Welcome
Welcome to the NCRO blog. This is a moderated site. Please remember the golden rule when replying to or commenting on another person's post. Rude, malicious, personal attacks will not be posted for review. This is a family friendly stite.
Thank you,
the Moderator
Thank you,
the Moderator
Lets get together and insist that any financial aid to the automotive companies is contingent upon restoration of post65 health care benefits. It is what we were promised and if the government is helping the industry....then the industry should help the government and not put post 65 retirees on the government dole of medicare....(at a time it can least afford it as baby boomers begin to retire and become medicare eligible.) Restore the promise to us, where the company is the primary insurer and medicare secondary. LETS STANDUP TOGETHER AND LOBBY OUR SENATORS AND CONGRESSMEN TO INSIST ON EQUITY FOR THE SALARIED RETIREES.
Reply to this
Benefits Express withdrew $248.17 from my RCHA without my authorization. This started in July and has continued each month since. I turned 66 last Sept, my wife will be 66 this Dec. Their explanation is simply that it was done in error. They told me a refund for the total will be made to my account on Nov 28, and that a letter from mgt. will also be sent. I am insisting on a payment of 'loan interest' as well for the funds they've been using during this time. I'm asking for 1.5% per month.
Reply to this
Mike. Thanks for sharing your Benefits Express problems with all of us. Experiences such as this is an eye opener and should raise awareness to all NCRO members that attention MUST be paid to all statements from Benefit Express as well as Merrill Lynch, etc. Also, I checked and your 18% annual interest rate is below the top rate of 25% allowed by Michigan's usury laws. LOL! Please let us know via the blog how it all worked out.
Reply to this
Mike, thanks for sharing your problem with Benefit Express. I also experienced an unauthorized withdrawal in September 2008 of $2000. At that time they said it was an error and would have to investigate. After a few months, I finally called by bank to handle it, since I was getting nowhere. Shortly thereafter, the money was back in my account. Now, I received a letter from Benefit Express, saying that a withdrawal of $2346.99 will be made from my account on December 1, 2008. They call it a change in coverage or premium. However, I have not changed anything, nor authorized this withdrawal. I turn 65 in January 2009.
Reply to this
I too have experienced mysterious disappearances of money from RHCA. When I first noticed, I hopped right on ML and Benefits Express. BE was the culprit. They returned all my funds without interest. It took a month and a half to clean it up. BE claimed "computer error". This apparently has happened to a number of retirees. Large portions of savings put into frozen funds and withdrawals made without authorization.
Anybody know how RHCA funds can be placed with some sort of administrator who can dole out the funds in the same tax free method as intended? I have lost confidence in the current administrators.
Reply to this
What is the most current pension funding status for Chrysler? Is there anything more recent than the 111% figure for year 2006?
Reply to this
Richard, please take a look at http://www.ncro.org/pensions.htm
You will see the latest info. available is Dec 31, 2007. There is data there for 2007 funding. Chuck Austin has written to the Executives at Chrysler LLC requesting the latest figures. To date, there has been no response
Reply to this
Regarding Benefit express. I recommend that all complaints be sent to their FEEDBACK . I, too, have sents a couple of complaints( Recent) . That appears to be are only course of action with Benefit Express. The other alternative is speak to some rep who may not have a clue on how to handle your complaint
Reply to this
Previously submitted claims to the BENEFITS section and have received just part of the claims other paperwork states insufficient funds when available will honor your claim ..lately received checks amountaining to cents only ..it has to cost more to mail the letter than what the check is written far ..it appears to me the right hand doesnt know what the left hand is doing ...
Reply to this
Re: Benefit Express. Every time I need to contact them, there is always something wrong in the information they have on me. I just, on 12-15-08, spoke with a manager -- in India -- and expressed my unhappiness with the way things are handled. It has been everything from the amount of $ in my RHCA, to my retirement date, to my Delta Dental coverage. At one point an EOB showed I had over $214,000 and as of last May I had $99,999.99 in my RHCA! That would have been wonderful, had it been true! I was told both times they couldn't change it as that was the figures given them by Merrill-Lynch. Both M-L and I knew what the correct amount was. My latest EOB again showed the $99,999.99 with a $0 balance! Wrong again! Each time (except the most recent call) has involved VERY lengthy phone calls as well as 3-way calls with M-L who told BE they didn't get those figures from them!. My most recent call on 12/15 I was told a claim I submitted from 2005 was denied because I retired on 9-15-06 (that was the date my husband died) -- instead of 11-01-74. This is being "researched" & they would get back with me in 2 business days -- nothing! Also earlier this month I called them re my Delta Dental -- first I was told I couldn't cancel it until the end of 2009 due to a "2-yr. lock-in" & the 2nd person told me I had NO DENTAL COVERAGE at all (because I am over 65 & have Medicare!) until I asked: "Then why have I been paying premiums for 2 yrs!" Again a 3-way call with Delta which was resolved in less than 5 min. In April & May of this year I was double reimbursed me for my Medicare premium out of my RHA, and that call was placed at 11:30 a.m. when I was bounced back & forth between BE & YSA & 9 different people. It was 3:10 p.m. before this was resolved! All I wanted to know was "How do you want me to reimburse them for $192.80?" The answer: "Keep it!" I figured they pulled a rabbit out of a hat and were reimbursing me those two months for my deceased husband's Medicare premium, and that was exactly what it was -- even though he died a yr. & 9 mos. earlier. I was - and am - not a happy camper. All of the above occurred between Oct of '07 and 12-15-08! These are just the major ones! How can anyone get things so screwed up and still keep a job!
A Frustrated Floridian
Reply to this
You requested comments on Benefits Express.
In the past their response has been superb, but not so now.
