Winners will continue working for company
New Jersey State Lottery officials today confirmed that the 10 employees of Chubb Insurance who last week claimed the winning Mega Millions ticket would be awarded a total of roughly $140 million before taxes.
The 10 workers went on Friday to Lottery headquarters where there ticket was validated and they held a brief press conference.
All 10 of the workers have said that they will not retire but will return to Chubb Insurance in Whitehouse Station where they work in the Information Technology department.
William T. Jourdain, Acting Executive Director of the New Jersey Lottery said the following in a statement issued today:
"We are very pleased to announce that, after conducting the necessary verification and validation procedures that the Lottery takes with all top-tier winners, Robert and his fellow Chubb employees have become ten of New Jersey's newest multi-millionaires."
Anne LaFontaine of Summit laughs along with Todd Ellis and fellow winner Joanne Roth during the press conference. Winners of the Lottery Mega Millions all work at Chubb Commercial Insurance IT department in Whitehouse Station during a press conference.
Verification takes *that* long?? I thought these lucky folks won a couple of weeks ago.
Is the Lottery Commission going to pay them lost interest too?
I always thought it took about 2 weeks, which is why I wish we could remain anonymous in FL. Apparently these winners aren't too shaken up about getting their names/pictures in the news.
By the way, I believe that the winners always get the interest, but not sure. Can anyone confirm this? In other words, if you claim a prize after 6 months, does the payment include the interest accrued from the annuity during that period?
The lottery doesn't buy the bonds until the prize is claimed and that is if they want the annuity. The players don't get the interest. I would assume the lottery gets to just collect the interest when it posts to the bank account that they use to keep the prize money in.
Brad
I've also heard or read someplace that it can take a while for all states in a particular game to turn in their "take" for a given drawing. One piece said it can take up to 2 weeks for all states to turn in their receipts .. I guess it depends on the game and how big the jackpot was. Apparently the "verification" is not just proving the ticket is legit, that the winners don't owe any back taxes or child support, but also includes verifying exactly how much money was in the jackpot at the time the drawing was held
No, the winners waited before officially redeeming their winning ticket. Their previous big press conference was not a lottery-sponsored event, and they did it a long time before redeeming the ticket.
All of the workers said that they are going back to work and they are not retiring. (Which I think is fine if they want to continue working.) But I wonder how many of them are going to change their minds and give their two weeks notice?
Is it me or what? From $212 million to $140 million to what next....taxes yah right! this is really crazy...
Congrats to them again.
I think they are being smart. 10 people sharing $140 millions. Each people gets far less than $14 mil if he/she choose cash value.
Well, the $212 million amount was the ANNUITIZED JACKPOT; the $140 million is the ACTUAL CASH VALUE. In NJ, when you purchase your MM ticket, you have to specify at that time if you want the annuitized amount ($$ received over 26 year span) or the lump sum cash value (give me all the cash RIGHT NOW). The person who purchased the ticket chose the lump sum amount. So no, they didn't lose any money and yes in both cases, federal income taxes will be withheld.
Wrong dude. The $140 million amount is the cash value prize amount (the annuitized jackpot amount was $212 million). So I calculate after federal taxes are withheld, each of the 10 will receive approximately $10.5 million.
Wrong dude. They will get less that. like 8.5 million.
I don't find it fine for them to go back to work. In todays economy EVERY job is important and thats 10 jobs that could 'open' up for other people who need the job.
For young, healthy people, $8.5m is not enough to quit working unless you do not intend on spending any and you are pretty sure you can get income. In THIS economy, passive income earnings is not a good bet.
I don't find it fine for people to think once you win the lottery, you give up your right to work.
I would sure take 8.5 million cash. That's more than enough if you don't blow it. If you made 50,000 dollars a year for 40 years that would be 2 million before taxes. So how do you figure 8.5 million isn't enough ? A secure CD at 3.5 % would be almost 300,000 annually on the whole amount.
Even if you spent half of the money you would make 150,000 annually on the interest on the remainder.
8.5 million is more than enough.
Check yo'self before you wreck yo'self.