I have 27 years with Ford with a pension. If I decide to retire by 11/30 and take the lump sum, how much advanced notice do I need to give Ford? I want to give the least amount of advanced notice.
24 replies (most recent on top)
@OP. IDK why is that important to you to give the least amount of notice to Ford? Start by focusing in the most important thing here: YOU! Make sure you apply in time, so you can receive your benefits with no delays.
IMO, you should apply today (if you already have decided to take the lump sum). The moment you apply, you stop giving a fu-k about your workload. Take it easy until your retirement. Postpone your delivery dates, excuse yourself from meetings, delay any request for documentation, and coast until your retirement date. What is the manager going to do? Fire you?
You are retiring not quitting and going to another job! Give them at least a months notice.
I think all retirees got an email today confirming the 20%-25% decrease in lump sum pension with education sessions.
As much advanced notice as the 3000 people got.
Yes, take the monthly pension and be tied to Ford for the rest of your life, subject to bankruptcy, buy-out, or some perverted pension conversion to 401k.
Take the lump sum and take control of your money.
The Lump sum is about 15 years of income without any gain. The trouble is investing it because you have to put it at risk. Markets go up and down. The company offers a lump sum because it is good for them, not you. It depends on your age and health. You still have to pay tax on it when it comes out or roll it all over in a Roth. Safety first and a steady payment. Think about your 80 year old self. If you have worked for Ford for almost 30 years you should have savings too. I took the pension. If I need more I take from my 401k. With a steady pension you can be more afford to put more money at risk with a bigger gain.
Sign up for the Lump sum at the earliest possible date. I believe thats about 30 days before you leave. Long you wait longer it takes to get paid..,,
Just do it the sooner the better. It is a lot of data, forms to process, selections to make, videos to watch, etc. It will take a while to complete.
I was told 45-180 days to make sure they process your papers for the lump sum. You need to be retired by 12/1 - if it bleeds into January- you get interest segment rate hit ~ 25%!
Since you decided for the lump sum any way locking in 11/30/22 or prior retirement date is most important for you. So start your process as soon as possible. Who cares if they know early. If you miss this deadline I think you will be unhappy.
Why are you asking a message board when you should be checking Life@Ford or calling the NESC? If you are trying to wait until the last second as some part of fantasy of screwing over your boss, don't. The person you hurt the most is yourself by delaying your lump sum payout.
Ford already knows mass retirement is coming. One more bitter person leaving is not going to make a difference.
If you want to retire, do it and put Ford behind you. Focus on what you would like to do next rather than trying to hurt a Company that will forget all about you as soon as you are gone.
I can understand wanting to wait to give notice but my concern for you would be that you miss the opportunity because they become overwhelmed and don’t process your paperwork in time. I heard that you have to jump them any hoops.
I’m sure those folks who went through the process can explain the timing.
In today’s environment of 5000 more cuts yet to happen, the supervisor or manager you inform now, of your retirement in 3 months… might not even be with Ford then!
So the company can cut us with same day dismissal, yet in this age of “watch,listen,wait” for my own tap on the shoulder, during the next wave after wave of cuts, we are supposed to give them same courtesy? I’d say if you’re retiring, no more than 1 weeks notice is necessary. It’s not like they’re going to spring into action and identify your successor, and have you train them for 3-4 months.
Just organize your files and project work in a database and let your immediate supervisor know all of your Ford-owned work is safe for the next person to carry forward.
Remember ‘phased retirement plan’ in 2018? Train your successor? What a joke, never happened.
I called nesc. They said you can give a 1 day notice. But......they recommend 3 months.
If you look at Ford’s website you will read that Ford requires at least a 4 month notice before your chosen retirement date.
Always give an employer notice based on the way you are paid. If u get paid every 2 weeks, give 2 weeks notice.
The policy is 'hire at will', so you can just go ahead and quit and walk out. Good luck.
Start the process as soon as the aug2022 rates get uploaded to ford pension system. I would suggest your paperwork needs to be accepted by nesc by end of October. Don’t worry, your supervisor will get notified right away that you are leaving. I don’t think they are likely to walk you out unless you have a conflict with new employment like another oem. Do your pension projections and take a 25% decrease come jan1. I have seen the math it’s real man.
"how much advanced notice do I need to give Ford"
(0) as in ZERO Days..................................
2 weeks is SOP.
How old are you?
This is the most difficult decision I have ever had to make. Oh and monthly or lump sum too.
When you find out please let me know. I have the same question!