Thread regarding Ford layoffs

ATTN: Ford Retirees receiving Pensions - State Street's Feb 2024 Statement is WRONG.

State Street's Feb 2024 Pension Statements (they send by mail for random months) have the wrong 'Current' month amount for the Federal Tax Deduction ,
(compared to actual Pension info on MyFordBenefits - Pension).

More importantly, the corresponding Federal YTD is very wrong. It is not reflecting the addition of either the wrong or correct Current month amount.
YTD Deduction info is Not available anywhere else (not even in MyFordBenefits).

Bottom Line:
It is Under Estimating how much Pension withholding is actually being made by the Pensioner/taxpayer. ...and, presumable reported wrong to the IRS. !?!

  • Ford HR * -

Would you please get these Statements and YTD Fed info corrected and re-sent.
And, better yet, provide the YTD Fed and State Deductions/withholding in MyFordBenefits.
Thanks.

by Anonymous
| 1109 views | | 8 replies (last ) | Reply
Post ID: @OP+1qPSzcHS
Comment! It's anonymous!

8 replies (most recent on top)

My guess the person who wrote the good luck comment was thinking about inflation...

If you take the pension, there is no COLA. the monthly pension you get now, is set for life. Just look what happened in the last 4-5 years... Inflation is not going away, the monthly pension income will worth less each year.

by Anonymous
| | Reply
Post ID: @3cvt+1qPSzcHS

Detroit city employee pensions were not covered by PBGC. That was a factor in their reduction in retirement pay.

by Anonymous
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Post ID: @1psj+1qPSzcHS

@1pmy+1qPSzcHS Hopefully, you'll never find out the hard way. If the pension is not fully funded, it means that when the company goes down, you'll get shorted in the pension payments. Look at Detroit's retired employees and you'll see how they are struggling with pension payments and health care coverage.

BTW, I would not count on the federal government to do anything about it, particularly with the last years of excesive spending. We, as a country, are almost in bankruptcy at all levels (consumers, companies, municipalities, states and federal). We are almost like Detroit was in 2013.

by Anonymous
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Post ID: @1trw+1qPSzcHS

Why would one need good luck for taking the pension?

by Anonymous
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Post ID: @1pmy+1qPSzcHS

So you elected to take a monthly Pension? Good luck with that.

by Anonymous
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Post ID: @1col+1qPSzcHS

My guess is its not wrong. As the standard IRS deduction increases annually, the amount of Federal tax withheld monthly decreases given a constant number of W4 dependents.

by Anonymous
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Post ID: @1bga+1qPSzcHS

Sir this is a Wendy's

by Anonymous
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Post ID: @nmw+1qPSzcHS

You really think this is the way to contact Ford HR? Good luck with that.

by Anonymous
| | Reply
Post ID: @wlu+1qPSzcHS

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