ibmpension

Re: Northern Trust communocations.....?

linton4@... (Ron Linton) — Wed, 02 Apr 2025 17:07:39 -0700

Northern Trust is the Trustee for the IBM US Pension Fund, and they manage the investments in the fund. Fidelity manages the bookkeeping for the fund and also payments to the retirees. Any 1099s should come from Fidelity, not Northern Trust. If your pension was converted to an annuity with Prudential, then the 1099 would come from Prudential.

On Wednesday, April 2, 2025 at 09:32:05 AM EDT, daveleenc via groups.io <daveleenc@...> wrote:

Northern Trust seems to have a role in (at least some) pensions in the UK. https://www.globalcustodian.com/northern-trust-appointed-custodian-800m-uk-pension-fund/?utm_source=chatgpt.com

dave

Re: Northern Trust communocations.....?

andrew.dana.schmidt@... (Andrew Schmidt) — Tue, 01 Apr 2025 06:32:55 -0700

"Northern Trust"?? AFAIK, it's Prudential and (for some) Metlife. If that's indeed the case, Northern Trust isn't in the picture and that's why you aren't getting anything from them. Or am I missing something?

--
Laissez les bons temps rouler!
Regards -
- Andrew
http://www.arrl.org, The National Organization for Amateur Radio &
http://bit.ly/VCWPAVA, Volkssport Club at West Point, a member club of the American Volkssport
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Re: Northern Trust communocations.....?

tim.johnson@... (Tim Johnson) — Mon, 31 Mar 2025 10:11:29 -0700

Mark,

Go to the Prudential web site (https://www.prudential.com), and create an account as an IBM retiree. You will then be able to see what your want and get an e-mail when your benefit is paid.

On 3/31/2025 8:00 AM, Mark Buchanan via groups.io wrote:

[email protected]">
now that northern trust is trustee of the pension, we no longer get monthly statements on payments. in fact we get zero from either ibm or northern trust. am i missing something?

--

Tim

Timothy A Johnson, Tucson, AZ (www.sbb-bls-bahnen.com)Member of European Train Enthusiasts (www.ete.org)

Northern Trust communocations.....?

markeb26@... (Mark Buchanan) — Mon, 31 Mar 2025 08:00:58 -0700

now that northern trust is trustee of the pension, we no longer get monthly statements on payments. in fact we get zero from either ibm or northern trust. am i missing something?

Med B supplement

mbient@... (Teflon) — Fri, 03 Jan 2025 11:04:47 -0800

Recent switch from Fidelity to Prudential annuity did not include the $24.80 Med B supplement. Any other pre-1990 retirees suffer the same fate? Any recourse?

Re: How much to leave in FHA to preserve come back options?

merlincp2@... (amphi_sc) — Sat, 14 Dec 2024 07:33:20 -0800

Thanks Ron, good to know.

Re: How much to leave in FHA to preserve come back options?

linton4@... (Ron Linton) — Fri, 13 Dec 2024 23:45:28 -0800

According to the Summary Plan Descriptions, the FHA and HRA are treated differently in terms of continued access to the IBM plans.

Prior to age 65, you should keep at ;least $1 in the FHA to be eligible to return to the IBM pre-Medicare insurance plans if you drop out of the IBM plans for a time.

Once you are 65 and become eligible for Medicare, the FHA converts to the HRA. Under the current rules, as long as you were eligible to enroll at age 65, you will always be eligible to return to the IBM MA plans in the future if you drop out for a while, even if you have a $0 HRA balance.

I used all of my HRA funds and have a $0 balance. I have not been enrolled in the IBM MA plans for the last 2 years, but have been eligible to enroll during open enrollment each year, so I know this really works.

IBM could choose to change the rules in the future, so if you are really worried, leave $1 in the HRA.

How much to leave in FHA to preserve come back options?

merlincp2@... (amphi_sc) — Fri, 13 Dec 2024 20:47:37 -0800

I'm leaving the UHC Advantage plan at the end of this year. I've spent my FHA funds as fast as I could and have just a little left. How much should I leave in there to be significant to preserve the privilege of returning to the IBM medical plans in the future? If returning would ever make sense for some reason, just thinking to keeping that option open. I have $104 left in there now, and could easily submit another $50 in reimbursement claims. With just a little digging through on-line billing receipts I could even drain it completely to just pocket change above zero dollars. Or have I already spent it too low and should just claim it all?

What's the group consensus on what to leave in the FHA knowing I may never want to come back, but "just in case" to preserve the option?

Re: How to terminate IBM's place C to revert back

merlincp2@... (amphi_sc) — Fri, 08 Nov 2024 00:50:11 -0800

After 53 minutes on the phone with an IBM retiree UHC CSR, we got to a page for the disenrollment process forms.

https://www.uhc.com/medicare/resources/disenrollment-information.html

Other than too many copays, the IBM UHC plan C worked out okay while I spent my FHA money down to just a couple hundred bucks left by the planned normal 12/31 disenrollment date.

Re: How to terminate IBM's place C to revert back

linton4@... (Ron Linton) — Sat, 02 Nov 2024 11:37:18 -0700

Are you exercising your 1 year trial rights to return to original Medicare, or are you beyond the trial limit window?

Without trial rights, you may have difficulty enrolling in a Supplemental plan without having to go through medical underwriting, unless you live in CT, MA, ME or NY, where it is prohibited.

If you have trial rights, you can switch at any month within the 1-year window. Without trial rights, you may have to stay with the MA plan through the end of the year.

