My position was eliminated in May. I did not roll over my pension. I was informed it was protected even in bankruptcy. It will only amount to 700 or 800 a month. Can someone on this board wiser than me elaborate if they think i am going to lose this. I have taken such a hit finacially after being let go this 700 or 800 may be my saving grace in retirement. Any info is appreciated.
I am in the same boat as you. I can't get a straight answer even from powerline. MY understanding is if they messed with our pension they are up the creek and will be behind bars. (Enron) I don't care about that as much as paying my mortgage. Cross your fingers, and say your prayers. When I got let go, I had faith and passed on taking the lump sum.
I took the whole thing out and rolled it over to new employer 401k. I wouldn't trust anything coming from jcp these days - If offered, I'd take the whole thing and roll it over to an IRA or 401k plan. If jcp goes BK - all bets are off with the pension - no matter what you may hear.
I believe the PBGC covers the full amount up to a certain ceiling and with the amount your are getting you are under the cap. If the company goes bankrupt the Pension Benefit Guaranty Corporation takes over issuing payments. PBGC makes most pension benefit payments with electronic direct deposit, but you can make a request to receive a paper check instead. If your total benefit is $5,000 or less, you may request a one-time lump sum payment. You can have PBGC pay this lump sum directly to your IRA if you choose, which is considered a tax-free rollover of the funds.