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DELIDUDE

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Reply with quote  #1 
I understand Sysco is currently sending out Pension Buy out Offers to former employees.
I called the pension # 1-844-458-7426 but was not extended an offer.
worked there for nearly 10 years and am in my late 40s.
Anyone know the rhyme or reason to how they are selecting who to make the offers too?

Anyone else get the paperwork in the mail?

Details please? 
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MagicChef

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Reply with quote  #2 
I recieved a brochure the other day from Sysco in the mail that states of a lump sum payment option that could be collected in in as early as Nov 2016. The flyer says more info. will come in a few weeks for a chance of doing the lump sum payment. My daughter got a similar notice and she worked for TJ Maxx. We both do not work for these companies any longer so maybe you have to be a past employee, I don't know. Glad to post any additional info. that I recieve in the upcoming weeks.
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DELIDUDE

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Reply with quote  #3 
Quote:
Originally Posted by MagicChef
I received a brochure the other day from Sysco in the mail that states of a lump sum payment option that could be collected in in as early as Nov 2016. The flyer says more info. will come in a few weeks for a chance of doing the lump sum payment. My daughter got a similar notice and she worked for TJ Maxx. We both do not work for these companies any longer so maybe you have to be a past employee, I don't know. Glad to post any additional info. that I relieve in the upcoming weeks.


Please let us know how old you are and how long you worked for Sysco.
Also- please let us know the offer you received if possible. 

It seems that the people I know who have recieved offers are all in their 30s, left the company 7-8 years ago. Everyone in the upper 40 - 50 who left have not recieved offers.
       
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atiboy15

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Reply with quote  #4 
Quote:
Originally Posted by DELIDUDE
I understand Sysco is currently sending out Pension Buy out Offers to former employees.
I called the pension # 1-844-458-7426 but was not extended an offer.
worked there for nearly 10 years and am in my late 40s.
Anyone know the rhyme or reason to how they are selecting who to make the offers too?

Anyone else get the paperwork in the mail?

Details please? [/QUOTE

To my knowledge, you had to have at least 10 years of service before they ended the benefit several years ago in order to get vested under the Sysco pension program
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MagicChef

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Reply with quote  #5 
No not 10 years, It was 5 years. I left Sysco 7 years ago. I was with them for a little over 6 years. I just turned 46 this August. I would be glad to relay the info. when I get it.

I seen that there are really a few major points regarding cashing this in. #1 is if this money will be there when you plan to retire. Will there be a company, but more important does the plan have something called PBGC which from what I gather is when the plan is fully funded and is basically insurance that it will be there. The #2 that I seen was, was there a survivor benefit so it would go to ur significant other in case something happens to u. (This is what I read and I am not an expert so please double check) #3 and most important to me is, if I cash it and take the hit, how bad am i going to get jammed up at tax time. I already crushed it in my current sales job and I am scrambling for deductions so even if I was ok to cash out, I think it wouldn't be worth it. For me that is. Hard to say before I get the paperwork in the mail, but my daughter got her info. today. I am not hurting for cash at the moment and at a different point in my life than her. Hers is to cash it is 20% and and 10% more because if u are under 59-1/2 years old you get popped, so $7600 would be like $5G give or take. She would be paid $32 @ month for retirement if she waited for that so what's that anyway. She will probably take it, she is young and could use the $. Hope this info. helps, will let u know when I get mine.
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Dawghause

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Reply with quote  #6 
I would not trust Sysco to do the right thing for any employee. (former, retiree, Present or ex).
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DELIDUDE

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Reply with quote  #7 
Quote:
Originally Posted by MagicChef
No not 10 years, It was 5 years. I left Sysco 7 years ago. I was with them for a little over 6 years. I just turned 46 this August. I would be glad to relay the info. when I get it. I seen that there are really a few major points regarding cashing this in. #1 is if this money will be there when you plan to retire. Will there be a company, but more important does the plan have something called PBGC which from what I gather is when the plan is fully funded and is basically insurance that it will be there. The #2 that I seen was, was there a survivor benefit so it would go to ur significant other in case something happens to u. (This is what I read and I am not an expert so please double check) #3 and most important to me is, if I cash it and take the hit, how bad am i going to get jammed up at tax time. I already crushed it in my current sales job and I am scrambling for deductions so even if I was ok to cash out, I think it wouldn't be worth it. For me that is. Hard to say before I get the paperwork in the mail, but my daughter got her info. today. I am not hurting for cash at the moment and at a different point in my life than her. Hers is to cash it is 20% and and 10% more because if u are under 59-1/2 years old you get popped, so $7600 would be like $5G give or take. She would be paid $32 @ month for retirement if she waited for that so what's that anyway. She will probably take it, she is young and could use the $. Hope this info. helps, will let u know when I get mine.


