All eligible participants were provided the option to receive the payment as cash, contribute all or a portion of the payment to the SSIP or TESPHE (deferring all federal income tax withholding), or contribute all or a portion of the payment to a Ford Interest Advantage account. Ford Motor Company has announced a transition from HealthEquity to a new Health Savings Account (HSA) provider, Smart-Choice. How will the STEP or SRI impact my retirement plan? If you have questions on how this new Roth 401(k) option may be best utilized in your personal situation, feel free to contact us toll-free at 18664446246. But whether or not they will be able to force you to liquidate your 401(k) assets to meet your obligations depends on who they are, and the legal routes they take. Additionally, for those Ford employees who are ineligible for a Roth IRA, the Roth feature provides an opportunity to build a tax-free retirement income source. CAUTION: Perhaps the biggest risk you run is leaving your job while you have an outstanding loan balance. The Roth feature within a 401(k) plan allows employees the flexibility to tax diversify their income sources for retirement by directing savings among designated Roth, traditional pre-tax, and/or after-tax contributions. The Emergency Hotline is the informationresource for hourly and salaried employees if an emergency interrupts business at any facility. The fees you pay to arrange the loan may be higher than on a conventional loan, depending on the way they are calculated. Mainstay Capital Management recommends that all Ford salaried employees contribute at least 5% in order to take full advantage of the company match. Registered representatives can fulfill Continuing Education requirements, view their industry CRD record and perform other compliance tasks. Any amount of the AICP payout or Profit Sharing payout that is elected for deferral to the SSIP or TESPHE will be combined with your pre-tax contributions that are contributed to the plan throughout the year, including those contributions you have already made this year. It is important to analyze this new investment menu, prior to the transferring of assets out of current investment options, to determine appropriate changes for your SSIP or TESPHE account. With the addition of this feature, employees will have the flexibility to direct contributions among both types of 401(k) accounts as their current and future tax situation dictates.

The new investment options will provide similar investment strategies and risks, but the overall expenses for the investment options will be lower. consistently late or irregular account statements; late or irregular investment of your contributions; losses that cant be explained by market performance; late or irregular payment of benefits to former employees; contributions that do not appear on your account statement. For questions on this new Roth feature within the Ford 401(k) plan, feel free to call Mainstay Capital Management toll-free at 18664446246. Effective November 14, 2014, the fund will be closed to new investments and current allocations will transfer to an existing fund in the plan. Additionally, for those Ford employees who are ineligible for a Roth IRA due to income limitations, a Roth 401(k) provides an opportunity to build a tax-free retirement income source. You must call at least 30 minutes prior to the start of your shift.

