fbpx

GE Power Voluntary Job Elimination Program (VJEP)

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:

  1. If you accept the VJEP, do you have enough to fully retire, or will you need to go back to work?
  2. How would leaving early impact your future pension accrual?
  3. 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?
  4. 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?
  5. 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)?
    1. 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:

  1. Are you aware of the age 59 ½ RSP Rollover Option?
  2. How will you use your $9000 tuition reimbursement.
  3. 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.

Subscribe to our blog, podcast and video library.

We promise to never share your information.

Share this post with your friends

Share on facebook
Share on twitter
Share on linkedin

Invest In Your Life. We’ll Do The Rest.

Discover a new approach to wealth management where your investments, tax preparation, and estate planning services are offered by one team of fiduciary experts, all under one roof, for one simple fee. Wealthquest is a fee-only financial planning and wealth management firm focused on the integration of your life and finances. Regardless of your account size or stage of life, our firm can help.

Cincinnati

50 E-Business Way
Suite 120
Cincinnati, OH 45241

T: 513.530.9700
F: 513.530.9776
info@wqcorp.com

Mon – Thur 8AM – 5PM
Friday 8AM – 12PM
Sat – Sun Closed

MAP

Chicago

2211 York Rd
Suite 210
Oak Brook, IL 60523

T: 630.581.3580
F: 513.530.9776
info@wqcorp.com

Mon – Thur 8AM – 5PM
Friday 8AM – 12PM
Sat – Sun Closed

MAP

Scroll to Top

Building your rich life starts with a simple conversation.

Please fill out this form and a Wealthquest Advisor will be in touch with you soon.

Not a fan of forms? We totally get it.

Give us a call or shoot us an email anytime.

Cincinnati

Tel: 513.530.9700
Fax: 513.530.9776
info@wqcorp.com

Chicago

T: 630.581.3580
F: 513.530.9776
info@wqcorp.com