DEARBORN - Through the end of the first quarter of 2013, three election periods were completed with approximately 43,000 retirees receiving their General Retirement Plan (GRP) lump sum offers. Additionally, the surviving beneficiary election period began on March 1, 2013, and will continue through May 29, 2013. The remaining eligible retirees, surviving beneficiaries and alternate payees (those with a Qualified Domestic Relations Order or QDRO) will receive their offers in separate election periods conducted through the end of 2013, beginning as early as May.
Former employees who are vested in their GRP benefit who have not yet commenced their monthly benefit payment can expect to receive information about this opportunity beginning as early as May, 2013, and continuing throughout the year.
Communication materials begin mailing approximately one month prior to the start of the participants’ election period. Ford encourages participants to review the materials provided by Ford and use their independent judgment to ensure the decision they reach is in their best interest. Below are some highlights of the offering:
• This voluntary opportunity allows salaried (primarily) retirees, surviving beneficiaries, alternate payees, and former employees vested in this benefit, to receive the remaining value of their GRP benefit as a single lump sum payment instead of monthly payments.
• Participants will receive a Decision Guide before their election period begins that will help them understand their options and consider what is best for them.
• Each participant receives a personalized Election Kit that contains the value of his or her lump sum payment option, as well as other payment options that may be available to the participant. Specific instructions and forms for making the election are contained in the Election Kit.
Ford is also making available financial and tax education resources to those who are presently receiving a monthly GRP benefit payment, at no cost to the participant. To help retirees better understand the financial aspects of the options, these resources will be offered by Deloitte, an objective, third-party organization. Information on how to register for a session is included in the Decision Guide sent to those in an active election period.
For more information on the lump sum offer, visit www.myfordbenefits.com
and click on GRP Lump Sum Information on the homepage.