I requested a form to have medical ins premium taken out of my pension: no form sent. I requested it again: wrong form sent. I will have to request the form for a third time and see what comes in the mail.
I'm dissatisfied at how their service has deteriorated.
Reply to this
Does anyone know if you can contribute to the HSA account from an IRA or 401k tax free?
Reply to this
On 11-24 I received a letter from BE stating $2,434.77 had been taken from my RHCA account in error and was being redeposited. Since I didn't receive my 3rd quarter statement in the mail, I was not aware of it. I too spent several hours on the phone between BE and ML and was assured the last statement would be mailed but they couldn't explain what had happened. I am still waiting for the statement. In the meantime, I printed it out and could account for all withdrawals except for $40 which is still missing. I contacted BE again and they said they would look into it and get back to me. No such luck. Isn't there anyone who can look into this and see why all these unauthorized withdrawals are being made?
Reply to this
received the notice about the Breakfast Meeting on January 21st. Since I live in
South Carolina I won't be able to attend, however, I wonder if someone could
bring up Benefits Express at the meeting. They have been a nightmare to deal with.
My husband and I are both retired from Chrysler and I was on his insurance. Of course I lost my insurance in August when I turned 65. BE continued to take the $70.00 out of his
check for August, September and October. After many phone calls and long wait times, they said the refund would be in his November check. Instead to giving him the $211.00 they owed him, they deducted it. So instead of owing us the $211.00 they now owe him
$422.00. I have talked to so called managers and anyone else I could ge a hold of and they keep saying they owe him the money, but that doesn't put the money in the bank.
I have read the blog, but they don't say if there is anyone I can contact at Chrysler or where
to go from here. It's all so frustrating. I get knots in my stomach when I have to call BE
and I know my blood pressure will go up talking to them. There service is horrible.
Maybe someone at the meeting will have some ideas.
Thank you for lettimg me vent and thanks to all people at NCRO for the work they do.
Reply to this
Amen to Ms Hyatt's suggestion re bringing up Benefit Express at breakfast meeting. Been receiving erroneous EOBs and numerous phone calls result in telling me to "disregard" these EOBs that were paid early last year. Thank u and the NCRO people.
Reply to this
First of all, GREAT WEBSITE. Thanks to all who have made this a reality. Second, when leaving a comment, I'm not sure what website means when filling in the information. Finally, the SERP funds were after tax contributions and now I'm being taxed on them again. Are there any tax experts out there that can clear up the picture on this? Was the SERP contribution a ROTH 401k type program where we shouldn't have to pay tax on it a second time?
Happy new year to everyone.
Reply to this
On behalf of the NCRO: Thank you for the kind words. It is much appreciated.
The website field is not mandatory. It does allow you the opportunity to add a website address pertaining to an article, link, story or some other interest to you that you want to share with others. If you enter a website address in the 'website' filed, a link will be created to that webite through your name. As an example, if you click on my name, you will be connected to the NCRO website.
Happy New Year to you as well.
Reply to this
Does anyone know where the B/E offices are located? IE: City, State.
Reply to this
Here's the address (current as of the end of December 2008)
Benefit Express
100 Half Day Road
Lincolnshire, ,IL 60069-3342
Hope this helps.
Hope this helps
Reply to this
Thanks, at least I know part of B.E. is in the U.S.
Reply to this
I also went through hell with BE re life insurance premiums and the only way I got anything done was to fax letters to the top HR and VP's at Hewitt. I found the execs on their website and had to do it twice before it all got worked out. They actually called me after I went through numerous and long phone calls with them so try that. If you need the names of the execs would be glad to forward.
Diane
Reply to this
Diane,
Good work! Can we share the contact names and numbers with our organization?
Reply to this
A name and phone number would be very helpful. I also have had several problems with BE since September 2008. Problems, i.e., making incorrect withdrawals from my bank account, canceling my medical coverage, canceling my RX plan. Thanks, Stella
Reply to this
I would love to have them. Obviously you know the same frustrations with B/E. I hope they speak the "Queen's English" in a manner that can be understood. You did the leg work, please forward, many thanks.
GAF
Reply to this
I am so upset with Chrysler, I worked for 38 years and put my job before my family many times and what for?? They just want to keep taking away, they are now owned by a company that wants to sell it off and make as much as they can and give nothing back. Is there no one who can stop this corruption in the auto industry? The boys at the top keep getting richer and the workers and retirees keep getting poorer. Something should be done to help the U.S. auto workers and retirees. The public has been brainwashed by the media,the government has been concerned with helping out their boys in the banking industry and we are left with nothing. Most of us retirees are to old to start a new career. Will someone Help!!!
Reply to this
BE removed $3,646 from my RHCA in November 2008. Their letter of explanation states that this amount was removed due to amounts incorrectly credited to my account during the months of Sept and Oct 2008. I am not sure this is correct. When I attempt to talk to a supervisor after being passed around and on hold for at least 30 min, I end up talking to an individual I can hardly understand who cannot provide me with a logical explanation for this fund withdrawal. We need an intermediary that we can turn to when we encounter these kind of problems with BE.
Reply to this
An extra insurance premium was deducted from my husband's pension check in June, 2008. I have been told every month since that it would be reimbursed on the next month's check. That was 8 months ago. Each month I call, speak to a supervisor, they say it will be rectified on the next month's check. Once again I have been told it will be on February's check. I doubt it!!! I am wondering what recourse I have...who to contact next....or are they hoping to wear me down so I won't bother them again.
Reply to this
If you are experiencing Benefits Express problems, please refer to the NCRO website, www.ncro.org. We posted Chuck Austin's process of dealing with B.E. and his recommendations as to how to work through the typical issues when you make that call to Hewitt. We will leave Chuck's report on the home page for a few weeks, then move it over to the Archive page for future reference.
