GE employees and their families have been asking us a lot of questions recently regarding the GE Power Voluntary Job Elimination Program (VJEP). Although the structure of the VJEP package is fairly standard, each individual’s circumstance is unique.
It’s imperative that these irrevocable decisions be considered based on the unique set of circumstances surrounding each employee and their family.
With an application deadline of October 24th, we want to offer our assistance to anyone who is considering taking the VJEP. To schedule a no-obligation phone call with one of our financial advisors specializing in GE benefits, click here.
If you are leaning toward taking the package, ask Wealthquest to help answer these questions:
- If you accept the VJEP, do you have enough to fully retire, or will you need to go back to work?
- How would leaving early impact your future pension accrual?
- Is waiting until age 60 to begin your pension going to disrupt your cashflow? Should you take your VPA/PPA as a rollover, or a monthly annuity?
- Are you over age 59, and have the benefit of GE’s Medical and Dental until age 65? If not, how would you provide health and dental insurance until age 65?
- If you are age 59 by Nov 30th, would it be better to take the age 59 special lump sum, or opt into receiving weekly income via the Income Extension Aid (IEA)?
- Depending on your circumstances, you might be able to receive a greater benefit by including the IEA with unemployment benefits.
Regardless of your decision on the VJEP, here are some things to consider:
- Are you aware of the age 59 ½ RSP Rollover Option?
- How will you use your $9000 tuition reimbursement.
- Did you know GE allows Regular Withdrawals of your after-tax contributions, company matching contributions, and associated earnings? Taking advantage of this opportunity could allow you to roll over the after-tax dollars in your RSP into a Roth IRA to grow tax free!
The VJEP application deadline is October 24th. To schedule a no-obligation phone call with one of our financial advisors specializing in GE benefits, click here.