If no election is made for the AICP or Profit Sharing payout, you will receive your entire payment in cash, incurring a mandatory 25% Federal income tax withholding. We can provide a comprehensive Retirement Income Analysis, help evaluate "what-if" scenarios, and assist in making informed decisions concerning any buyout offer. Ford Motor Company will drop one of the bond funds currently available to participants in the Savings and Stock investment Plan (SSIP) for salaried employees and the Tax-Efficient Savings Plan for Hourly Employees (TESPHE). You may be expected to withdraw any after-tax dollars youve contributed to your 401(k) account, borrow the maximum permitted from the plan, and apply for commercial loans as part of the qualification process. In addition, on or about April 24, 2015 the Parnassus Small Cap Fund (PARSX) will be merged with the Parnassus Mid Cap Fund (PARMX). Pleasant Valley, MO 64068 down payment or repairs on a primary home; college tuition and related educational expenses; threat of mortgage foreclosure or eviction; and. UAW Local 2000 is not responsible for the content or accuracy of any pages linked to or referenced from this site nor does the UAW Local 2000 endorse the pages linked to or referenced from this site. Employees are to access this number for the latest information related to a possible business interruption caused by a crisis, power failure, weather, parts shortage, etc. The IRS sets certain guidelines citing a number of circumstances that may qualify as a hardship withdrawal, including: However, it is up to your employer to determine the specific criteria of a hardship withdrawal. This large number of funds provides ample opportunity to build a well-diversified portfolio for your Ford 401k savings. The way the LifePath funds are designed, the further away the target date, the more aggressive the asset allocation, conversely, the closer the date, the greater the emphasis on preservation of capital in the asset allocation. Because state and federal laws differ, you may want to seek legal advice to be sure which will apply. Account balances and new monies invested (contributions/loan repayments) in the options being removed from the plans will be transferred either to other existing investment options or to the new investment options. Normally, the term of a 401(k) loan is five years. The money you withdraw will not grow if it isnt invested. How will the SIP offer impact my retirement decision? This fund will not be replaced with a new investment option. Check your claim status at http://labor.mo.gov/unemployed-workers. The IRS limits the maximum amount you can borrow at the lesser of $50,000 or half the amount you have vested in the plan. For instance, one plan may consider a medical expense to be a hardship, but not payment of college tuition. We recommend that employees take full advantage of these opportunities, but remember to keep their total company stock holdings within reasonable levels. Please reference"Target-Date Funds Face Regulation", published in The Wall Street Journal. Ford Motor Company is removing one of the funds in the Savings and Stock Investment Plan (SSIP) for salaried employees and the Tax-Efficient Savings Plan for Hourly Employees (TESPHE). These changes will be effective as of the close of business on January 31, 2013. Keep in mind, the IRS limit for pre-tax contributions can not exceed $17,500 for 2013 (or $23,000 if age 50 or older). But if as part of the settlement, the money goes to your children or other dependents, you owe the tax. We wanted to make you aware of several key points involving the transition and offer our assistance: We are offering our assistance during this transition. Your plan administrator has 18 months to rule on the validity of the QDRO, and your spouses attorney may ask that you not be allowed to borrow from your plan, withdraw the assets or roll them into an IRA before that ruling is final.

By taking advantage of the lump sum pension payment option, Ford retirees may reduce many potential pension risks including longevity risk due to inflation, tax risk, and mortality risk. Call Mainstay Capital Management toll-free at 18664446246 to discuss your personal situation with a Retirement Planning Specialist. Your action is required to establish new login and security access for your Ford SSIP or TESPHE account. Our firm continuously monitors its filing requirements in all states, and will provide individualized advisory services only in accordance with various state regulations. With over 20 investment options available, the Savings and Stock Investment Plan (SSIP) for salaried employees and Tax-Efficient Savings Plan For Hourly Employees (TESPHE) are among the best in the country. The investment options that are currently available in these plans are not expected to change initially, but may change over time as part of the regular monitoring process. f+Ix0;IPUw,WTv=(;fMS'ft`t3=&yw =U@ U8R7 |;;UTb!VVrP7@~+t-]1"_wo^j/is1Qzunp>t]O8)t& |OUb}lr13. When you borrow from your 401(k), the money usually comes out of your account balance. If you have any questions concerning our website or your Ford 401(k) account, please feel freeto contact us using the following e-mail link: This email address is being protected from spambots. You can also contact us toll-free at18664446246to discuss your pension payment options and how each may impact your individual situation. Its generally true that your 401(k) is safe from commercial and professional claimssuch as car repair bills or legal feeswhether youre sued in either federal or state court. In addition, Ford Retirement Plan (FRP) participants upon termination of employment will have the option to take partial withdrawals or commence installment payments from the FRP. If you're in debt, or if you get divorced, your creditors or your former spouse may want a share of your 401(k) plan assets. HW}W#Z0j-YryU*WJpa )MJJK>}C'H;asr%!o6/~xbnd4S#Xl6/f6aP'>>i&xps&{ m^f`oo'1] R\{; PNl2|z[uMNjg"y#0~0kO94qMc*+R_Ds]toJPGhRT"]KF\l7do3*9%9I$6XU"#,GHQFC?! ? This option will provide all eligible salaried and hourly employees the ability to contribute to a Roth savings feature within their 401(k) plan. The UAW logo is a registered trademark of the UAW and is used with permission. Spousal Stamp of Approval Mainstay Capital Management recommends that all Ford salaried employees contribute at least 5% in order to take full advantage of the company match. You may be wondering what to do regarding Ford's announced health plan changes for pre-medicare salaried retirees (if you are retired and not yet 65). LifePath funds hold some appeal in that they are simple to explain and administer. Our focus of service and assistance includes the areas of Healthcare, Retirement, Life & Disability, and Profit Sharing. As a general rule of diversification, no single stock should represent more than 10% of your total investment portfolio. The Decision Guide offers some suggested steps to help you navigate through the decision process.

