Here is my prediction...
Ford will offer a voluntary effective 12/31. then the involuntary.
Those who want to take advantage of the higher lump sum due to the interest rate calculation, will have to retire by 12/1 and Ford will NOT have to give them any package (voluntary or involuntary) at all.
Ford had voluntary offers in 2020 (VIP) and in 2021 (VSSP) , so you actually believe that 2022 will be the charm by offering another one for a 3rd straight yr ?
If you haven’t taken a voluntary offer by now it’s probably safe to assume that the ship has long sailed on that
As a point of reference, the 2021 VSSP was offered in July 2021. The deadline to accept was September 2nd and the last day worked was October 31. If they planned another voluntary separation, it should have started already.
Read the footnotes on the pension calculator tool. It explains when the new rate is available, published and effective.
You're dead wrong on voluntary date rumors. There are all sorts of pre dates for accepting an offer, signing it and then some many days to back. It's 2+3 month process so it would never be offered at the beginning of December to be effective by year end.
I heard from the current Manufacturing VP that Voluntary Layoffs often turn out really bad, sometimes with half a department or manufacturing area electing to leave. Reading between to the lines I don't think you'll ever see voluntary again.
However, it is probably a poor idea to behave badly to try and get an involuntary separation.
I think the scenario OP presented would qualify as age discrimination right?
Aug rates will be available late September. Lots of spreadsheets floating around among engineers that all show a +20% hit with the latest available June rates. July had a Fed rate hike so don't expect things to go the other way.
The pension tool will be updated in mid-September with the August interest rates. After that update, running your pension estimate with a benefit commencement date that is Jan 1, 2023 or later will show the lump sum amount that results from those interest rates.
Wrong... This will be a controlled process.. Too many legal issues if the process is targeted at specific groups.. It will be open to everyone and hopefully be creative enough that it enables some 28 and 29 yr folks to exit with some extra years of service.
When they get done the PD folks will need to reinvent the way they assign engineers. In the past management hoarded the good ones and even let them be idle where other areas struggled with issues.
Of the 30000 NA salaried employees, only about 10000 are in the GRP...the other 20000 are in the FRP. Of the 10000 in the GRP, only 1500-2000 are at 30yrs. The core of this group is in the 20-29 year of service. There are some over 55s with at least 10 yrs but the big payouts are the 30 and above..and not everyone is taking the lump sum.
How do you thin the ranks and not drain the knowledge base?
All Ford needed to do was to put better quality cars on the market and not rush them out there and then issue a bunch of recalls. They sacrificed long term earnings to make short term ones in order to boost management bonuses. Now their employees are paying the price. Consumers have lost faith in Ford.
Does anyone know when the pension online tool will be updated with the new interest rates? So the impact of the higher interest rates can be projected in the system.
In the past, they had always encouraged people to take the package along with retirement so this would go against that long standing stance. So I doubt that would happen. No goodwill.