Results for Pension
Choosing a Lump-Sum Payment Option
You decide how you want your pension benefit paid to you—as monthly payments or a lump-sum payment. Here is your lump-sum payment option choice.
|Pension Payment Options|
|Lump-Sum Cash Payment|
Available to everyone
How Long Benefits Are Paid
NOTE: If you don’t directly roll over your lump-sum payment, the IRS requires that 20% automatically be withheld and you will have to pay additional income taxes at tax filing time if the 20% withholding amount is not enough. If you are under age 59½, early withdrawal taxes may apply. Your payment is also subject to state and local income taxes where applicable. Some states, such as Ohio, require automatic state tax withholding, and you may be required to pay additional taxes at tax filing time if the amount withheld is not enough.
Why Choose It
NOTE: If you’re married when payments begin, you may be required to submit spousal consent to choose this payment option.
Still Have Questions?
What to Do After You Leave the Company: If You Elect a Lump-Sum Cash Payment
Your entire pension benefit will be paid to you after you leave the Company, and there is nothing further you need to do when it comes to your pension benefit, unless you move during the same year your benefit is paid to you. In that case, you will need to inform the RASC of your new address so that the appropriate tax forms may be sent to you.
Seek Financial Advice for Retirement
You have some important choices to make before you retire. Trusted investment advisors, tax specialists or attorneys can help you make decisions that are best for you and your financial situation. To give your financial advisors a better idea of the retirement benefits you get from Rockwell Automation, it’s a good idea to share your important benefits-related documents with them, such as:
- The Summary Plan Descriptions (SPDs) for your retirement benefits (Pension Plan, Retirement Savings Plan and Retiree Medical)
- Your most recent benefits statements (Pension Plan benefit estimate from Your BenefitsTM or the RASC and Retirement Savings Plan account statements from Fidelity)
- Your beneficiary designations (from Your BenefitsTM and Fidelity)
- Your Guide to a Hassle-Free Retirement
You can download copies of your SPDs and Your Guide to a Hassle-Free Retirement by going to Your BenefitsTM, or you can request copies be sent to you by calling the RASC.