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Chevron Interest Rates Decline, Raising Lump-Sums

Aug 19, 2021 3:02:31 PM
written by Wesley Boudreaux of The Retirement Group (800) 900-5867

 

Chevron interest rates decreased 0.19% in the second segment for those who commence their benefit in October 2021. This is the first time in several months that interest rates have dropped this much, and the result will be slightly larger lump-sums for those retiring in October. When Chevron employees elect the month they would like to begin their pension, Chevron looks back to the third, fourth, and fifth month's rates to calculate the rates used for the pension disbursement. When interest rates move up or down, your pension lump sum amount will move in an inverse relationship. Through the pandemic, interest rates have dropped dramatically which has greatly increased many lump sum payments. This trend culminated in record lows for individuals who commenced their benefits in December of 2020. However, since December, rates have increased, causing a reduction in pension lump-sums.


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posted in Pension, Interest rates

ExxonMobil Interest Rates Trend Downward, Approaching Year End

Aug 17, 2021 12:00:00 AM
written by The Retirement Group

 

Interest rates are tending downward, if this trend continues it will increase the value of ExxonMobil employees' pension lump-sums. The IRS has recently released the Segment rates for the month of July, recorded at: 0.63% / 2.51% / 3.10%. Over the course of 2020, interest rates at ExxonMobil dropped dramatically, which greatly increased many lump sum payments. This culminated in record low rates for individuals that commence their benefits in the first quarter of 2021. However, we saw an increase in rates for the second & third quarters of 2021 and now fourth quarter rates have risen slightly higher. Rates rose roughly 0.04% in the most significant segment, in the last quarter. The short, medium and long term rates released by the IRS have displayed a slight decrease. Even though blended rates for the first quarter of 2022 will not be known until mid October, this recent trend downward might be an early indicator of good news for ExxonMobil employees opting for a lump-sum.


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posted in Financial Planning, Lump Sum, Pension, Retirement Planning

AT&T Pension Plan

Aug 15, 2021 9:03:00 AM
written by The Retirement Group

If you work for AT&T and are nearing your Retirement Years this information will apply to you specifically.

AT&T History

AT&T has a complicated history of breaking up and merging back together. In 1984 the giant corporation was split into regional telecommunications companies known as the "Baby Bells." Since the break-up, these companies have merged once again to form the present-day AT&T.  Due to AT&T's mergers, understanding the complexities of the pension plans can be a challenge. Click the button below to get in contact with an AT&T specific advisor here at The Retirement Group.


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posted in Financial Planning, Lump Sum, Pension, Retirement Planning, AT&T

ConocoPhillips Interest Rates Trend Downward, Good News for Employees

Aug 15, 2021 12:00:00 AM
written by Tyson Mavar RICP® of The Retirement Group (800) 900-5867

 

Interest rates are trending in the right direction for ConocoPhillips employees, considering the lump sum option on their pension payment. Interest rates dropped for individuals that commence their benefits in Q4 2021. Over the course of 2020, interest rates dropped dramatically, which greatly increased many lump sum payments. However, interest rates have been on the rise since Q1 2021. A drop in Q4 indicates a shift in the trajectory of interest rates. If this continues, lump-sums will rise again in Q1 2022. Should you desire to take your pension as a lump sum, ConocoPhillips will use interest rates and your age to calculate your lump sum payment. When interest rates move up or down, your pension lump sum amount will move in an inverse relationship (except for Cash Balance Pension Lump Sum payouts). Even though it is too early to know blended interest rate figures for next quarter, July figures were just released, and they are lower than the previous month, which may be good news for ConocoPhillips employees electing a pension lump-sum. July segment rates were recorded at: 0.63% / 2.51% / 3.10%.


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posted in Pension, Interest rates

Social Security Retirement Benefits

Aug 8, 2021 11:55:00 AM
written by The Retirement Group

Social Security was originally intended to provide older Americans with continuing income after retirement. Today, though the scope of Social Security has been widened to include survivor, disability, and other benefits, retirement benefits are still the cornerstone of the program.

How do you qualify for retirement benefits?

When you work and pay Social Security taxes (FICA on some pay stubs), you earn Social Security credits. You can earn up to 4 credits each year. If you were born after 1928, you need 40 credits (10 years of work) to be eligible for retirement benefits.