Reply to this
Yes, for sure,sorry have not looked at blog. First is Ms. Tracy Keogh, Senior VP-Human Resources and Mr. Vince Coppola, Global Business Services and Technology Leader, both at Hewitt Assoc., 100 Half Day Road, Lincolnshire, Il. 60069 I faxed my letters and their fax number is 1-847-295-7634.
Reply to this
The two names I have are Ms. Tracy Keogh, Senior, VP-Human Resources, Hewitt Assoc and Mr. Vince Coppola, Global Business and Technology Leader, Hewitt Assoc. both at 100 Half Day Road, Lincolshire, Il 60069. I wrote the letters and faxed them to 1-847-295-7634. I tried to get a "regular" phone number but they just kept putting me back to Benefit Express but I have to say who I talked with were very nice.
Reply to this
It took me 6 months to get reimbursed for auto insurance overcharges. It is frustrating. I find if I call again I sometimes get new people to respond. Often if you keep calm and stick to the facts it helps. I also write down the time, day who I am talking to, and ask when can follow up.
Reply to this
I call again. And I write down time, day who I talked to. I ask when I can follow up. It takes a lot of patience.
Reply to this
Thanks so much for the phone numbers and names of execs at BE. Maybe that will work.
Reply to this
When I faxed the letters I made sure I had the names and dates of people I talked with and detailed what happened. Also, as far as talking with a supervisor, they are no help and last time called waited over 30 minutes for a supervisor that could do no more than the regular person. Thought if we bombard them with faxed letters we might get them to make some changes in how they do business. Also, I spoke with a person in Human Resources at Chrysler and asked if we should complain to them and was told that they really don't care. They have too many other problems right now.
Reply to this
Yes, you can, I was told that we can make a one time transfer directly from our 401 to the HSA and they emailed me the form to use. Suppposedly if the amount is over $2000, you can also invest it and make a profit on it. If you go to irs.gov and put in HSA you will find pages of information on HSA.s
Reply to this
Thanks for the help. I also believe that's the explanation after seeing the letter for the link provided. If it was not for the amount I would not have a clue as to the meaning of the 1099-R. I still do not know who else could have helped with this! Thanks again.
Reply to this
Re: new health insurance. I took the Blue Cross HSA this year and Chrysler is supposed to deposit $500 in the account and sent me a debit/credit card. As of today there is still no $500 or 1cent in the account. Have called Benefit Express and guess what they no nothing and stated that it was a problem with Chrysler and their finances. Has this happened to anyone else and does anyone have the money in their account?
Reply to this
Hello,
Just wanting to know if anybody is aware of what happened to Chrysler Stable Value Fund B in SEIDP during the January liquidation.
It was sold on 89 cents to the dollar.
This was a "cash reserve fund" or it was the money market fund. At the end of 2008, each share was exactly one dollar.
What happened in January?
Reply to this
Today, President Obama advises Chrysler is not viable without a merge with someone. If Chrysler is forced into bankruptcy and/or sold off, what will happen to my pension? I retired in 2001 and this is my only means of income. Can someone please advise? I'm very worried. Thank you in advance for your input.
Reply to this
The NCRO is not, nor have we claimed to be experts on pension, benefits or any other legal or financial area of concern.
All we can advise you to do is visit our pension web page at http://www.ncro.org/pensions.htm and read for yourself. Also visit the PBGC web links shown on that same page for additional information.
From the PBGC website: "The Pension Benefit Guaranty Corporation (PBGC) protects the retirement incomes of nearly 44 million American workers in more than 29,000 private-sector defined benefit pension plans."
Chrysler pays insurance premiums to the PBGC and therefore if Chrysler files for and goes through bankruptcy our pensions are protected. But, only up to a certain amount based on age and other factors. That is why you and all others should review the data on our pension page and also review the PBGC web site.
Again, we cannot give you specifics on your particular situation. All we know for sure is that you will get some or possibly all of your pension based on the PBGC data.
Hope this helps.
Reply to this
Is the SERP portion of your pension considered self contributory and part of the 60% or does the 60 % only apply to the Chrysler portion if they go Bankrupt
Reply to this
Is anyone aware of what Cerebus did to the chain of Mervyn stores. A Wall Street Journal article dated 11/24/08 follows Cerebus activities in the purchase Mervyn's from Target in 2004.
The title is:
"Making a Bundle on Mervyn's" "Buy Out Firms Profiited, but Chain Ended Up In Liquidation and Thousands Lost Jobs"
The purchase price was $1.25 billion of which, $800 million was financed with debt. Cerebus then proceeded to split Mervyn's in half, 1 side considered the store operations & the other side the real estate or as Wall Street terms it, "OpCo-PropCo".
From the closure of this this sale Cerebus made $58 million. When property values increased Cerebus sold the property company (PropCo) for a net profit of over $250 million. Just before Mervyn's went bankrupt Cerebus sold their operating percentage of the company (OpCo) to their partners.
At the time it was written action by former Mervyn employees was happening in bankruptcy court!
Get the Wall Street Journal and read it.
Is this the destiny of Chrysler?
Reply to this
As stated previously on this blog, the NCRO and the board members are not experts on pension plans. We request that specific questions like yours be directed to Benefits Express or the PBGC. If you get an answer, feel free to post it here.
Thank you.
