2015 AON Hewitt change

Share your concerns and experiences with your pension.

2015 AON Hewitt change

schnu
Joined: 30 Jan 2015, 22:09

30 Jan 2015, 22:38 #1

Did you read the mailing carefully? Today should be payday. In line 2 of that letter, it says "There are no changes to your pension benefit and the transition to Aon Hewitt is automatic." Did anyone else notice the change? I HAVE NOT BEEN PAID ! After 13 years, they now change when direct deposits are made. Well, it will affect everyone since checks will have a different date on them as well. This is not nice, simply put. Why did they not warn us? I have filed a formal complaint with the ethics committee so someone will look into this. I do not expect it to change, but someone should know that a change was made and that the letter L I E D. Hope you've got something in the freezer, cause you won't be in the grocery store til Monday.

http://www.alcatel-lucent.com/contact-us Compliance Hotline at the bottom of the page.
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mendomann
Joined: 09 Jun 2008, 21:40

04 Feb 2015, 20:43 #2

It's true in the past if the 1st of the month fell on a weekend we received our pension payment on the Friday before. 2/1/15 was on a Sunday and I was also expecting my pension to be electronically paid on 1/30/15. I received it Monday, 2/2/15. As long as they are consistent every month I don't have a problem.
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lucentretirees
Site Admin
Joined: 27 Dec 2006, 23:00

07 Feb 2015, 16:56 #3

The LRO asked Alcatel Lucent and they replied
When payment date falls on a weekend ING paid on Friday – Aon-Hewitt pays on Monday.
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jee000
Joined: 16 Dec 2009, 16:18

13 Feb 2015, 19:48 #4

Excuse me but is this a good enough answer? There would be 3 days float on Hewitt holding that check which, all totalled, would be a lot of money. I hope the LRO pushed back on that reply or got a much better explanation of why.
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lucentretirees
Site Admin
Joined: 27 Dec 2006, 23:00

15 Feb 2015, 18:31 #5

That's a good follow up question. A quick search shows that it's not unusual. For example the PBGC the Federal Agency which insures our pension funds collects it's premiums from our pension fund with the following explanation:"If the Normal Premium Due Date falls on a Saturday, Sunday or Federal Holiday, the due date is automatically extended to the next business day."
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jee000
Joined: 16 Dec 2009, 16:18

17 Feb 2015, 15:56 #6

Thanks but who benefits from the float -- the pension fund I hope and not Hewitt. That is the point. Twenty years ago Lucent paid the last day of the month and then changed. Seems like mission creep is going on. If it benefits the pension fund, that is good, if it benefits the vendor, that does not help us at all unless it results in lower premiums the plan pays the vendor.
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