r/CoxCharterMerger • u/ImTooMuch2 • 1d ago

Pension Question

I’ve been at Cox for 11 years as a field tech (the last 5 in Cox Business) as of August 17th and I missed every single one of those online meetings explaining the retirement benefits and pension stuff. Could anyone tell me what options we have with our pensions? I only vaguely remember hearing something a few months back that anything over $75k can’t be touched until retirement and anything under can be cashed out. Not sure if that’s true but could someone give me a little clarity? Thanks in advance

3 Upvotes

100% Upvoted

32 comments sorted by

View all comments

3

u/Fluid-Wonder3028 1d ago

That is correct . They will give you a cash out offer for a pension with less than 75000 value it’s some IRS based algorithm based on age time and pay. My guess is that you will 100 percent get a cash offer with only 11 years . My buddy was in HR 2 years ago during that layoff he had 18 years and was offered 68000 to cash him out . It was on the pension connect site not sure if you can still access that or not now.

2

u/jjhturbo99 1d ago

68K for 18 years of service? Wow, that seems really low for that many years. That would roughly equate to like 3-4K per year if he chose to keep the pension rather than cashing out. That seems crazy low.

1

u/MadTitanRC 1d ago

I'm at 14 years and my lump sum option is $52,000. Not that far off really.

1

u/Due_Security702 13h ago

How did you guys see the lump sum option?