Reply to this
Did you see the WSJ article today about the Chrysler Stable Value FUnd in SEIDP
Reply to this
Did everyone see the article on Chrysler's Stable Value Fund in the Wall Street Journal on April 3rd. Here's the link but I'm not sure if you can see it if you don't subscribe to the Wall Street Journal.
http://online.wsj.com/article_email/SB123871881205784839-lMyQjAxMDI5MzA4MjcwMTI4Wj.html#articleTabs%3Darticle
The article confirms that Chrysler investors lost 11% of their money in a "stable value" fund that was supposed to be as safe as a money market account. There is a law firm that is looking into whether Chrysler or the company that managed the fund breached its fiduciary duty and can be held liable for the losses. Here is a link to their news release.
http://www.marketwatch.com/news/story/keller-rohrback-llp-announces-investigation/story.aspx?guid={AB095178-00DD-47EA-91EB-3656CFFFEBF7}&dist=msr_1
If the link doesn't work you can find the article by putting "Keller Rohrback" and Chrysler into your search engine. (Keller Rohrback is the law firm looking into it.) If you lost money in this fund, please contact them. They may be able to recover funds from Dwight Asset Management company, who managed the fund.
Reply to this
This was posted on April 9, but it is showing with February postings. Therefore, it is probably causing the affected people not making use of it!
Reply to this
Did everyone see the article on Chrysler's Stable Value Fund in the Wall Street Journal on April 3rd. Here's the link:
http://online.wsj.com/article_email/SB123871881205784839-lMyQjAxMDI5MzA4MjcwMTI4Wj.html#articleTabs%3Darticle
The article confirms that Chrysler investors lost 11% of their money in a "stable value" fund that was supposed to be as safe as a money market account. There is a law firm that is looking into whether Chrysler or the company that managed the fund breached its fiduciary duty and can be held liable for the losses. Here is a link to their news release.
http://www.marketwatch.com/news/story/keller-rohrback-llp-announces-investigation/story.aspx?guid={AB095178-00DD-47EA-91EB-3656CFFFEBF7}&dist=msr_1
If the link doesn't work you can find the article by putting "Keller Rohrback" and Chrysler into your search engine. (Keller Rohrback is the law firm looking into it.) If you lost money in this fund, please contact them. They may be able to recover funds from Dwight Asset Management company, who managed the fund.
Reply to this
Check the NCRO website again. 2007 numbers are posted.
Here is the NPR discussion on pensions.
http://www.hereandnow.org/stand-alone-player/?fileUrl=http%3A%2F%2Fwww.bu.edu%2Fwbur%2Fstorage%2F2009%2F04%2Fhereandnow_0410_2.mp3&fileTitle=Pension%20Problems
Reply to this
401K Investment Options are Terrible.
The Mutual Funds offered are not the best. You may purchase dividen paying stocks but the dividens are no longer reinvested in the company that paid the dividens. They are invested in the CMA money fund. You may no longer purchase shares in limited partnerships which pay very high dividens. All of these changes make it very difficult to build wealth in your 401k. When you apply for a distribution from your 401k you are told the sequence of investments where
the distribution is coming from, even though it's all your money. It may be a good idea to roll over your 401K into an IRA which is more flexible.
Reply to this
News on TV, in newspapers and on TV 4-21-09 said the govt will loan no more money to Chrys Financial because some of the top execs refuse a salary cap. Are they nuts? Can they be disciplined/fired?
Reply to this
This might sound insignificant in the scheme of things here, but perhaps all of those of us, as retirees, current employees, plus their relative/friends/ neighbors were to pull all of our accounts away from these four banks, JPMorgan Chase, Citibank, Goldman Sachs and Morgan Stanley we may have some impact on their position. At the very least it would send a message.
I know one person has already contacted Chase and is doing this unless the bank changes its position.
Reply to this
If Chrysler LLC goes through bankruptcy and terminates our pension program we will then have to rely on the PBGC (Pension Benefit Guarantee Corp.) governmental agency to (partially) cover our pensions. PBGC had shifted $54B of their funding into stock last year so you might guess what has happened since.
Turn on sound and follow this link to NPR editorial on this:
http://www.hereandnow.org/stand-alone-player/?fileUrl=http%3A%2F%2Fwww.bu.edu%2Fwbur%2Fstorage%2F2009%2F04%2Fhereandnow_0410_2.mp3&fileTitle=Pension%20Problems
Reply to this
This may help to save Chrysler: I think we are in a unique position to help Chrysler and gain a very positive response from the government. My suggestion (after much contemplation) is the following; Offer our expert services for cost, for one year, to run, engineer, liaison, etc, where ever required to keep Chrysler afloat. That's a broad outline of the idea. I would be happy to discuss the details as required. I'll volunteer first. Jerry Berhorst
Reply to this
You have a good idea. Unfortunately, in my case, I'm truly a dinosaur and as a Chrys. Financial retiree I am in no position to help.
Others could and no doubt would chip in.
Reply to this
Page 9 of the revised UAW contract shows that the Vision and Dental Programs are no longer offered effective July 1, 2009. How long before Chrysler takes away non-union retiree's dental?
Reply to this
Did any body hear anything about this either from the company or ML ?
Reply to this
Is Chrysler ever going to pay out the $1000.00 to the HSA?? They were supposed to pay it in January. Then in March. Then April. Now they switched me back to BlueCross PPO. I had to call BE and now they say they are going to re-set me to BlueCross HSA. Is anyone else having this much trouble getting their insurance setup?
Reply to this
John
I retired in June 07, looked thru all my paperwork from Daimler Chrysler at the time and could not find anywhere that mentions this could be modified or terminated. I had looked in the pre package plus all items signed and sent back before I left. Is this an implied statement.
Reply to this
RCHA, are the funds deposited secure under Bankruptcy?
Reply to this
Good Luck. Chrysler just declared bankruptcy 4-30-09 at 2:00 PM CST and announced all production will cease 60 days pending reorganizing.
Reply to this
Their must be a list that shows who the Chrysler Debt. Holders are and the ones that caused Chrysler to go into Bankrupcy. Does anyone have this list?
