I left at the end of August... I had a company car that needed to be returned .. the person at CVO warren told me that there were 94 CVO vehicles returned the same day i returned mine....94!!! IN ONE DAY... and she said they were super busy that week taking returns...So make the numbers. And if you do not believe me... who cares, I am no longer at GM and enjoying my lumpsum... but to be honest, I have pity for those that did not retired thinking that next year will be better... many took already a 20% hit in their pension amount.....
Also, if the company does not deliver all those magic EVs next year (assuming that the batteries not blow up after delivery...) GM will be definitively doomed and bankruptcy will be the least of their issues..
All those EVs are made
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Still fishy
Well, at the end of the day...I told you so.
I didn’t write anything about the lump sum or it’s validity but you argue like I did…fishy. Mary B., is that you? Nobody’s buying the “leaders in EVs” thing either.
What's fishy about it? Go read the lump sum pension rules--it's all there in print. And now a lot less older people are employed by GM.
OP needs to lay off the Caps Lock. No pun intended. This whole thread smells fishy.
OP here. I told you all this would happen.
The OP was right. People are retiring in droves.
So, even less people to do the same work?
Yes, i have seen it (and you too if you are an actual real GM employee). The number of org announcements sent via email by admins in the last two weeks of people retiring is quite overwhelming... I already counted more than 50 at GPD!! and those are the ones who are visible enough (like Senior managers, EGMs, etc). BTW, not all orgs take the time to make an org announcement for people retiring..
So, yes.. it is happening... and there will be more next week..
GM employees- know you must retire before October 1st to secure the current lump sum pension. The latest rates are coming out, to go into effect October 1st. Expect a lump sum pension reduction 25-30% if you don't retire before 10/1/2022.
**- Know that retirement dates are always the 1st of the month (hint, hint, most know to retire effective 9/1/2022).
Ford follows the same IRS tax rates published in August, however they have a few additional months to decide.
You people need to READ.
Today (Aug 22) is the End of August?
There are still an a-s-load of OLDER employees who still qualify for significant lump sum pensions despite them switching it to 401K back in 2006.
There probably aren't a lot of employees still at GM who will get a pension.
GM switched to 401ks years ago.
Here we are at the end of August. Anyone seeing this 'mass exodus' in their departments?
Based on the IRS tax rate trends this year, the lump pension will probably drop more like 25-30%.
If you look at the posts for Ford, it's legit. If you look at your pension value on September 1, you'll see that it will go down 10 to 20% if the pension isn't drawn until after Jan 1. It's based on the interest rate.
We'll see if there's any merit to this in about 2 weeks
This refers to the way the lump sum amount id calculated. One of the factors is a certain Federal interest rate that is published in August each year. For example, if you retire prior to Sep 2022, the lump sum is calculated based on that interest rate as of Aug 2021. If you retire after Sep 1, 2022, your lump sum is basic on the interest rate as of Aug 2022.
It’s an inverse function, so if the interest rate is going up, the lump sum will go down. So at this time, since it is expected that the interest rate will b Ed going up, the lump sums will be going down, so folks will be retiring prior to Sep 1.
In my case, it made more sense to retire Mar 1, 2015 rather than September 1, 2014.
It's a trap - they misspelled the word "employe"!
Does anyone have a source for this August 31 cut-off date?
Who cares, working at GM is horrible as it is, imagine it with fewer less experienced people.