitree" I do not trust GSK because of they manner in which it treats its retirees. Enough said.

 

I am one and very happy and proud of the company.

By the way Sparky, learn how to spell " retiree " ..... methinks with your education you never worked for us !

 

The retireed people are treated unfarely. Last I herd they were upping my co-pay fiftyteen dollars a month.

 

Agreed everyone circumstances are different. Would like to hear from GSK retirees that have started taking the annuity/pension. If they had a do over, would you still take it.

 

Retiree here. I took the lump sum rather than the pension annuity. I want control over my money, which you forfeit, if you choose the annuity. As others have said, each person's situation is different and you make the choice based upon your needs. I came the conclusion that the taking the lump sum was best for me. I have complete confidence in my financial advisor.

 

You did not have confidence in GSK.....period. Sorry fellow. Take the money and run ! You must have panicked .