This list should be public knowledge and
should come out when bankrupcy hearings
begin.
Reply to this
Some creditors are named in this article
http://www.nytimes.com/2009/05/01/business/01hedge.html and also here
http://uk.reuters.com/article/topNews/idUKTRE54017D20090501
Reply to this
If you were expecting a pension deposit today it may already have been reversed.
I've heard that the basic pension will be paid by paper check on May 18. They are still pondering the SERP question.
A letter is being prepared.
Reply to this
I received a letter from Chrysler LLC
dated 4/17/09. The following is my interpretation of the letter. If anyone would like a copy send me an email at eriemariner@gmail.com. The letter basically said that the SEIDP, if it was invested in Chrysler Stable Value Fund B, unlike, the Fund A in the 401k and
Fund C in the Retiree Health Care, which are qualified plans, the SEIDP is non qualified plan. As such, it is part of Chrysler assets and would be available to creditors in the event of bankruptcy.
Fund B was therefore, not actually invested. it was only a hypothetical investment. Because the plan was closed all on the same day the hypothetical investments on that day only paid 89 cents on a dollar (like a run on a bank). Also because these investments were only hypothetical I assume that there was no such thing as an insurer or holder of a wrap contract. The letter also included an investment statement from Merrill Lynch 2008 outlining the above rational. I have documentation from the DaimlerChrysler Stable Value Fund B from 2007 that did not state that
the investments were hypothetical. I, like probably many others, assumed that the Stable Value Fund B did not change from the time it was DaimlerChrysler to Chrysler LLC. Now the good news. Actually Chrysler LLC did us a big favor
by closing out the plan in January 2009 because, as of today, we could very well lose everything in the bankruptcy filing. The letter also stated that there is an appeal procedure and it was outlined in the letter. The procedure must be started by June 1, 2009
Reply to this
My pension deposit was credited & debited today & I got the same explanation from Benefit Express. They didn't know if temporary benefits would be included, although the BE rep said she thought that temporary benefits might be considered as qualified benefits. I got the impression that there are more questions than answers at this point.
Reply to this
I'm sure by now you've heard that at least some of the salaried retirees have had a pension check credited and debited from their bank accounts today resulting in a net payment from Chrysler to the salaried retirees of $0.00.
My understanding is that we will not receive any payment until the middle of the month when it will be your old payment minus the SRP contribution which has gone away. The first of these payments will be by paper check on May 18th.
This was not unexpected except:
Getting a $0.00 payment for a couple weeks.
Obama's message that retiree's pensions were safe and secure is obviously not true for at least salaried non union retirees.
I called Benefits Express at 8:15 and was told they were waiting on Chrysler to update them and they would call me back within an hour. As of 11:45 I have still not received a call. This is not surprising.
If you, NCRO, are hiring a lawyer to participate in bankruptcy proceedings, you can count on me for a $1K contribution.
You folks are doing a very fine job under impossible conditions.
Dennis E. Florence
Reply to this
Chrysler has posted the following on the web site.
FAQs about restructuring, bankruptcy for employees
Posted Thursday, Apr 30, 2009, 4:54 pm in April 30 Announcement, Chrysler
Last modified on Friday, May 1, 2009, 11:30 am.
Reply to this
I just came to the realization that I am one of 2000 lucky retirees to be given something called a "Shelf" retirement, where 100% of our pension benefit sits in the SRP (non-qualified). All pension payments for the 2000 of us are now suspended pending the outcome of the bankruptcy proceedings, and may not start again until we reach age 62. I was totally unaware of this and was actually advised during my retirement meeting with Exec. Comp. that only the IC benefit was in the non-qualified Rabbi Trust or SRP. Although I signed the document that said the entire pension was in a SRP, my interpretation of the document was that it was referring to just the IC potion of the total pension that had been discussed with me in the referenced meeting. I feel I was totally deceived, an now face catastrophic financial consequences. Are you aware of this and can this organization help the Bankruptcy process understated the issue that effects 2000 retirees and help rule in our favor? I am willing to get involved and assist in any way possible to get this issue in front of the court.
Reply to this
We are carrying the Chrysler Restructuring and FAQ links on the NCRO website at www.ncro.org.
After going to the home page, scroll down to the Chrysler Retiree's section.
Reply to this
NCRO If we need to fund a good lawyer to represent salary employees, send a note out. Time is short. I agree with Dennis Florence.
Reply to this
Ken,
The NCRO already has the bank account set up for a fund. Also, an attorney has been hired. We are finalizing the process to accept donations. We just have to make sure we do all of this in a legal manner.
Reply to this
My understanding is a little different. When Daimler sold Chrysler to Cerberus, the SRP portion of the pension was converted into a "qualified" plan (deposited into SERP) to prevent this kind of thing from happening. I have a letter from Nancy Rae at the time that states this. So far my pension check was not reversed out because it is all in a qualified plan I believe. I wonder if there may be some people who retired before Cerberus though that still have the SRP in a non qualified plan. Chrysler may have done this conversion to protect the SRP from Cerberus and/or Daimler not necessarily to protect it from bankruptcy. Also, IC role who elected to put some of their IC compensation into a deferred tax supplemental saving account would have this money at risk in a bankruptcy as well. I thought the only amount at risk would be this voluntary tax deferred supplemental savings, not the SRP, unless the conversion of SRP to a qualified plan didn't apply to those that retired prior to this conversion.
Reply to this
I believe SERP is a qualified plan and even the SRP was converted into SERP when Chrysler was sold to Cerberus. However any deferred tax supplemental savings that IC role people had deposited voluntarily from their IC compensation are general assets of the corporation and are at risk. Also, I read a presentation from a GM retiree meeting that any bridges for social security prior to turning 62 are stopped when they enter bankruptcy. So, basic pension is qualified SERP is qualified (SRP was converted to SERP when Cerberus took over), but any supplemental tax deferred savings from the IC compensation is not qualified and social security bridges are not protected based on what I've learned.
