I received an email from NESC saying that it is delaying my lump sum EFT by another week. NESC blamed the delay on martin Luther King Jr. Day holiday. This delay is unacceptable. I submitted my retirement paperwork with all the banking information to set up for the EFT a month before I retired November 30. Ford should have transferred the lump sum in December and now they have pushed it out another week. Ford is collecting interest on OUR retirement lump sum. The current rate on a money market account is 3.3%, divide by 12 months that is .00275 per month. If your lump sum is $750,000 Ford owes you $2,062.50 per month. In seven weeks, that adds up to $3,609.38 Ford should pay us. If 1,500 people retired November 30, Ford made $5,414,062.50 from holding OUR money. Are there any lawyer out there look for a class action lawsuit against Ford to make them pay us our money? What do you think?
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I "retired" November 30 after being SIRP'd in August. Due to NESC issues (surprised right?) they couldn't figure out how to cancel the default retirement date of August 30th and reissue paperwork with my chosen date of Nov 30. There was a case open for over two months! I got $10k extra out of Ford so it was worth fighting, even if I technically could have made more with investments in that timeframe. My papers were submitted early December and I received my checks on Jan 18th. This was after an initial check date supposed to be issued Jan 1. I received a letter saying it was delayed to Jan 15.
I retired Nov 30th. I got the same email but my lump sum arrived at Fidelity on the 13th and my after tax contributory retirement money arrived at my bank via direct deposit on the 16th.
They did exactly the same to the previous 600z it took some of them nearly 6 months to get it.
Didn't a bank get in big trouble years ago for rounding errors that were only pennies per transaction? Ford is making way more than that.
"I agree with the "Be happy that you're getting something" poster! One week delay is nothing! You really do need to understand how lucky you are. There are so few companies that pay a pension these days, and YES people work very hard at those companies and will not be getting a pension. You are fortunate. My son works 6 days a week, 10-12 hour days to support his family. He will receive no pension/lump sum. He has a 401k plan that he can contribute to, that is it. You would be the laughing stock of the attorney's office if you tried to sue!" - Most companies will match your 401k contribution so in a way, they are still funding your pension. Its just a different economic model now. People getting pensions are not getting something for free, it was "built into" the overall pay/benefits package offered at the time to be competitive.
Many people don't see that because they are focused on ideology. Pension = entitlement = BAD mindset.
I got the contributory after tax on Friday retired in 11/30. Says it’s all paid on 15th so checking fidelity tmrw.. yes this is big money on a million-plus each day delayed. Fidelity pays 4% interest basically on your core cash. T-bills 4.7% short term.
I agree with the "Be happy that you're getting something" poster! One week delay is nothing! You really do need to understand how lucky you are. There are so few companies that pay a pension these days, and YES people work very hard at those companies and will not be getting a pension. You are fortunate. My son works 6 days a week, 10-12 hour days to support his family. He will receive no pension/lump sum. He has a 401k plan that he can contribute to, that is it. You would be the laughing stock of the attorney's office if you tried to sue!
Many recent moves concerning pensioners may be legal, but they certainly aren't ethical.
OP: I agree its unfair but there is probably nothing you can do about it because the interest they should have paid you for delaying will not be enough money to entice an attorney into a lawsuit that you might not win anyway. Its yet another unfair business practice that companies are allowed to do because of the "hands off big business" ideology that many posters here support. Its like when you own money to a company, they want it NOW and will take action if you don't pay. If they OWE YOU a refund, they'll say it will take 30-60 days to process! Yeah right. Total BS.
"Welcome to the real world. Be happy you're getting a retirement benefit!"
I'm so tired of hearing these kinds of "be happy you're getting something (implied=freebie)" comments about retirement, social security payments or medicare.
We've earned these by working and paying taxes all our lives. They were not "free". Just because you don't agree ideologically that these should exist, does not deny that they do and some of us have earned our due. So if you don't like it, move to Russia!
On January 13th, my UPS app showed a pending Overnight air shipment from State Street Retiree Services in Massachusetts, to arrive January 16th. I’m expecting my lump sum check and my post-tax amount to be sent to me. I’m wondering if both are sent together or mailed separately.
I retired November 30th and received my Lump Sum January 14th. Oh happy day :-)
Welcome to the real world. Be happy you're getting a retirement benefit!
I wonder if there is some way to effectively give the company a “lump sum laxative” to help it "move" the lump
sum more quickly in cases like these?
I haven’t received a change in date.
I retired effective December 1st. I submitted paperwork in October selecting lump sum. My lump sum payment still shows Jan 15th in Alight, matching the most recent communication posted in the secure docs.
Did you have a special circumstance, such as a DRO?
My team was cut on Aug 22. Didn't get my lump sum till November 15. I missed out on a few investment opportunities as a result. I'd participate in a class action lawsuit if only to nullify the NDAs and discuss freely what data google provided Ford so they might meet their Blackrock NSG targets.