Thread regarding Ford layoffs

I have just under 30 years and am over 55 years old. I've been running the numbers for quite a few years and don't see any significant increase for 30 years or beyond. I did talk to someone who was under 55 and their pension almost doubled at 55.

I feel for those who recently lost their job with Ford and wish the best for them. I was planning to leave anyway before the end of the year, got SIRP'd, and got a nice severance package while they showed me the door.

Us stupid engineers figured out the formula and it is between 20-25% hit depending on unpublished Aug rates. For most 30 yr folks that is like a 200k loss of pre tax dollars in your retirement plan.

"Why would anybody argue this point. Run your numbers and get educated."
Right now, if you run the numbers for any retirement date, they do not take into account any future changes interest rates.

Why would anybody argue this point. Run your numbers and get educated.

GM closed out their pension a few years back.

Can we pay COBRA with HRA dollars? Cobra let’s us continue the current BCBS policy at the cost Ford pays. So the question is, can we use HRA dollars for cobra?

1. You need to commence benefits by December 1st to get current lump sum rates. Doesn't care when your last work day is/was prior.
2. Ford can't force everyone to take lump sum (regulated by IRS) so your prediction is cr-p.
3. Whoever said your 30 year anniversary is January 2023, you will have 30 years on paper on October 1, 2022 and therefore be retirement eligible. Retirement is credited 1/10 of year per month for the first 10 months of a year. Same for vacation earned and bonus entitlement.

Commencement date on submitted and accepted pension choices form must be no later than Dec 1 2022 to get Aug 2021 rates. Don’t wait till last minute unless you can’t go till dec1 to get 30.

Stay on cobra for 18 months and pay with pre HRA dollars thru via benefits.

Start learning now while ford is still paying you.

I just spoke to my financial advisor. I have 28 years. He seems to think the pension will go back up when I hit 30, not to mention losing 2 years of wages.

Mr January hire….GTFO on nov1. Your last day would be oct 31. Call nesc and verify today and get paperwork started. Pull all your personal files off computer and start looking for a new job if needed.

It takes NEDC about 1 week to get you the pension choices form and spouse needs to have notoriety signature for lump sum. Then upload it back to them and start the count down.

I hope you make it.

Your last day needs to be Oct 31 or Nov 30 to avoid having your lump sum reduced?

Paperwork already in. I am not going to let them benefit on my dime. Don't get caught in the now. think long term. Three big risks here over the next 36 months

1. Will you have a job? Despite what JF tells you jobs here in NA going south of the border
2. Pension Freeze.
3. Will Interest rates go down in three years? If not, you work basically at a loss and the company gets to keep that money you lost if they freeze the pension or you are walked out.

As for JF, I personally do not believe a thing he says. If I were standing next to an open window, and he tells me is daytime. I would still have to go outside to check for myself.

My 30th anniversary is late January. According to the online estimator, my pension jumps November 1 this year. If I try to do a calculation for October, the tools says special handling is needed, call NESC.