If you had the above start date with GM AND you were just short of 60 at time of layoff, you lost a considerable amount in your pension. If I retire at age 62, I will receive 22% less in my pension for life than the amount I would have received if I had turned 60 prior to the layoff? It doesn't matter that I have over 30 years of service and over 85 points. To make it worse, I missed turning age 60 by just a few weeks! I guess the good values and behaviors that GM wants its employees to portray does not apply to GM's CEO. To force someone to retire early and miss a key date like that conveys that the employee doesn't matter at GM...it's all about cost reduction.
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Even at 55, the amount of pension GM will provide is a SUBSTANTIAL cut off what they would provide at 62 or 65. The GM Benefit line will be able to provide the specifics...GM has made the calculation so complex and left out SIGNIFICANT amounts in the information that is provided to the employee that you will likely need some assistance.
Vested - yes. But, not 55 yet, so I don't think I'm eligible to collect.
Pension modeler isn't working for me - just tried.
Hey -3qmj, you must be vested, right . ? Take lump sum now, or wait till 55? Did anyone notice the Fidelity online pension calculator is working again? Run some scenarios.
I had 19 years with GM was 9 months away from turning 55 when I was let go.
This was a HUGE deal for me. Very disappointing.
All things considered , the headache involved , but they made record profits , and you all went with it regardless.
Interesting that this latest age discrimination lawsuit against IBM is targeting those 20,000 who signed the waiver NOT to sue IBM. Earlier lawsuits have been using those that did not sigh the waiver. Perhaps, there is still some hope to sue GM...at least talk to the attorneys that are mentioned in the article. Even if age discrimination cannot be argued, it might be possible to argue targeting of different pension classes...those who have not yet locked in their full pensions at age 62.
https://www.businessinsider.com/older-former-ibm-employees-sue-company-alleging-age-discrimination-2019-3
Anyone have previous time with gm but due to a break in service the time was not included in the current service date resulting in less severance time?
The risk/reward analysis would support signing the contract...with GM Legal power, the chances of winning a lawsuit against GM and getting GM to pay the penalty is high risk. An individual would have a very difficult time and a class action is not likely since likely most employees signed the contract and took the 6 months of severance pay.
Is there anyone else from GM that is in this same situation?
And you all signed it ?
As part of accepting the termination offer with 6 months pay, the contract we signed indicates that you agree not to sue GM. GM has basically paid off their terminated people to prevent lawsuits.
Class action.
Are you guys going to start a lawsuit ? Or what.
Vesting your pension soon is probably why you were on the list.
Cutting their expenses by 22% during your lifetime is a win for them.
There is no such thing as loyalty from the company to the the employee. Always protect yourself first, the company does not care.
That’s disgraceful! I’m hearing many similar stories.
That's insane! They couldn't have just delayed your layoff for a few weeks?? Or Grandfathered you in since you were so close? It sounds like they were targeting your class of service to save on pension expenses. How UNFAIR!!!