NCR payout offer: 3 things to know

This sign off the former NCR World Headquarters building off South Patterson Boulevard anchored an exhibit about the company at Carillon Historical Park’s Heritage Center of Manufacturing and Entrepreneurship in 2011.
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This sign off the former NCR World Headquarters building off South Patterson Boulevard anchored an exhibit about the company at Carillon Historical Park’s Heritage Center of Manufacturing and Entrepreneurship in 2011.

NCR is giving certain eligible former employees and their beneficiaries a big financial decision to make by late October.

The company is offering certain retirees and former employees a lump-sum pension “payout” option.

NCR called Dayton home for nearly 125 years, so there are plenty of retirees and ex-employers who may have questions. Here’s what to know about the offer right now.

Here's who is not eligible, according to NCR: Pension plan participants who started receiving monthly pension payments before April 1, 2017; plan participants who were active employees of NCR on or after January 1, this year; participants who are or will be age 70-and-a-half as of December 31 — and anyone else deemed ineligible by the pension plan administrator.

2. It’s voluntary.

And it’s a one-time deal. Those are key points. The company said those eligible can take a “one-time lump sum payout” rolled over to an IRA account or another employer’s qualified plan (if permitted by that plan). The one-time payout can also go into NCR savings plan accounts — or be paid in cash in December.

Those eligible can also opt for monthly annuity payments starting in December. Or they can stick with their normal pension options. (In a press release, NCR calls that choice: “Take no action.”)

3. When is all of this happening?

Beginning now, basically. Those eligible should start receiving offer materials today. The offer period opens Sept. 6 and closes Oct. 20. Lump sum payouts and monthly payments will be made in December.

For more information, visit here.

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