Attention: Pension Eligible Meijer Employees
Important Information Regarding Your Upcoming Pension Decision
What You Should Know
Meijer is transitioning their pension plan to an insurer - and those who are not yet receiving a benefit have a decision to make. Your decision will impact your financial future. While it might sound scary, it's a tremendous opportunity for you to evaluate what is best for you and your future. You have a limited time opportunity to make this decision.
My advice to you is to carefully evaluate your options before making a decision. For many of you, the lump sum option may provide you with some flexibility that you didn't have with your pension until this one-time opportunity. However, that may not be the right decision for everybody.
Meijer has provided a decision guide that outlines your options (HERE). However, should you choose the lump sum option, you will have other decisions to make and options made available to you. That is where a financial advisor can assist you.
During our conversation, we'll discuss your personal situation and evaluate whether the lump-sum option even makes sense for you to consider. If it does, I'll discuss the options you could consider so that you have all of the information needed to make an educated decision.
Frequently Asked Questions
Q: When do I need to make a decision by?
A: Your decision must be elected by September 6, 2024. Time is of the essence.
Q: Are you affiliated with Meijer?
A: No, I'm an independent fiduciary advisor affiliated with RichMark Private Wealth Management. As mentioned in the video, I have become very familiar with the Meijer pension plan and options available over the past few months as a result of numerous conversations and research with the Meijer pension team and employees of Meijer who are in a similar position as you.
Q: Is there a cost to meeting with you?
A: No. There is not a cost associated with having a consultation. Should you decide that me and my team might be a good fit to work with you down the road for your financial planning needs, there may be costs associated with working with us depending upon what you choose to do with your investments. However, the most important thing at the moment is getting some clarity on your Meijer pension decision - and that comes with no cost or obligation whatsoever.
Q: How do I know if I'm eligible for this pension buyout?
A: The pension plans were closed to new entrants in 2011. If you were hired after 2011, you are not eligible for pension benefits. You can also log in to Meijer Rewards to check the status of your pension eligibility by clicking the “Savings & Retirement” tab or calling the Meijer Pension Center at 1-866-697-0179.
Q: Did Meijer provide a website with information?
A: Yes. The informational website can be found at www.meijerpensiontransition.com
Q: I'm actively working and don’t want to retire. Am I being forced to retire?
A: No. This is an administrative change. During this transition, you have a special opportunity to elect a lump-sum payment or roll over funds into an IRA or your Meijer 401(k) plan. If you do not choose a lump sum, an insurer will pay pension benefits to you when you are ready to take them. My role is helping people evaluate what might be the best road for them.
Q: I have questions. Can I email you directly?
A: Of course. If you can't find a time on my schedule that works for you, or you simply want to ask a question, feel free to email me directly at bzimmer@richmarkpwm.com . With the decision window coming to a close, we want to help anybody that has questions as quickly as possible.