thedogg"93
New Member
I hate you kyle , you R-tard !
Posts: 47
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Post by thedogg"93 on Dec 8, 2019 11:10:13 GMT -5
We know GM Dec 28 Feb 28 retirement for 60k but no info from our Ford uaw reps why are we still waiting it’s bu@& sh&$ !
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Post by ktpregular on Dec 8, 2019 17:08:20 GMT -5
We know GM Dec 28 Feb 28 retirement for 60k but no info from our Ford uaw reps why are we still waiting it’s bu@& sh&$ ! Yes!!! I am signed up for Feb 1. What’s the deal? |
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Post by nra4life on Dec 8, 2019 17:15:27 GMT -5
We know GM Dec 28 Feb 28 retirement for 60k but no info from our Ford uaw reps why are we still waiting it’s bu@& sh&$ ! Imagine voting yes on a contract without having the details of it lol. |
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Post by remember1976 on Dec 9, 2019 4:44:18 GMT -5
My brother works at Ford OHAP. He told me the rumor up there is that the signup deadline will be in mid-January.
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Post by remember1976 on Dec 9, 2019 4:46:35 GMT -5
Why would you request paperwork and give the NESC a date before knowing the details of the $60,000 retirement incentive?
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jeffakers57
New Member
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Posts: 6
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Post by jeffakers57 on Dec 9, 2019 9:21:45 GMT -5
So when you say Deadline, are you saying that you heard that anyone eligible has to sign up before mid-January?
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thedogg"93
New Member
I hate you kyle , you R-tard !
Posts: 47
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Post by thedogg"93 on Dec 9, 2019 12:27:53 GMT -5
GM has a window dec 28 to feb 28 it’s pretty much cut and dry ! Why don’t we get the same respect for our retirees! I have been getting ready for retirement long before now is the time ! It’s a life changing event !
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Post by remember1976 on Dec 9, 2019 14:24:48 GMT -5
So when you say Deadline, are you saying that you heard that anyone eligible has to sign up before mid-January? Yes. Just as GM had a deadline of December 14. As I recall 4 years ago the signup deadline was by the middle of January and everyone was out by May 1st. I'll be surprised if it is any different this time around. |
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Post by remember1976 on Dec 16, 2019 4:34:29 GMT -5
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Post by remember1976 on Dec 17, 2019 4:27:43 GMT -5
Signups will be from January 27th through February 28th in Labor Relations.
SRI exits tentatively will be April 1st if the member is eligible.
Members will be allowed to grow into the SRI by November 30, 2020 to retire through December 1st, 2020. Grow in includes 30 years of credited service, age 55 with 10 or more years of credited service, or at least age 65 with 1 or more years of credited service.
Trades buyouts are for the top 200 seniority UAW/Ford system wide. If a trade member signs up for retirement and ends up not being in the top 200 they will be able to revoke their retirement.
Upon retirement it will tentatively take 4 to 6 weeks to receive payment.
More details will be coming....
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Post by Ex-metalman on Dec 17, 2019 7:52:21 GMT -5
So I’m guessing with 24.5 yrs a person would get about 1400-1500?I am 56 but I’ll have to wait if that monthly rate is correct
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Post by nra4life on Dec 17, 2019 8:40:39 GMT -5
So I’m guessing with 24.5 yrs a person would get about 1400-1500?I am 56 but I’ll have to wait if that monthly rate is correct [br Since you don’t have 30 years or 85 points your probably looking at around that 1400 number, probably closer to 1300 until 62, once 62 maybe $800. |
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Post by Ex-metalman on Dec 18, 2019 12:46:15 GMT -5
So at 85pts what is the factor x the yrs of service?Or what is the % of the full retirement amount a person would receive?
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Post by remember1976 on Dec 19, 2019 3:24:42 GMT -5
If you retire before the age of 65 you receive a Regular Early Retirement benefit. The Regular Early Retirement Benefit is made up of a Life Income Benefit and a Supplemental Allowance. The amount you receive of both those is determined by the age when you retire. For instance, at age 57 you would get only 69.4% of the full Life Income Benefit payable. At age 62 or older you get 100%.
This is all explained in plain language in the big Employee Benefits book sent to every legacy hourly employee every four years. You all really need to either read that book (the chapter Retirement Plan Benefits begins on page 279) or get over to the Union Hall and see the UAW Benefits Representative to have him explain it all to you.
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Post by remember1976 on Dec 19, 2019 9:13:42 GMT -5
An Example:
You are 56 years old with 24.5 years of credited service on your desired retirement date of April 1st, 2020. You are eligible for Regular Early Retirement because you are between age 55 and 65 and have at least 10 years of credited service.
Your Benefit Class Code is based upon your hourly rate of pay.
For example: You are a QC Inspector with a base rate of pay of $30.215/hr. Your Benefit CLASS CODE would be C (pg. 41D in the Final Changed Pages White Book).
For Benefit CLASS CODE C the Life Income Benefit RATE is $54.05 (pg. 39D in the Final Changed Pages White Book).
Your Life Income Benefit is $54.05 x 24.5 years = $1,324.22/month. Because you are retiring at an age less than 62 years, and your age and years of service do not add up to 85, you receive less than 100% of the Life Income Benefit. In this case at 56 years of age you will receive $1,324.22 x 63.5% = $840.87/month gross.
If you opt for the survivorship option (so your spouse would receive a monthly benefit should you pass away before her) this monthly gross amount will be reduced. If you are divorced you may have a QDRO on file with the company that will also reduce your gross monthly benefit.
You also will receive a Supplemental Allowance less than had you retired with 30 years of service. Your Supplemental Allowance will be based upon your years of service multiplied by your Interim Supplement Rate depending upon your age at retirement. Ford stops paying the Supplemental Allowance when you reach 62 years and 1 month.
As I said, you all need to go to the Union Hall and see the UAW Benefits Representative to find out what you will receive on the date you wish to retire. Everyone’s case is different. My case will be much simpler since I plan to take a Normal Retirement at age 65.
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Post by Ex-metalman on Dec 20, 2019 14:47:05 GMT -5
How does one find out their Interim Supplement Rate?
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Post by ktpbob on Dec 20, 2019 20:39:00 GMT -5
You find Interim Supplement Rates on Ford Benefits/TESPHE site. Log In and click on TESPHE link. Click PENSION then Retirement Dates. Under Other Resources click on Plan Information. Click + next to Summary Plan Descriptions then click on Ford-UAW Retirement Plan(PDF). Will bring up Benefit Book and find retirement info starting on page 279
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