Thread regarding Ford layoffs

I'm not sure the retirement date is the best starting point, so I will give you the milestones. My benefit commencement date was 09/01/22. I completed the paperwork electronically and it was submitted on 08/24/22. I received a confirmation of my benefits choices on 08/30/22. My financial institution received the pension lump sum check on 10/18/22.

Also, you can receive different checks for taxable versus non-taxable (contributory funds). You shouldn't deposit the non-taxable in a traditional IRA because then it will be taxed again when withdrawn. In my case I did not, but because it was clearly documented, my financial institution was able to separate the money.

I was included in the April 2022 involuntary layoffs - there were 300 of us in total.

If you were going to retire, you had to make your decision within 30 days (they gave to retirement dates - May 1st or June 1st). I made the decision in Mid-May to retire with a May 1st retirement date and my money hit my account by about middle of June - so only took 30 days for processing, mostly because offical pension declaration paperwork is handled by noterized snail mail.

Other than waiting, process was relatively painless. Even have a new job now.

Funniest thing is/was that Ford is pushing those of us that have a pension so hard to retire and take the lump sum I got a “Congratulations on your Retirement” postcard from the NESC long before I made the decision to retire…in fact it was the first piece of mail I received after I got the email from my LL4 announcing I won the SISP lottery (he also retired under mysterious circumstances a month later).

I now think I was actually lucky to be tapped on the shoulder in April, as it is a lot easier to deal with 300 people than 3,000 for all the various companies part of the separation process.

Lump sum was approved on the 15th to be paid on the first of the next month. I got the check 45 days later…..two of the checks were lost in the mail or never sent. Finally the check was sent by fed-ex..

6 weeks

vacation pay 2 weeks

Lump sum was 45 days and a week or so to get into IRA. Contributory also 45 days but a mailed check which I forwarded to my Roth IRA...Bonus!

A friend did the 401K deposit and they put it in the 2030 retirement fund by mistake but the market was on the upswing and he made $30K before the mistake was noticed. Lucky duck was he.

Overall I am up $45K with my $1.2M Payout. Giddy up...

Retirement date 10/31. Was just notified today that lump sum will be deposited 12/15. Also, last paycheck coming in 2 installments. That happen to anyone else?