Conference 7.286::digital

    I think that your retirement "fund" is only "accessible" if you
    officially retire.  You can only retire if you have 10 or more years of
    service and are at least 55 years old.
    
    cw

    <---
    which is exactly why I am trying to  hang on for a few more months...
    'till age 55 sets in.  then we'll see.
    
    tony

    When I left the company in '85 after 10 years of service (and well
    under 55 years of age), I was told that if my current retirement fund
    was in excess of $xx,xxx (can't remember exactly), the cash would
    remain in that fund until I retired - I could not touch it.  However,
    upon leaving the company, I received a check for $875 - my 10 years
    worth of retirement fund.
    
    HAHAHAHAHAHAHAHAHAhAHAHAHA
    
    Three years later I returned.  I found out after 3 years had passed
    that if I had paid back the $875, I could continue the retirement fund
    where I left off...oh, but you had to do that within two years of your
    return, sorry.  You are out of luck.
    
    -sjd
    

    I left Digital after 5 1/2 years - received a check which was my
    current pension amount - since it was under $3,000.  I returned to
    work 7 months later and of course, no-one told me I could replace
    the money and be re-instated.  Luckily, someone eventually did tell
    me - it was more then three years later - and I paid the money back
    with interest.  Therefore, my pension money is there for me to take
    when I am TFSO'd.  Of course, I am over 55 and have been here for
    17 years and that money is important to me.
    
    I'm in the process of trying to find out where best to place the money
    where I might get a better rate of interest then what Digital will pay.
    The money can be taken out in one lump sum or monthly payments, or it
    can stay there at 4.50%.  Just remember, if it stays there you don't
    have any control over it and it does NOT go to your beneficiaries if
    something happens to you.
    
    Trudy
    
    

    Does someone have the facts about lump sum pensions? I have been told
    that if one leaves DEC for any reason before retirement age, then the
    only option is to take monthly payments for life, or with the spouse
    option.
    
    In contrast, if one retires while an active employee, a lump sum can be
    taken.
    
    So, whats the true story? 

    You should refer to Chapter 8 of "Your Benefits Book" which is on line	
    at VTX BENEFITS_US.  All the information about your pension benefits
    can be found here.

A few years ago, after a great deal of research by our PA, I 
found that a -- I think it was federal -- law was passed some 
years back that says that if an employee dies before reaching
retirement age, that person's spouse is eligible for
1/2 of what the person would have received, beginning on the
date that the person who died would have reached retirement age.  
That is regardless of whether the person left digital before he 
or she died.

I was not eligible as my husband had left Digital before the law was
passed; I think there was some other "gotcha" revolving around the time at
which the law was passed, but I didn't pay attention since it didn't
apply to me anyway.  Like you would get a share of whatever had
accrued before that point?  Something.  But spouses do have rights to
retirement funds....  I told all my "older" friends this at the time;
it comes to mind again after this last note...

It might be something you want to check into and could affect those
leaving as to "take a lump sum or leave it" decisions...

    Carolyn

    .-1
    
    what if you dont have any spouses? where does your pension go then?
    to the state?
    
    thanks,
    \bye
    \nasser

the company gets to keep it.  I believe the theory is that
it should work something like Social Security.

Some companies have retirement funds that have "death benefits"
paid to whomever the person decrees.  Ours is not such a company.

    Nasser - I believe the money reverts back to Digital.  That's why
    taking the lump sum and finding the best way to invest it is in 
    your best interest.
    
    I just got off the phone with my friend at Dean Witter - and boy, is
    it all confusing.  In my particular case it's a matter of trusting a
    friend to do right by me.  He told me that one of the most important
    things for me to think of is do I need monthly income from my money?
    How long can I let it accumulate for me?  And he knows I have to have
    it available in case of an emergency (I'm driving a 1985 car with 94K
    miles).
    
    Trudy  
    
      
    
    

Last I heard, it was overfunded.  That's why Digital hasn't had to put any
money in for several years.

Bob

    re: a few back
    I don't know if it pertains, but there IS a federal law somewhere which
    does address spousal rights to pensions.  I have a friend who retired
    from the Military after getting a divorce.  Many years ago.  Recently
    the courts awarded his ex-wife rights to his pension and required him
    to pay her retroactively.
    
    The death of the "retiree" before actually beginning receipt of
    benefits may adversely affect this right...
    
    tony

    re. 13
    
    I think your right however, one of the provisions of the federal law
    requires that the spouse should have been married to the individual
    retiring for at least half of the service time.
    
    Example:  Years of Service (active)  Time required to rec. 1/2 pension.
    
    			20 years			10 years
    			30 years			15 years
    
    E.T. 

    re .14
    you may be right... but, I thought that it was a pro-rata share...
    without having a stipulated minimum.
    
    I know that when I got my divorce... i'd been married for 20+years... i
    specifically negotiated a deal with my ex to AVOID her being able to
    attach any of my retirement benefits.  At that time, I discovered that
    one is unable to negotiate any SS benefits derived by virtue of the
    marriage (which I think is great)
    
    The way things are headed with Digital these days, I feel my ex may
    have gotten the better bargain by FAR...
    
    tony

    I think military service and pensions derived therefrom are different
    from the requirements placed upon civilians.
    
    ed