Power Company Employees

Thank you for keeping the lights on

On behalf of everyone at Keystone, we want to express our utmost appreciation to the great men and women that work so hard for us every day, making sure we have consistent and reliable power.  Thank you to all of the dedicated linemen for keeping the lights on!

Retirement Planning for Power Company Employees

Since 2005, Keystone Financial Services has been working with Power Company Employees all over the southeast, specializing on the intricacies of the Power Company Employees Pensions and Savings Plans. We offer complimentary education workshops for employees of Fortune 500 Companies where we help these Power Company Employees make irrevocable retirement decisions, such as choosing which pension option may be better for them. We understand the stress that Power Company Employees and their families undergo, including the pressure that is involved with this particular industry. We know and appreciate how hard it is to keep the lights on. Therefore, we have created a turnkey retirement program to educate employees about the retirement process. If you are interested in attending a workshop, please let us know and we will provide you with the upcoming dates in your area. 

Please fill out our contact form and a representative in your area can reach out to you.

Power Company Employees

You have a tremendous benefit package through your employer. Unfortunately, it is also very complex, and misunderstandings are common both from employees and human resource personnel alike.

We are Financial Planners and have had extensive experience working with Power Company employees. This gives us a depth of knowledge and an understanding of how to help you utilize your employee benefits. If you are planning for retirement, optimizing your company benefits can provide great advantages for you.

We have provided this page as a resource to help guide you through some important areas regarding your benefits. If you have additional questions or would like information on whether our services may be appropriate for you, please feel free to contact us directly.

Please note that this information in general in nature, and that your Power Company benefits are subject to change. Your benefit package may vary from that described depending on your situation. Ensure that you completely understand YOUR benefits package before making decisions.

Useful Documents for Power Company Employees:

• Summary Plan Description for Pension benefits
• Summary Plan Description for Employee Savings Plan (ESP)
  

Frequently Asked Questions Regarding Your Benefits:

Q: Isn’t my pension guaranteed income for life? Is it safe?
A: Your pension benefit is guaranteed, subject to the ability of your employer to continue making payments in retirement. We urge you to look at the 2019 Annual Funding Notice to really understand the current solvency of the pension. (See your Pension Summary Plan Description and Annual Supplement).

Q: I heard that there is a Lump Sum Option for my Pension?
A: Depending on your years of service or your hire date there may be a Lump Sum Option available.

Q: Can I access my 401(k) after I turn age 59 1/2 if I am still working?
A: Yes, Southern Company, through their administrator Merrill Lynch, allows many employees to rollover all or a part of their 401(k) funds to a self-directed IRA once they have turned age 59 1/2 – even if they are still employed. This gives you the opportunity to consider converting some of these funds to tax-free Roth accounts before you leave employment and utilize options not available inside the limited 401(k) plan options. If done properly, there will be no taxes due when transferring these funds to an IRA.

Retiree Medical Questions:

• How much do I pay?
• How long will coverage last?
• What plans can I choose from?
• What happens when I am eligible for Medicare?
• Can my younger spouse continue regular healthcare after I am eligible for Medicare?

You may have retiree medical benefits available when you retire. You need to become familiar with these benefits, and the eligibility requirements. The most recent summary plan description can be requested online or through HR.

Your benefits may be changed or eliminated in retirement. While you want to take full advantage of your benefits so long as they are available, you should also have a clear plan of what to do should they be reduced or rescinded in the future.

Other questions to be addressed:

• How much income can I get from my 401(k)?
• How are Social Security, Pension income and my 401(k) taxed in retirement?
• Do I have enough life insurance?
• Do I need long term care insurance? Isn’t that covered by the health insurance?

*Keystone FInancial Services & IFG are not affiliated with Southern Company. Southern Company and its affiliates do not endorse, sponsor or otherwise approve of the products and services offered by Keystone Financial Services or Independent Financial Group, LLC (IFG). The products and services offered by Keystone Financial Services are independent of and not in any way affiliated with financial services and products made available to employees of Southern Company and its affiliates.