A client recently shared the following communication from the Ford Benefits office in regards to General Retirement Plan Participants who elected the lump sum option and were having benefits deducted from the monthly pension check. The following information discusses how to update your elections!
All General Retirement Plan (GRP) Participants who have elected a Lump Sum Pension Payment and are no longer receiving a monthly pension check may have an impact to their following benefits if no action is taken!
These benefits include but are not limited to: Healthcare (Medical & Dental), Optional Life/Accident Insurance, Optional Dependent Life Insurance, Company Vehicle Lease Program, Auto/Homeowners/Pet Insurance, United Way, and Ford Interest Advantage. These benefits were or could have been deducted from your check and since you will no longer be receiving that check, here is what you need to do.
What You Need to Do!
You will receive and invoice directly from the benefit provider or administrator for many of the benefits listed above, as applicable. Payment by the due date indicated on the invoice will be required in order to continue your coverage.
If you are enrolled for retiree medical coverage under the IAM VEBA Trust, you must contact the IAM VEBA Trust Service Center at Findley Davies at (866) 672-6607 to set up your ongoing payments.
To continue contributions to the United Way and or Ford Interest Advantage, please contact these agencies directly, as follows:
United Way – You can send contributions directly to:
United Way for Southeastern Michigan
PO Box 77398
Detroit, MI. 48277
Or donate online at www.liveunitedSEM.org
Questions can be direct to United Way at (313) 226-9300
Ford Interest Advantage – Mail your investments to the address below
Ford Interest Advantage
The Northern Trust Company
PO Box 75935
Chicago, IL. 60675
Questions can be directed to the Northern Trust Company at (800) 462-2614
You can find more information and resources, review your choices and make certain changes to your benefits 24 hours a day, seven days a week at www.myfordbenefits.com . You can also call the National Employee Service Center (NESC) at 1 (800) 248-4444
If you have any questions on how this may impact your personal financial situation or would like to set up a complimentary review of your investments, please contact us.