NCR is giving certain eligible former employees and their beneficiaries a big financial decision to make by late October.
The company is offering certain retirees and former employees a lump-sum pension “payout” option.
NCR called Dayton home for nearly 125 years, so there are plenty of retirees and ex-employers who may have questions. Here’s what to know about the offer right now.
RELATED: UPDATE: NCR to offer former employees cash to cut pension costs
1. Not everyone is eligible.
Here's who is not eligible, according to NCR: Pension plan participants who started receiving monthly pension payments before April 1, 2017; plan participants who were active employees of NCR on or after January 1, this year; participants who are or will be age 70-and-a-half as of December 31 — and anyone else deemed ineligible by the pension plan administrator.
2. It’s voluntary.
And it’s a one-time deal. Those are key points. The company said those eligible can take a “one-time lump sum payout” rolled over to an IRA account or another employer’s qualified plan (if permitted by that plan). The one-time payout can also go into NCR savings plan accounts — or be paid in cash in December.
Those eligible can also opt for monthly annuity payments starting in December. Or they can stick with their normal pension options. (In a press release, NCR calls that choice: “Take no action.”)
3. When is all of this happening?
Beginning now, basically. Those eligible should start receiving offer materials today. The offer period opens Sept. 6 and closes Oct. 20. Lump sum payouts and monthly payments will be made in December.
For more information, visit here.
About the Author
