Hi, I left the powertrain plant in Moraine Ohio in 99 ( a few months before they closed the plant) due to health issues. I only worked there 6 years. I get a yearly statement on what my retirement will be, only 200.00 a month, when I reach that age (Im only 49). My question: Is it possible to take a buy-out on my retirement? I know it wouldn't be much but even a little would help right now. If so, who would I contact? Thanks for any help you can offer.
Hi everyone, new to the forum and need advice
- Thread starter dove1414
- Start date
CuppaJoe
Moderator Emeritus
Welcome, Dove 1414.
You could contact whoever administers the plan. That information should be on your yearly statement. If not, there is a federal pension guarantee agency that could help you.
Yours may (or may not) be like a plan I have. Years ago there was a one time buyout offer which had a very short window. The lump sum offer was about equivalent to one year's payout at age 62. I didn't take the buyout, left the plan as an annuity to start paying at age 62.
BTW, are you collecting social security disability? I've heard it works like any other insurance; they turn you down once or twice before approving it.
You could contact whoever administers the plan. That information should be on your yearly statement. If not, there is a federal pension guarantee agency that could help you.
Yours may (or may not) be like a plan I have. Years ago there was a one time buyout offer which had a very short window. The lump sum offer was about equivalent to one year's payout at age 62. I didn't take the buyout, left the plan as an annuity to start paying at age 62.
BTW, are you collecting social security disability? I've heard it works like any other insurance; they turn you down once or twice before approving it.
I,m not on SSI or SDI but my husband is totaly disabled. Its hard for me to work because he needs me at home. This damn economy.....the cost of living keeps rising but his income cant keep up. Thanks for the info, I'll look over my statement and call a few numbers.