Please do! Your situation is much closer to mine as far as age. Eager to hear what your offered.

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Stupid is as stupid does

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Reply with quote  #8 

They won't buy out your pension because you only have $100.00[bawl] That's why it's called food service RUMORS!
Quote:
Originally Posted by DELIDUDE
I understand Sysco is currently sending out Pension Buy out Offers to former employees.
I called the pension # 1-844-458-7426 but was not extended an offer.
worked there for nearly 10 years and am in my late 40s.
Anyone know the rhyme or reason to how they are selecting who to make the offers too?

Anyone else get the paperwork in the mail?

Details please? 
0
MagicChef

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Reply with quote  #9 
Here is what I got, I have to go to my accountant to advise me on my best choice.

There are options:

1) They want to offer me a lump sum of around 15G (I know I will have to pay 20% in taxes and another 10% cause I am under 59&1/2)

2) I could do nothing and when I (if I) reach 65 get around $250 a month for a guaranteed 5 years
(If I had 10 years vested (which I do not but maybe you do) you could request and eligible to collect at age 55

3) Or option #3 is to set up as an annuity which then comes out to about $70 for life

It's really not a big win fall, I mean it's good and all but, 15G won't change my life. If you have over 10 years then you have more options and probably about 25G or more to decide on.

My accountant is awesome and is going to put together the pro's and con's and get back to me. The deadline to make a selection is Sept 29 so there is plenty of time. When my guy gets me the info. on what is best to do, would gladly share on what was relayed.

Peace
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Mr Food

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Reply with quote  #10 
I'm sure they have set aside x number of dollars, and depending on how many people take the bait, they will have other offers as time passes.  I don't remember if the Sysco plan is a qualified or un qualified plan (I think its un qualified), but you should be able to roll it into a self directed IRA with out suffering a tax event now.



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san_dv

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Reply with quote  #11 
Hi. I worked for Sysco for 7 years from 99 to 2006. I was offered the lump sum and took it since it was fairly low anyway. I didn't see the point in waiting 25 years for $219 a month. I'll be 40 in November. I filled out the paperwork which was literally just verifying my name and address and checking the box to elect a lump sum payment. I received a letter stating that my paperwork had been received and my check should arrive 'by' late November. I'm hoping sooner. I could really use the money. I hope you get the offer as well. Good luck

Wen I receive the check I will update on the how much taxes they actually take out. I've heard the IRS will take 20% and state they claim not to know.
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MagicChef

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Reply with quote  #12 
I ended up letting my accountant roll it into an IRA so no penalties to do that. It was right for me cause I didn't need the money nor the additional income when I file for taxes.

San_dv : make sure u know it's 20% AND an additional 10% cause ur not 59-1/2 years old.
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san_dv

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Reply with quote  #13 
Yes, I'm aware. I'm sure that will probably cut it in half after all is said and done. But it's still better than waiting 20+ years for a couple hundred bucks a month.
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foodfantic

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Reply with quote  #14 
I am a former warehouse employee and did a combined 10 years between Sysco and Sygma. I left the cube in 2005 and I am now 43 years old.

 I received the packet and reviewed my options and chose the lump sum of 25k estimated. That is not life changing money by no means and the monthly annuity and retirement payout options were even less attractive to me. The best option is roll the money over but I am going to use the money to eliminate some debit. I am anticipating 15-17k depending if they withhold the state tax up front. 

If you are taking the lump sum beware this will also go into your taxable income for 2016 and you will owe more federal taxes in April. 
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Exsysco22801

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Reply with quote  #15 
I worked for sysco for 12 years and only get 12k before taxes . Im 42
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ballplayer01

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Reply with quote  #16 
Has anybody heard anything i don't want my check sitting in my mailbox that long I'm on the road for 1.5 to 2 weeks at a time
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