Reply to this
The NCRO "Contingency Action Fund" is now available to accept donations for legal fees, etc. Please visit the website at: www.NCRO.org for details.
Thank you.
Reply to this
I retired 2-2001 at age 60 in the IC ranks. My SRP is apparently not in a qualified plan as my deposit was pulled today. It is my current understanding that those with an unqualified SRP (Rabbi Trust) portion of their retirement had their deposit retracted. Supposedly we are to get a check in the mail around 5-18, less the SRP, so several retires have reported via Benefits Express. Apparently it must depend upon when you retired??? I agree with prior posts regarding legal representation, you can count me in for additional donations to help fund it. Great to see this blog off and running. I quit checking it sometime ago as it was dead. Great to see it is alive and sharing experiences and info.
PS: Via info from current engrg manager...they are currently going through hell. The big picture stuff has been determined but the operational details are in a mess. SO parts suppliers not shipping, Fiat wants things to go faster and to move releases/launches ahead...with world class quality. Mission impossible?
Reply to this
Has the question of how/when/if Company Car and Retiree Choice deductions will be handled when no check is being issued because of the non-qualified SRP (Shelf Retirement)?
Reply to this
I have an "ANNUITY SRP" as a part of my pension. My recollection is that Chrysler transferred these funds to Hartford Insurance about 25 years ago.Since Hartford has these funds are they still subject to the bankruptcy?
Reply to this
I found this site which provides information about the Chrysler Restructing Plan. It answers some questions regarding retirees.
http://www.chryslerrestructuring.com/
Reply to this
Thank you for the information, I found it very interesting. I am not convinced
that bankrupcy was the right way to go.
I think the government could have come
up with a better alternative even though
I realize Chrysler is not A.I.G.
Reply to this
Has anyone heard how the "excess" federal withholding on some April 1, 2009 pension checks is going to be corrected?
Reply to this
Question ?
What is the difference between SERP and SRP ?? Looks like 2 different plans
Reply to this
RHCA reimbursement appears to be functioning better. Last submission filed 4-2-2009, paid 4-30-2009. Prior submission 7-21-2008, paid 1-26-2009, an improvement of 5 months!
Reply to this
I for one am a bit confused over what is currently considered "SRP" and what is "qualified" vs. "unqualified". My Feb. 2004 retirement plan shows this category breakdown:
#1 DAIMLERCHRYSLER CORPORATION PENSION PLAN:
--- Basic Pension Plan (21.4% of pension total)
--- Temporary Benefit (0% of pension total - OK I'm now over 62 yrs. old)
#2 EXECUTIVE SALARIED EMPLOYEES' RETIREMENT PLAN (ESERP):
--- Contributory Benefit (23.7% of pension total)
--- Final Average Salary Benefit (26% of pension total)
--- Incentive Compensation Benefit (27.9% of pension total)
- #3 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (SRP):
--- Incentive Compensation Benefit (1.1% of pension total - i.e. "chump change")
Does anybody have a clear picture of which of these categories are NOW considered SRP and which categories are NOW considered "qualified" and "unqualified" (bottom line question; which of these categories are about to be blown away?). I remember the term "shelf" having been applied to my retirement plan (although this term does not show in writing in any of my paperwork) which in relating to Blog Author Rick Brown's 5/1/2009 2:52:48 PM comment, might indicate that the entire pension is somehow in jeopardy. Clarifying comments would be appreciated.
THANKS! DCX35
Reply to this
Does anyone have the HSA type insurance? If so did you ever get the money Chrysler was supposed to deposit into your health savings account (blue bank)?
Reply to this
I have Cigna/HAP HSA and I received a $1000.00 deposit in January 2009.
Reply to this
DCX35,
My understanding is that the only component not "protected" is the SRP. The basic, temporary, and SERP components are qualified.
If anyone else sees it differently, please speak-up.
Reply to this
I was told that on your pension advice statement (i.e., the stub you receive in the mail), if it says "ANNUNITY SRP" that portion of your pension is protected because it's being held by the Hartford. On the other hand, if it just says "SRP" those funds are in a rabbi trust which are subject to the bankruptcy process. I still am very unclear about the TEMPORARY benefit that we early retirees receive. I've heard that it is being "treated as if it's qualified" but I've also heard that it is non-qualified. What a mess.
Reply to this
Yes,
Reply to this
Did you retire in Nov 08, or were you previously retired. My experience with the HSA insurance has been BAD. I retired in Nov 08 and never got the $1000.00. I am fighting with Benefits Express to even have the HSA insurance. For Dec I had the PPO, Then in Jan I had the HSA, Then the PPO, then in Feb the HSA, now on april 24 they switched me back to the PPO. I have since called BE and they say they are trying to fix this. Very Frustrating.
Reply to this
I retired December 31, 2006. I had a PPO for all of 07 and switched to an HSA January 08 and kept it for 09. I have not had any problems with the HSA. It does have a high deductable but it has a good prescription program. Generics are
free and annual exams are free.
Reply to this
I retired 12-31-95. After Daimler bought Chrysler (benefitting only Bob Eaton and his upper echelon people (now all retired with large bonuses for the sellout), bonuses stopped and benefits started to disappear leaving only HSA. That account is virtually inaccessible other than to pay SS Plus for me and my wife.
Reply to this
Daimler caused Chrysler to go bankrupt. The stockholders, Unions, employees, etc. were all sold out by the upper echelon employees for Chrysler who all retired with big severance packages shortly after the sellout. Chrysler's cash was taken and invested back into Mitsubishi, of which Chrysler had only divested itself ahortly before Daimler took over. German companies do poorly in the US because they have such an imperial attitude, and we all see now how this "partnership" worked out.
