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  1. #1
    Join Date
    Sep 2006
    Posts
    2

    Default Getting A Retirement Package Early

    Hi,

    I worked for Ford Motor for 12 years, but no longer. I get a retirement benefits package from them, but not until i'm 60+. I'm only 37.

    I was wondering, if there was a way to get my Standard Retirement Package early? Like a lump sum buyout or similar action?

    I'm thinking I need a lawyer for this action, because when I called them a year ago, they said I couldn't get anything.

    Is this right? It's my money, and I wish to take it out early. I know there will be huge penalties, but my problems right now are so overwhelming, I need this money very bad.

    Can someone please help? I can't find ANYTHING about early withdrawl from ford, phone numbers, websites, nothing. I've searched for a few hours. I really don't know any search terms, or websites to visit that can help me.

    Please help. I'm sure I would be able to get my money early. This is not a TESPHE account, or individual retirement account. This is the standard package given to all employee's.

    If it costs me money for a lawyer, I don't care. But I really need this money.

    Thanks!

    Shawn

  2. #2
    Join Date
    Jun 2006
    Location
    Massachusetts
    Posts
    24,521

    Default Re: Need Help about retirement package

    No, if you are talking about a pension plan, there is no possible way you can get it early. The EARLIEST a pension plan can be accessed BY LAW is age 55, no matter how badly you might need it, sorry.

  3. #3
    Join Date
    Sep 2006
    Posts
    2

    Default Re: Need Help about retirement package

    Thx for the info.

    But... How is it that Ford can offer buyouts then? If by law, they can't give money before age 55, then a buyout would not be possible.

    A buyout from Ford severs all ties from the company, including retirement. You buyout from everything... Benefits, Retirement, everything.

    Is this possible? Or am I wrong? lol.. srry, but just curious.

    Thx again,

    Shawn

  4. #4
    Join Date
    Jun 2006
    Location
    Massachusetts
    Posts
    24,521

    Default Re: Need Help about retirement package

    I'm afraid I have no information about Ford buyouts. And I may be mistaken about the specific age since I can't now find the reference. But I do know for certain that if you are talking about a defined benefit plan as opposed to a defined contribution plan, you do not have access to it before retirement. A defined contribution plan you can usually get to by paying enormous penalties and taxes. A defined benefit plan, no.

  5. #5
    Join Date
    Sep 2007
    Posts
    23

    Default Re: Need Help about retirement package

    cbg's response was not entirely accurate.

    You have to read the summary plan discription of your individual plan in order to find out what the terms of the plan are.

    Some pension plans provide for full pension payments on granting of a full SSI dissability. Some pension plans provide for a payout of accrued benefits if they are less than 5K. Other plans have different rules.

    The government does not proscribe what a plan does or does not have to offer. The federal government is concerned with vesting issues, fiduciary issues and payout issues. The benefits besowed on plan participants are not regulated as such other than they have to be fully outlined in the summary plan discription and offical plan documents on file with the DOL.

    Sorry about your early departure from Ford. That really sucks

    Eric

  6. #6
    Join Date
    Sep 2007
    Location
    Seattle Wa
    Posts
    65

    Default Re: Getting A Retirement Package Early

    Even if you could why would you want to,unless its to rollover into a new plan ?
    JoeC

  7. #7
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Getting A Retirement Package Early

    The OP hasn't posted since 9-2006. However, the last two posts might possibly be of interest to others.

  8. #8
    Join Date
    Sep 2007
    Location
    Seattle Wa
    Posts
    65

    Default Re: Getting A Retirement Package Early

    Different format over here Betty I am still getting my toes wet.
    JoeC

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