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HomeUS News1,000 Ford workers retire amid interest hikes and pension loss warning

1,000 Ford workers retire amid interest hikes and pension loss warning

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DETROIT — Retirement-eligible salaried employees at Ford were warned  and  advised about retiring this year to maximize a lump sum pension payment.

The company confirmed Wednesday that approximately 1,000 employees elected to retire by the Dec. 1 deadline. 

“If you are considering retiring and choosing the lump sum option, it is important to understand the impact of higher interest rates on your individual lump sum amount, should you retire after Dec. 1, 2022,” read the Ford memo, which also included a brief survey to help the company plan for employee retirements.

The warning — sent to employees in an email in September with the subject line “Important Information Regarding Your Pension” — specifically pointed out that anyone who is considering retiring and opting for a lump sum payment needs to look at the numbers.

Story Credit: usatoday.com

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