Reply to this
Reply to DCX35... you are correct in your understanding.. There is one program which affects Jeep Management retirees called the SSP .. This is also a non qualified plan.. The amounts are included under SRP on your monthly paystub...
Reply to this
Rick - Thanks for your reply to DCX35's 5/2/2009 9:45am comment. I don't really have an "understanding" as you say. Does your reply ("you are correct in your understanding") address what I referred to as a "shelf" pension -or- does it refer to what I was given at my retirement day as to what constitutes category #1 DCX CORPORATE PENSION, category #2 ESERP and category #3 SRP. It would seem unlikely that the bulk of the Incentive Compensation Benefit shown in the #2 ESERP category (which constitutes 27.2% of the total pension) would be protected through this situation while category #3 SRP (which constitutes 1.1% of the total pension) would be taken away. Could you be more specific if you are able to do so? Thanks very much. - DCX35
Reply to this
dcx35 regarding your post of 5/2 9:45am. My understanding is that the DCX Corporate pension and the SERP pension are both qualified programs and were not affected by the bankrupcy.. To date the only pension program that I am aware of that has been placed on hold pending legal review is the SRP which in your case constitutes a small percentage of your total package.. If you take a look at your last pay stub check under the SRP listing and it will display the exact amount which will be deducted from your May 1 pension check.. I confirmed this with Benefit Express today.. Hope this helps.. b
Reply to this
Thanks Rick, I appreciate your comment - The terms "SRP" (Supplemental Executive Retirement Plan), "SERP" (Salaried Employees' Retirement Plan) and "ESERP" (Executive Salaried Employees' Retirement Plan) really had me going because I have been receiving Incentive Compensation Benefit payments through both the "SERP" category (with IC benefit constituting nearly 1/3 of my total pension benefit and from the "SRP" category (with IC benefit constituting only about 1% of my total pension). My original retirement paperwork (Feb. 2004) defined the category which is referred to as "SERP" on recent paycheck deposit stubs as "ESERP". Most confusing and I will not rest easy until I see the paper check on or before May 18th with the . . . as they say, final answer.
Reply to this
DCX35. I agree. when I go to Benefit Express and click on pension detail it indicates all categories except SRP as qualified.
Jim
Reply to this
Does anyone know what will happen to the current medical (Blue Cross, etc) for individuals under 65? I assume after the bankruptcy it will disappear, but will we have a window to apply for other personal insurance before it is cancelled? I am under 65 and concerned.
Reply to this
Thunderbox - If your spouse happens to be a Michigan teacher (or state of Michigan employee), BCBS health insurance including dental and vision through the Michigan ORS (Office of Retirement Services) offers better and more reasonably priced coverage than what the Chrysler plan offered at approximately $130 per month.
Reply to this
I'm not retired (age 57), but, as a cancer patient on chemo, have been receiving Long Term Disability payments by check. I did receive my May 1 check, but was informed by my bank it bounced. Neither benefits Express nor Sedgewick Claims Mgmt have answers regarding the future of plans. Does anyone have any information or advice? It would be greatly appreciated.
Reply to this
Frank,
Sorry to hear about your situation you don't need additional complications.
Could you provide additional information ? Were you on salary? Where were you receiving your disability payments from? Chrysler or directly from an insurer? Where did you work? At Auburn hills, plant? etc. NCRO may have resources to help. Contact me directly at eriemariner@gmail.com
Reply to this
Is anyone else having problems getting the emails from NCRO. A friend forwarded the last one to me and claims they may be going into spam which I cannot see. I am looking for an email address at NCRO and report this and see if they can give us an email address to put into our address book so we will get the emails. Cannot find an email address for any of the officers.
Thanks
Reply to this
I have been trying to get a purchase price for my current Lease Vehicle. Every time I call the automated system, it stops after I give it my data. Is this part of of the locked up systems for the Bankruptcy, Are all Lease vehicles locked up with the banlruptcy proceedings ?
Reply to this
As of yesterday, they have re-assigned me to the HSA and BlueCross now shows my balance again. Still no $1000.00, but who knows. They had removed my spouse, but are supposed to add back. Time will tell.
Reply to this
The address that our mass email program uses when we send out newsletters is:
webmaster@ncro.org
Hope that helps.
www.ncro.org
Reply to this
When I saw that dividends were not being re-invested in my ML 401K account, I could not believe it. I contacted ML and was told this was by the directive of Chrysler. Since I'm a long term investors in stocks that pay fairly good dividends I decided to move the complete 401K from ML to Fidelity. I am very happy at Fidelity and have way more options than at ML. And Chrysler no longer can dictate how my investments are handled.
Reply to this
Reply Rick S comment on ML 401K -- Another good reason for your having rolled over your 401K (which is actually an IRA) into a non-Chrysler related IRA account is that if you were to have passed away (heaven forbid) while you had a Chrysler related 401K, your 401K would have to have been liquidated AT THAT POINT IN TIME which very well might not have been an advantageous point to sell the various investment instruments that were contained in your account. Investments in a non-Chrysler related IRA can be held indefinitely (i.e. by your heirs) in wait of more advantageous market conditions before liquidating with control left to them.
Reply to this
Hi
I was wondering if you were able to get any more information on appeal etc. I lost money as well, but I didn't receive a letter like you did. I wasn't on IC roll, does that make any difference?
