I'm worried. Everything suggests that Ford will more and more often not hesitate to let go pension eligible employees just before they've reached full pension maturity?
11 replies (most recent on top)
Every time I see someone worried about their pension, it sounds so ridiculous. Just be thankful you have one! Your generation screwed up our world, refuse to retire, and are going to be the reason this company fails. Now go enjoy your vacation home…
I'm eligible to take pension right now due to age and time of service. I have less than 30 years and I don't see any magical jump in pension at 30 years.
The lump sum payout is based on when you take the payout, not the date you retire. In order to get a payout in December, your last day needs to be Nov 30. And you better have all your paperwork filed and in order.
You cannot go 12-31, it MUST be Nov 30th, otherwise lump sum goes way down. Latest possible retirement date is 12-01, with last day worked Nov 30th.
If you are pension eligible now, you must seriously consider retiring by12/31/22. Interest rate increases will reduce your lump sum SIgnificantly. You will essentially be working for free for the next year or two because your lump sum will decrease my more than what you are earning. Retire this year and your lump sum will be based on the rates from August 2021.
Pension increases ~30k each year of service.
They have an army of lawyers just ready to fight lawsuits. I was lucky to get out with 30 years of service. Just not a company to "park" at anymore. Not so sure the experience of working there helps anymore either. I wish everyone still there the best of luck.
In order to qualify for a Ford pension you have to be 55 with 10 years of service or be any age & have 30 years of service. The laidoff employees who sued in the 2019 SRD hadn’t reached 55 or had 30 years in yet so didn’t qualify for a pension. Not sure how much your pension goes up for each year of service though. My hubby was SRD’ed in 2019 but luckily qualified for retirement. He took his pension in lump sum & we gave it to our financial guy to invest.
Can someone explain full pension maturity? I am pension-eligible and have run the numbers for several years and don't see any significant increases at any age.
But but but..... We are family! They wouldn't do that to family, would they?
They have been sued multiple times for doing so.