If you're not satisfied with their response, there are a number of places to turn for help. All balances in and investment elections to the current funds will be transferred to the new funds as of the close of business on September 27, 2016. Are you aware of the details specific to your situation? However, this fund will no longer be a mutual fund, but rather a commingled pool. More than a third of the existing investment options will be eliminated and new options will be added to the plan. For the most part, you cannot be forced to use your 401(k) money to pay state and local income, property or other taxes. You must also pay market interest rates, which means the rate must be comparable to what a conventional lender would charge on a similar-sized personal loan. To discuss these changesto the Ford 401(k) plan and how this may impact your current portfolio allocation, do not hesitate to contact us toll-free at 1-866-444-6246. That means that the division of your assets might not necessarily be a 50/50 split. The real world changes every day, yet proponents of LifePath funds, or similar funds, expect someone to stick to a single game plan for as much as 40 years, whether interest rates are rising or falling, or whether the economy is in expansion or recession. File weekly claims at http://labor.mo.gov/.

The UAW National Ford Department Benefits staff has many responsibilities for both the active and retired membership. For further insight read his article penned forForbes,"Why Investment Choices In Your 401(k) Might Change", or contact Mainstay toll-free at 18664446246 to discuss the impact these changes may have on your portfolio. When you borrow from your 401(k), you sign a loan agreement that spells out the principal, the term of the loan, the interest rate, any fees and other terms that may apply. If youre in debt, your creditorsbusinesses, family or governmentsmay try to collect what you owe. If you currently hold the Parnassus Small Cap Fund, your account will automatically reflect this non-taxable transaction to the Parnassus Mid Cap Fund. Mainstay has brought this issue to the attention of the Ford Compensation and Benefits Office and is working with them towards a resolution. Benefits Information for active and retired UAW-represented Ford workers: Important phone numbers for active and retired workers: National Employee Support Center (NESC): 1-800-248-4444, Ford-UAW Retirement Board: 1-800-829-8833, Handles issues for members that are receiving a monthly pension, Retiree Health Care Connect: 1-866-637-7555. Additionally, they leave no room for the fund manager to tactically adjust the allocation strategy based on specific opportunities within the financial markets or in response to prevailing market conditions. For those evaluating the SRI or STEP, there are important factors to consider: Mainstay Capital Management is a fee-only, independent investment advisor that can provide a comprehensive Retirement Income Analysis, help evaluate "what-if" scenarios, and assist in making informed decisions concerning any buyout offer. To discuss the new investment options or how these changes may impact your investment allocation, contact us toll-free at 1-866-444-6246. An investors tolerance for risk and financial goals are other key factors that should largely play a role in determining the investment strategy and asset allocation. If you need cash, you may be tempted to borrow from your 401(k) rather than applying to a bank or other lender. You wont be ordered to withdraw from your plan to pay now, nor can your account be frozen until you pay the debts. Report a concern about FINRA at 888-700-0028, Securities Industry Essentials Exam (SIE), Financial Industry Networking Directory (FIND). There is a total contribution limit, which includes your contributions and company match (where applicable), of $51,000 (or $56,500 if age 50 or older) for 2013.

Webdesign by HollandComputers, Union Structure & Appointed Representatives, Employee Resources - Education and Assistance, Dedication of Eric Barne's Heroes Walk - Lorain Oh. You need JavaScript enabled to view it. But while taking a loan or a hardship withdrawal may help solve an immediate need, there can be consequences that may reduce your long-term financial security. The purpose of this website is to provide the public with general information about the services offered by our investment management firm. Ranking Disclosure, David Kudla, CEOMainstay Capital ManagementRings the Closing Bell at theNYSE on January 2, 2020. Mainstay Capital Management is a fee-only, independent investment advisor that currently provides portfolio management and retirement planning services as well as counsels hundreds of Ford employees on buyout offers. In the other states, assets are typically divided equitably rather than equally. The vast majority of 401(k) plans operate fairly, efficiently and in a manner that satisfies everyone involved. In addition to an earlier change in October, Ford Motor Company will make additional adjustments to the Savings and Stock Investment Plan (SSIP) for salaried employees and the Tax-Efficient Savings Plan for Hourly Employees (TESPHE).