Reply to this
As of 5/19, they have restored my HSA insurance, correctly, (spouse included). They have even deposited the $1000.00, in the savings account. Now only one problem, they have double up my payments out of my RCHA account by the sum of 51.66. They are going to continue working on this. I don't know why they are taking $25.83 of the 129.08 that I owe out my RCHA (103.25 from my pension). I would rather they take all of it out of my pension check, but that option I guess is not allowed?
Reply to this
Chrysler Restructuring website (FAQ for Employees) was updated today at 11:26AM and states that LTD payments are terminated for employees in pay status prior to bankruptcy, and IPP is terminated for employees laid off prior to 4/20/09.
Reply to this
I spoke today with a law firm that is investigating the possibility of a lawsuit against the investment managers. (They said that they would not sue Chrysler because of the bankruptcy, but that the investment management company may have breached its fiduciary duty). The lawyers said that in order to be successful they need more information on how the Stable Value fund was described to investors. Does anybody have anything more detailed than old account statements? Something like an old fund brochure, or materials that may have been handed out during an on-site presentation at Chrysler would be enormously helpful. Could anyone who has any literature related to the Stable Value Fund send it to me? (anne.akbay@gmail.com) Thanks.
Reply to this
I have not received any more information. I was not IC but I don't think it matters.
Reply to this
Hi Stan,
Thanks for the heads up. I have contacted BE, Sedgewick, and Chrysler Restructuring to get an explanation of exactly what that statement means. So far no one can say for sure, and they are investigating.
Does anyone out there know?
Frank
Reply to this
Cudo's to the NCRO for their time, energy and perserverance to ensure the rights of retirees are watched. I get the feeling that had they not engaged Legal services, then retirees would not have been accomodated as well as it appears they will be. Much appreciation to those indivduals who have devoted their time and efforts.
Reply to this
Does anyone know if the Delta Dental Plan still remains in effect, or was it termainated when Chrysler LLC filed for Bankruptcy?
Reply to this
Important is that the plans involved (LTD) are continuing and payments for May -- made in arrears at the end of the month -- are scheduled to be made as usual. .
: The checks voided represent the in-arrears April Long Term Disability payments for retirees (and those separated but not yet retired)
: These are insurance benefits, not Pension Plan benefits. They are funded by company assets, not a VEBA or a fund.
: The Pension Plan Disability Benefit (PTD)component for retirees was not affected.
: LTD direct deposit / EFT payments were not affected. If for any reason you did not receive your April EFT, please contact your Sedgwick CMS Claims Examiner
: Paper checks were on Sedgwick CMS stock and S-CMS is whom the employees interface with.
: DD / EFT come a couple days before the end of the month, but checks are dated at month end.
: The paper checks dated 4/30 coincided w/ the bankruptcy filing.
: The vendor initiated the voiding of the checks
The LTD Plan was initially "frozen", until the bankruptcy attorneys instructed Chrysler to "unfreeze" them, which the attorneys did. However, the vendor acted on its own in voiding the paper checks dated as of the bankruptcy date. We regret any inconvenience this caused
Reply to this
The NCRO is having a Special Bankruptcy Informational Meeting on June 12, 2009.
Please go to http://www.ncro.org/eventsx.htm for all the details to reserve a spot.
Reply to this
Unable to get definitive answer from Car Coordinator when Lease Car Registration Reimbursement check will be released. Thank you NCRO guys for your efforts!!
Reply to this
Bravo on the advertisement welcoming FIAT ! Excellent move and good use of funds.
Reply to this
Re Tom-Chrysler Financial--Agree 100%--thanks again to NCRO!!
Reply to this
FWIW, yesterday I received a new lease car registration reimbursement check that replaced the original which bounced.
Frank
Reply to this
When did you turn your car in?
Reply to this
I'm in the second of a 2 year lease.
Reply to this
I logged onto Benefits Express website as I had put in a claim for Your Spending Account
for $800.00. It wasn't there.I noticed they had revamped the website. I called BE and they are supposed to call me back. What happened to Your Spending
Account (HCRA)?
Reply to this
As follow up to my post above, BE never
did call me back, so I e-mailed them and
this is their reply.
The Your Benefit Resources website recently underwent some changes. In order to find the "Your Spending Account" information, you would need to click on the "Health and Insurance" tab on the main home page. From the resulting drop-down menu, select "Health and Insurance Summary". On that page, you will see a link on the right hand side labelled "Spending Accounts" that will take you where you need to go.
Reply to this
NCRO,
Did the recent announcement to restart the vehicle lease program, but with retiree exclusion, surprise you? It did me. The reason stated was limited capital, but there are other ways to limit capital requirements and still reopen the program to all;e.g. just allow one lease vehicle at this time.
Does NCRO plan to try to approach Chrysler Group LLC on this issue?
Reply to this
The NCRO has contacted Chrysler LLC on the retiree lease program and all we receive is the same standard email repoly that all retirees receive.
We are working very hard on establishing face to face contact with Chrysler LLC representatives. We would very much like to discuss the retiree lease car program as well as other programs such as health care, pension funding, etc. that affects all of us.
Reply to this
I hadn't hear about the restart of the lease car program. Where can I find more info?
Frank
Reply to this
I find this most unusual - when you have group that is self insured, not to have as many participants as possible. A thump on the head is required here.
Reply to this
Please visit http://www.chryslerretirees.com/docs/smfont_Finalleasecarletter.pdf
Reply to this
I saw a couple of emails questioning where retirees stand in reference to so called Cadillac Plans. As it stands, the latest I've seen on line, in discussions about health care legislation, it was plans worth $12000.00 for singles and $24000.00 for families that were considered Cadillac Plans. When I sign up every year my plan has a price tag at around $13000.00 for my wife and I. So I am assuming, that I would not be in a Cadillac plan. I believe that everyone is aware of their plan price tags. Keep in mind that the Health Care Legislation is still in a state of flux.
Reply to this