It has been brought to our attention by several firm clients who work at Goodyear that as of April 1, 2011 restrictions on the lump sum payout option will go into effect for an unknown period of time until the pension is once again certified as being 80%+ funded. Further, many clients have indicated several of their co-workers are deciding to retire at least in part because of this pension notice. February 28th is the last day of work for someone wishing to retire and take the lump sum pension.
Deciding to retire not only has substantial financial implications but also substantial non-financial implications each of which takes time for thoughtful consideration and planning. Granted there is only one month before the February 28th date, but there is still time for this planning.
We wanted to extend the offer to counsel any Goodyear employee making this retirement decision. Given the short time-frame, if there is enough demand, we are considering hosting a special event solely for Goodyear employees and their spouses to educate them on the pension decision and other retirement planning concerns. We’ll gauge interest over the coming week and decide if and when to hold the session. If interested, please register for this event.
However, if you prefer a complimentary consultation, click here to learn more of our process and contact our office to schedule the consultation.