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posted in Financial Planning, Lump Sum, Pension

AT&T Healthcare & Interest Rates Changing in 2022

Aug 1, 2021 1:43:00 PM
written by The Retirement Group

Whether you live in Texas or Puerto Rico, you’ll receive quite a bit of useful information from this article. AT&T announced that there will be significant changes made to retiree’s healthcare benefits. Traditionally, when a retiree is eligible for Medicare (For most people this is at age 65), their primary health insurance is switched from the AT&T plan to Medicare.

New call-to-action

As many of you know those who retired after January, 1st 2021 no longer receive a healthcare reimbursement account from AT&T which helps cover things like out-of-pocket costs, incremental coverage, or supplemental coverage.


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posted in Healthcare, Pension, Interest rates

Chevron Interest Rates Trend Downward, Slightly Pushing Lump-Sums Up

Jul 21, 2021 2:25:58 PM
written by Wesley Boudreaux of The Retirement Group (800) 900-5867

 

Chevron interest rates decreased 0.07% in the second segment for those who commence their benefit in September 2021. This is the first time in several months that interest rates have dropped, and the result will be slightly larger lump-sums for those retiring in September.  When Chevron employees elect the month they would like to begin their pension, Chevron looks back to the third, fourth, and fifth month's rates to calculate the rates used for the pension disbursement. When interest rates move up or down, your pension lump sum amount will move in an inverse relationship. Over the last year, interest rates have dropped dramatically which has greatly increased many lump sum payments. This trend culminated in record lows for individuals who commenced their benefits in December of 2020. However, since December, rates have to increased, causing a reduction in lump-sums.


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posted in Pension, Interest rates

ExxonMobil Interest Rates Continue to Rise through the Fourth Quarter

Jul 20, 2021 8:00:00 AM
written by The Retirement Group

 

Interest rates increased, which will minimally reduce the value of ExxonMobil employees' pension lump-sums. Over the course of 2020, interest rates at ExxonMobil dropped dramatically, which greatly increased many lump sum payments. This culminated in record low rates for individuals that commence their benefits in the first quarter of 2021. However, we saw an increase in rates for the second & third quarters of 2021 and now fourth quarter rates have risen slightly higher. Rates rose roughly 0.04% in the most significant segment, in the last quarter.  


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posted in Financial Planning, Lump Sum, Pension, Retirement Planning

ConocoPhillips Interest Rates Decrease, Raising Lump Sums

Jul 15, 2021 4:00:00 PM
written by Tyson Mavar RICP® of The Retirement Group (800) 900-5867

 

Interest rates are trending in the right direction for ConocoPhillips employees, considering the lump sum option on their pension payment. Interest rates dropped for individuals that commence their benefits in Q4 2021. Over the course of 2020, interest rates dropped dramatically, which greatly increased many lump sum payments. However, interest rates have been on the rise since Q1 2021. A drop in Q4 indicates a shift in the trajectory of interest rates. If this continues lump-sums will rise again in Q1 2022. Should you desire to take your pension as a lump sum, ConocoPhillips will use interest rates and your age to calculate your lump sum payment. When interest rates move up or down, your pension lump sum amount will move in an inverse relationship (except for Cash Balance Pension Lump Sum payouts).


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posted in Pension, Interest rates

Will Q4 ExxonMobil Interest Rates Continue to Rise?

Jun 21, 2021 1:30:00 PM
written by The Retirement Group

 

Interest rates are increasing which will reduce the value of ExxonMobil employees' lump-sums. Over the last year, interest rates at ExxonMobil have dropped dramatically, which has greatly increased many lump sum payments. This culminated in record low rates for individuals that commence their benefits in the first quarter of 2021. However, we saw an increase in rates for the second quarter of 2021 and now third quarter rates have risen even higher.  Rates have risen roughly 0.5% in the most significant segment, just in the last quarter.  If this trend continues, we could see a significant reduction in ExxonMobil lump-sum values. ExxonMobil's 4th quarter rates will be released next month, but early signs show they appear to be trending upward.


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posted in Financial Planning, Lump Sum, Pension, Retirement Planning

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