Here is what to do if you have trial rights:

First, you must call UHC and tell them you want to disenroll from the Advantage plan. Your last day of coverage will always be the last day of a month, so pick a date like Oct 31 or Nov 30 (assuming your trial ends on Dec 31.) This will give you some extra time to correct anything that goes wrong before the 1-year time limit expires. Make sure they get the date right! Some retirees found that UHC cancelled their coverage a month earlier than they requested.

You can call Medicare and tell them as well, just to be doubly sure.

That will create a Special Enrollment Period, allowing you to enroll in a Supplemental Plan and a Part D RX plan.

UCH will mail you a termination of coverage notice making it official. This should arrive in 7-10 days.

Under Medicare’s Trial Rights, if you were in a Supplemental plan prior to enrolling in the Advantage plan, then you can only return to the same plan with the same company that you were previously in, as long as it is still being sold. If it is no longer being sold, then you can enroll in other Supplemental plans, even from other companies. If you were not previously enrolled in a Supplemental plan, then you can purchase any plan from any company.

Call your previous supplemental plan provider and tell them you want to return to your old plan by exercising your Trial Rights.

An insurance company cannot sell you a Supplemental policy more than 60 days before your termination date. They may request a copy of the termination letter.

You can also enroll in a Part D plan in this special enrollment period. It doesn't need to be the same plan that you had before.

To help make things go smoothly, you may want to go through a Medicare broker, like Via Benefits or Boomer Benefits rather than doing all the legwork yourself. It doesn't cost more if a broker handles it.

Re: How to terminate IBM's place C to revert back

shadowberr@... (Richard Berry) — Sat, 02 Nov 2024 07:08:36 -0700

Sorry I have no idea. I refused IBM's UHC plan and stayed with traditional Medicare - so glad I did. After three major surgeries my Blue Cross of Texas supplemental coverage has been outstanding.

You may get additional responses on the Facebook IBM Retirees Group.

Dick

How to terminate IBM's place C to revert back

merlincp2@... (amphi_sc) — Sat, 02 Nov 2024 01:07:04 -0700

I must be overlooking some link someplace but how do I get out of UHC completely and back to original Medicare B. I see how to CHANGE to a different Advantage Plan C but not how to drop out of Advantage plans entirely.

Thanks

Re: Judge dismisses pension payment ERISA lawsuit against IBM

amboisvert@... (BigAl) — Mon, 08 Apr 2024 11:34:51 -0700

I am shocked. IBM is much better at financial engineering than computer engineering.

Always has been, always will be.

Judge dismisses pension payment ERISA lawsuit against IBM

choicer27yrs@... (Roy Barnes) — Mon, 08 Apr 2024 11:06:52 -0700

https://www.pionline.com/courts/ibm-pension-plan-lawsuit-thrown-out-over-missed-deadline

Re: NY Times Business Article on changed IBM Pensions

marco.rentals@... (Randy Egan) — Wed, 14 Feb 2024 06:10:34 -0800

They could negotiate with the insurance companies on how much money to send to the insurance company to get the increased payout. But a one-time cola will never happen. Us retired employees are no longer a concern of theirs.

Re: NY Times Business Article on changed IBM Pensions

merlincp2@... (amphi_sc) — Wed, 14 Feb 2024 06:01:32 -0800

And then what about those retirees whose pension payments were off loaded to an insurance company annuity and this off IBM's control and books. How could an equitable cola be made.

Re: NY Times Business Article on changed IBM Pensions

marco.rentals@... (Randy Egan) — Tue, 13 Feb 2024 08:21:57 -0800

And of course this pension fund surplus dissappears at the next stock market crash. Right now it's happy days are here again.

Re: NY Times Business Article on changed IBM Pensions

rjpeak@... (RUTH PEAK) — Tue, 13 Feb 2024 07:16:25 -0800

hmm .... "IBM is using a surplus in its pension fund to simultaneously change its employee benefits package and help the company’s finances." ...

Wouldn't it be nice if IBM decided to give a 1-time COLA from its' pension fund to retirees ?? Certainly that would be a writeoff too ????

Ruth Peak

On Monday, February 12, 2024 at 09:30:08 AM EST, Andrew Schmidt <andrew.dana.schmidt@...> wrote:

Jeff Sommer dedicated his weekly Sunday Business Section "Strategies"

article to the changed IBM pension plans yesterday, 11 February 2024.

Hopefully this link works for you, if not, there's always your local

library!

https://www.nytimes.com/2024/02/09/business/ibm-pension-plan.html?unlocked_article_code=1.U00.ylH_.ZmIJ0meU9UQg&smid=url-share

- Andrew

NY Times Business Article on changed IBM Pensions

andrew.dana.schmidt@... (Andrew Schmidt) — Mon, 12 Feb 2024 06:30:04 -0800

Jeff Sommer dedicated his weekly Sunday Business Section "Strategies" article to the changed IBM pension plans yesterday, 11 February 2024. Hopefully this link works for you, if not, there's always your local library!
https://www.nytimes.com/2024/02/09/business/ibm-pension-plan.html?unlocked_article_code=1.U00.ylH_.ZmIJ0meU9UQg&smid=url-share

- Andrew

Re: Continual pension plan changes for the currently working

cleroks@... (Bob Young) — Sun, 11 Feb 2024 11:53:45 -0800

Matt, the 112 page PDF came through just fine.

Thank you.

Bob Young