Thread regarding Ford layoffs

If you get laid off, can we keep our SSIP?

If so I will volunteer for that

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Post ID: @OP+1qHiqCI0

8 replies (most recent on top)

Yes, and if you are over 55 but under 59 1/2 you can take money out without paying the 10% early withdraw penalty. But you must keep the money in the SSIP to draw it out. Look up the Rule of 55 for more specifics.

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Post ID: @pcql+1qHiqCI0

I'm not a tax expert, but following my termination, I rolled my SSIP into another non-ford related account. I found out SSIP has administrative fees that are paid to the company. So if the company doesn't want me, why should I keep paying them fees for my SSIP? If you don't want me --you certainly don't need my money.

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Post ID: @7bkp+1qHiqCI0

@2erq+1qHiqCI0

Which manual contains the ssip/401K info? I could only find the related info on the GRP/pension, not SSIP. Thanks.

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Post ID: @2ugv+1qHiqCI0

Read the Benefits Manuel.

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Post ID: @2erq+1qHiqCI0

Does anyone know how ssip fund is held? Trust fund? Investment firm? Etc.

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Post ID: @2tdu+1qHiqCI0

You get what's yours. I did.

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Post ID: @gdi+1qHiqCI0

No, you surrender your SSIP to Jim Farley.

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Post ID: @pyo+1qHiqCI0

You can keep your contributions and what the company contributed (provided that you are vested). Otherwise, you just get your contributions.

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Post ID: @oot+1qHiqCI0

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