Question for those who have retired (on your own terms) and selected Annuity payment.
How far in advance did you put in for retirement and start the process?
HR online says 6 months?
That sounds like a lot.
15 replies (most recent on top)
Don’t trust a word you hear from NESC. Unless you see it in writing don’t trust them. Everything is written somewhere, but good luck finding it though, so when you get misinformation from NESC and get sc--wed like I did, they will refer you to some policy page regardless the info you receive or don’t receive from the NESC representative. They got them selves covered so good luck getting it fixed.
Yes medicare. Thanks for the info. I guess I need to thoroughly understand the medical costs in retirement.
For salaried people:
- Ford insurance was cancelled back in 2021 (announced in Oct '21)
- For employees that got hired prior to 2001, they get some small fixed dollar not adjusted to inflation. Not enough to cover hardly anything
- Medicaid? you mean to write Medicare? that starts at 65. Medicaid is people that have nothing: no income, no pension, no 401K... etc.
@2ceu
I thought when you retired you could keep Ford insurance until medicaid eligible age 62. Also did you get a Suppliment with the pension?
2 months.
When there were many people rushing to the exit with lump sum, NESC lowered the priority for processing people with monthly choice. 2-month then was inadequate. see @1gla+1r7LauDs comments.
60 days is all you need to notify your retirement.
I retired December 2022, submitted my paperwork early October 2022 after the updated pension tables were provided; after 33 years it was best decision I made in my career. Unless something has changed, 60-days is recommended so you can get everything done so your retirement is stress-free. Take advantage of 18-months of COBRA Medical and Dental since lower deductible. At my level, anything less than 60-days would have not been a good look. Don't burn bridges if you don't have too.
Get a good financial planner before you submit to review everything in detail and congrats!
2 months should be sufficient.. Pension would be a real hard sell with the current clowns driving the ship.
I got my lump sum on Oct 15 when they canned me on Aug22.
Unpaid vacation was 2 weeks if I recall..
When you put in your paperwork just have all your ducks in a row... Depending on your marital status or divorce papers their might be some delay.
I turned in my payer work in September 2022, retired in November 2022 and did not get my first check tell February 2023. They were as FU as the rest of Ford. Make sure you have money to cover your bills for three months.
If you want to receive a pension check right after you retire, then you need to put in one month before you retire. Depending on the time of month you retire there may still be a month gap before you receive pension check as the IT processes are run on a cadence, typically monthly. This is why 2 months notice is common.
If you are ok with a gap for when your pension check starts, one day is sufficient.
Also be prepared for a rocky transition with health-care benefits if you have HRA.
I gave four months retirement notice in 2022. I was ready to leave and wanted my manager to know so if there were any more layoffs, he could include me in his target number if needed. I don't think it helped but it was worth a try.
6 months is BS. Try this... tell them you want to retire in 3 years (2027), does that mean they will keep you employed for 3 years until then?!
There is also no guarantee that you get your monthly pension the first month you retire. TheStreet folks have messed things up before.
I didn't do this, but 6 weeks should be enough.
I told them I’d stay until the next program milestone, which was 3 months.
Why give them 6 months? They won't even give you 24hrs before your webex meeting to let you go.
2 months