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2008 Lump Sum Pension Calculations for Employees in VTP Universes
We received the following from Avaya regarding the 2008 Lump Sum Pension Calculations for Employees in VTP Universes.
In Unity,
Ralph V. Maly, Jr.
Vice President C&T
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Subject: 2008 Lump Sum Pension Calculations for Employees in VTP Universes
There have been inquiries over the following language on the My Total Rewards site relative to lump sum pension calculations:
"Your lump sum estimate is based on the 2007 interest rate as defined under the pension plan. The 2008 calculation of lump sums will change based on new provisions of the Pension Protection Act of 2006 and will be updated on your April 1, 2008, MTR statement."
Employees in titles and GCAs/RCAs where a VTP is being offered interested in accepting the offer and wanting to know their 2008 lump sum calculation should contact the Avaya Pension Service Center, identify himself/herself as an employee in the VTP universe and request the calculation. The Pension Service Center will provide this calculation within 48 hours.
Lucille Finocchio
Avaya Represented Center of Excellence
Labor Relations