What will happen to the BHI pension plan if the Halliburton taken happens?
7 replies (most recent on top)
Apparently no one read the Red & Blue FAQ. Let me help you lazy f***s.
Q : 07- How will U.S. Retirement benefits be impacted? (1)
Baker Hughes U.S. Retirement benefits under the Thrift 401(k) Plan and the Pension Plan will remain in place and unchanged until further notice. This means that employees can continue to contribute, receive company contributions, process distributions, and accumulate retirement vesting time as the rules apply today. Keep in mind that any vested amounts cannot be taken away under any circumstances. If the Thrift 401(k) Plan or the Pension Plan is terminated in connection with, or following, the proposed acquisition, any employee who is not fully vested under the terms of the plan would become fully vested on the plan termination date. Any changes to U.S. Retirement benefits will be communicated in a timely manner.
19- Does the fact that you are vested ensure you keep the money in your Pension? (1)
If your employment is terminated (layoff or quit) before you reach retirement age, does the fact that you are vested ensure you keep the money in your Pension?
The value of your vested Baker Hughes Pension funds is yours to keep. The type of separation from the Company does not impact the status of vested Pension funds. For more information, see the question, “How will U.S. Retirement benefits be impacted?” under the “Compensation and Benefits” section of go/RedBlue FAQs.
Will let you cash out or roll into IRA on your own. Your decision! IN THE KNOW!
At retirement age, of course. Same with 401k plans, or pay a penalty. I would always trade short term gratification for long term abundence, and never live from hand to mouth. BTW, I used to make minimum wage.
Depends on whether it is a pension plan or annuity. There are people in Chemicals that came over from Petrolite who had their pension frozen and will receive it later. The annuity is what BHI contributes and you will receive monthly payouts when you leave and reach the allowable age.
why would they pay you, if you haven't reached retirement age yet?
I'm wondering the same thing