UAW Local 249 You may be able to withdraw from your 401(k) account to meet the needs of a real financial emergency. Ford Motor Company has announced it will offer about 90,000 eligible U.S. salaried retirees and former employees the option to receive a voluntary lump sum pension benefit payment. The BlackRock LifePath Index Fund family is designed for those participants who wish to base their asset allocation decision on a specific target year. In community property states, you and your former spouse generally divide the value of your accounts equally. Ford plan participants attempting to place trades in the Ford TESPHE (Tax Efficient Savings Plan for Hourly Employees) account since December 30, 2016, may have received an ALERT which prohibits making a fund reallocation. Ford Motor Company is changing the names and/or fees in two of the Vanguard funds available in the Ford Retirement Plan (FRP), Savings and Stock Investment Plan (SSIP), and the Tax-Efficient Savings Plan for Hourly Employees (TESPHE). For more details, read the article on the right New Ford 401(k) Plan Administrator. What makes the SIP a more generous offer by the company, based on historical packages, is the Severance Benefit for years of service. Have I developed a comprehensive Retirement Income Plan? You will then select Option #1, Option #1, Option #1, and Option #24 to hear the latest information for Kansas City Assembly Plant. 2001-2011 UAW Local 2000. HSA participants currently investing in these funds may continue to do so. File a complaint about fraud or unfair practices. We believe this is a good guideline for ownership of company's stock in your 401(k). Most individual stocks are much more volatile than mutual funds. This email address is being protected from spambots. Call Mainstay Capital Management toll-free at 1-866-444-6246 to discuss your personal situation with a Retirement Planning Specialist. Use of any of the content posted on this website without prior written permission from UAW Local 2000 Website Committee is strictly prohibited. Visit ourIn The Newssection to review recent articles discussing pension lump sum payments or call Mainstay toll-free at18664446246to discuss your personal situation. Every attempt is made to keep the information up-to-date and accurate however, UAW Local 2000 makes no warranty, guarantee, or promise, express or implied, concerning the content of the documents. If you dont repay, youre in default, and the remaining loan balance is considered a withdrawal. To discuss the new investment option or how this change may impact your investment allocation, contact us toll-free at 1-866-444-6246. FINRA IS A REGISTERED TRADEMARK OF THE FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. FINRA operates the largest securities dispute resolution forum in the United States, To report on abuse or fraud in the industry. You usually dont have to explain why you need the money or how you intend to spend it. The rollout of the lump sum offers will continue into 2013. Sometimes theres also a loan floor, or minimum amount you must borrow. Ford Motor Company will introduce a Roth option to the 401(k) plan next year. These Vanguard funds are not changing their investment objective, strategies, or holdings. Ford is offering a Special Incentive Program (SIP) to certain Ford salary employees. David Kudla, CEOMainstay Capital ManagementRings the Opening Bell at theNYSE on July 3, 2017, David Kudla, CEOMainstay Capital ManagementRings the Closing Bell at theNasdaq on March 29, 2017. The election period to select a payment option for both the Ford salaried employees AICP (Annual Incentive Compensation Plan) Bonus payout and the Ford hourly employees Profit Sharing payout is February 11ththrough February 19th. There are two programs under which an employee may be eligible. If you divorce, your former spouse may be entitled to some of the assets in your 401(k) account or to a portion of the actual account. For full instructions click here. Check this page for future updates to the SSIP and TESPHE plans, as well as news that affects Ford employees and retirees. While not all plans permit loans, many do. Please do not hesitate to contact Mainstay toll-free at 1-866-444-6246 with questions regarding this ALERT or for assistance in reallocating your Ford 401(k) portfolio. Mainstay does not make any representations or warranties as to the accuracy, completeness, or relevance of any information prepared by any unaffiliated third party provider, whether linked to Mainstay's website or incorporated herein.