GM Pension Update – Commuted Value
22 February, 2013
We have just received word that General Motors has received approval from the Financial Services Commision Of Ontario (FSCO) to offer a Commuted Value Option on the General Motors Hourly Rated Pension Plan. GM says that there will be a C.V. estimate modeller up and running on the GM Canada Benefit Center Website www.gmclbenefits.com (Hewitt) on 6 March, 2013. Retirement Eligible employees will be able to receive an estimate , and the estimate will be accurate for a 6 month period.
In the future, when a retiring employee receives their Pension Election Authorization Forms ( retirement papers) there will be a field for the monthly Basic Pension and Supplementary/ Special Allowance amounts and also a field with the Commuted Value and Maximum Transfer Value that has been calculated for the specific retirement. The retiree may then choose which option they would prefer, provide their signature and return the papers to Hewitt.
We understand that those retiring with the Commuted Value will still have Health Care benefit coverage under the ASR Trust,CAW legal benefits, and Basic life insurance from General Motors
Remember…“Retire Wise – Be Well Advised, Talk to your Pension Rep”