DEARBORN - In December 2013, Ford concluded its one-time, voluntary lump sum opportunity offered to 95,000 General Retirement Plan (GRP) retirees, surviving beneficiaries and vested former employees. About 35,000 participants elected the lump sum, totaling approximately $4.2 billion in payments.
The lump sum opportunity was first announced on April 27, 2012 and went very well. Here are some highlights of the offering:
• This voluntary opportunity allowed eligible participants to receive the remaining value of their GRP benefit as a single lump sum payment instead of monthly payments.
• Each participant received personalized lump sum election materials explaining the lump sum payment option, as well as other payment options that were available.
• Ford made available financial and tax education group and one-on-one sessions at no cost to participants.
The sessions were conducted by Deloitte, an objective, third-party organization, to help participants understand their options and consider what was best for them.