Three Details for Getting Your Payment When and How You Want It
Once your first pension payment is issued, you will not be able to make different choices for your pension benefit payment option. However, you can make changes at any time before then. To do that, you would need to restart the entire process.
About 60 days after your last day worked, the RASC will recalculate your pension benefit using your actual final pay information. The benefit recalculation is part of the “true-up” process.
If you elect the Lump-Sum Cash Payment: Your payment will not be made until after the “true-up” is completed. It takes about 30 – 60 days to finalize your lump-sum payment election after the “true-up” process is completed. That means you would receive your lump-sum cash payment 90 – 120 days after your last day worked (60 days for the “true-up” process, plus 30 – 60 days to finalize the payment process).
Be mindful of the deadlines. You must return your Pension Election Authorization Form by the 10th of your last month worked to receive your pension benefit on the date you choose. If you return your Pension Election Authorization Form to the RASC after the 10th of your last month at Rockwell Automation, your pension payment will be delayed by one month. For example, if your last day worked is April 30 but you return your signed Pension Election Authorization Form to the RASC after April 10, here’s the earliest you would receive your benefit if you choose to start it right away: