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After nearly 20 years working for Texaco Incorporated, under what was called the Change of Control Agreement with Chevron, I was able to get a lifetime annunity amount under the Qualified Retirement Plan-Individual Life Annunity versus the other option which was to request an estimated lump sum value at a lesser amount that was subjected to taxes at the early age or wait until 55 years old. I decided to request a monthly lifetime annuity pension benefit check and chose to get a higher amount if i did not designate a survivor. As it turns out, once I turned 62 years old, the Plan Administrator decides to cut this amount $1,500 a year saying it has to do with Social Security benefits which I am not entitled to until my retirement age of 66 years old. One thing shouldn’t has to with the other and they have not been able to explain it any better nor provide me with documentation or any legal assitance.
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