Anyone know how many active employees are left in the GRP
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A lot of folks left because they would have been working for free for the next 2 yrs. The loss was before tax dollars.
The 20-25 yr and 25-30 yr GRP group make up about 10000 employees. Them 20000 are on the FRP 401k based plan. These are the folks hired after 2004.
The 30 plus group is quite small after Dec 1.
Last data posted about employment numbers was mid Covid and you need to dig thru the plan documents online to find the supplement documents. It’s there but it always lags a year or so because ford likes to delay the truth.
More fake news.
No GM salaried retiree lost their pension. Those still working had it frozen but didn't lose what they already earned.
And Delphi pensions we're turned over to PBGC. The only people that didn't get all their money after PBGC we're top executives not the average Joe workers.
You are thinking of the UAW - yes, they kept theirs just fine, thank you very much. The white collars - not so much. Yes, technically speaking, they did get something for their pensions - lump sum payouts that were 40% less than the original value before the bankruptcy.
So I can see why someone would think they lost their pension, because in reality they did lose a big chunk of it, enough to make some people have to work longer than originally planned....hence why the smart Ford employees left before Dec 1st of this year if they had a pension.
Hey, I was SISP ed this past summer; I was pi---d as I was going to plan to work only 2 more years anyway, when the likely value of 401K and pension was over the $1,000,000 mark.....would just move on and work part time for benefits and walking around cash (yes, I am thrifty) Now I have to work for another 2 to 3 years to try to make up the difference, no mean feat during a recession.
"what happened to a neighbor of mine that worked for GM. He keep his job after the 2008 bankruptcy, but lost his pension, as in all of it."
GM employees did NOT lose their pension as a result of the 2008 bankruptcy. Delphi employees did though.
Scare tactics - correct me if I am wrong, the 1,000 people that recently left did so because the company basically told them to get out now while you can, cause your pension isn't going to be the same as it would have been last year at the same time because of the government raising interest rates continually for the last year. When I was SISP'ed earlier this year, to me it was a no brainer, as I knew I had to divest out of Ford pension and take the lump sum for that reason alone
The other reason I did - what happened to a neighbor of mine that worked for GM. He keep his job after the 2008 bankruptcy, but lost his pension, as in all of it. Same can happen to Ford, too, if they file bankruntcy....just because the pension is funder now at 100% doesn't mean it will be there in bankruptcy. It can and will go away if that happens.
In fact, Ford would be doing people a favor if they converted pensions to 401K's, as when they file for bankruptcy those are protected. However, since this would be a nice thing to do for current employees, expect Ford NOT to do this. In many ways, I'm glad Ford SISP-ed me earlier this year. I have since found another job and have less worries than I did at this time in 2021.
ROFL @ last commenter.
You are fooling yourself. Look at people that were cut in August. Many people almost at 30, almost at 55 years old. This company doesn't care about you or any other salaried employee.
These scared tactic replies are ridiculous.
Companies are legally bound to publish an annual funding statement once a year. It's available online to review and sent to everybody that's still part of the plan.
The last time it was published the numbers around 14,000 which includes people participating and people still eligible to participate.
Unless they're serious suckups and part of the friends and family plan, sadly, theyre days are numbered. Considering, FMC is facing plenty of age discrimination lawsuits, PEPs will be used to ' separate ' a few more thousand NA employees. Those jobs will either be moved to SA or replaced by an inexperienced and cheaper ' talent. '
Doesnt take much to see FMC's pattern used to eliminate workers that no longer have relevance as deemed by FMC's horrific and incompetent management.
The real question is who will JF hold accountable at LL2, 3,4 levels ? JoeH was the fall guy for all the quality issues ( as well as a threat to JF becoming CEO ). At those levels, they have contracts, if you're a liability to JF or DF, I'm sure they'll figure a way to break it and eliminate id--ts like FLV who hasn't produced anything other than billions in waste. Its going to be a nasty 2023. Managers are noticeably jittery, assignments are all fuzzy, seems anyone who knew how to deliver programs have been SIRPd or retired. Lots of odd cryptic emails and townhalls of ambuiguity. Not looking good.