Through the end of 2012, two of the 90-day election periods were completed with approximately 23,000 retirees presented with the General Retirement Plan (GRP) lump-sum payment offer. Another 22,000 retirees received their offer in December and have until March 13, 2013 to make their decision. Given the large number of eligible participants, a series of election periods will continue to be held through 2013.
Participants of the fourth election period, which includes most of the surviving beneficiaries who are presently receiving monthly GRP benefits, will receive their Decision Guides and Election Kits by the end of February. Their election period begins on March 1, 2013 and ends on May 29, 2013.
The next election period for eligible retirees begins on May 1, 2013, and ends on July 29, 2013.
Ford encourages its retirees to review the materials provided by the Company and use their independent judgment to ensure the decision they reach is in their best interest. To help retirees and surviving beneficiaries better understand the financial aspects of the options, Ford is making available financial and tax education resources at no cost to the participant. These resources are offered by Deloitte, an objective, third-party organization. Information on how to register for a session is included in the Decision Guide and Election Kit sent to those in an active election period.
Below are some highlights of the offering to retirees:
• This voluntary opportunity allows salaried (primarily) retirees and surviving beneficiaries to receive the remaining value of their GRP benefit as a single lump-sum payment instead of monthly payments. Intended to be a one-time-only offer, this also may include additional monthly pension benefit payment options for those currently receiving pension payments.
• Each participant 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 the participant’s 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.
For more information on the lump sum offer, the financial and tax education resources available for retirees, or to determine if you are included in a current election period, visit www.myfordbenefits.com
and click on GRP Lump Sum
Information from the homepage.
Your employee benefits are governed by the terms of the applicable official plan document or policy. Summaries of your benefits are available; however, if a conflict exists between any summary and the official plan document, the official plan document prevails. The Company reserves the right to terminate, suspend, or amend any of its employee benefit plans, programs or policies at any time in accordance with applicable plan documents and subject to applicable collective bargaining agreements. You will be notified of any change after it is approved. Until a change is officially announced, no plan fiduciary or any other Company representative is authorized to disclose to you any information about a change under consideration. You should rely exclusively on officially announced information and plan materials. No employee, beneficiary, surviving spouse or other person has any legal or other right to benefits under the Company's employee benefit plans, programs or policies, except as provided by such plans, programs and policies.