SERP Supplemental Pension

SERP Supplemental Pension

Posted in the Chrysler Forum

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Firefox1

Clinton Township, MI

#1 May 2, 2009
Detroit Free Press:
"About 1,800 Chrysler retirees were shocked to discover that their benefit payments were voided Friday morning...The problem affected people who have a supplemental pension, which is not insured by the Pension Benefit Guaranty Corp. Because that portion is backed only by Chrysler, it becomes part of Chrysler's asset base in the bankruptcy."
Northguy

AOL

#2 May 2, 2009
I have never even heard of SERP before. What exactly is this?
Karma

United States

#3 May 2, 2009
Special Early Retirement Plan
TWL7

Saint Clair Shores, MI

#4 May 2, 2009
Firefox1 wrote:
Detroit Free Press:
"About 1,800 Chrysler retirees were shocked to discover that their benefit payments were voided Friday morning...The problem affected people who have a supplemental pension, which is not insured by the Pension Benefit Guaranty Corp. Because that portion is backed only by Chrysler, it becomes part of Chrysler's asset base in the bankruptcy."
If it was the supplemental pension that was affected, shouldn't there be more than 1800?

Since: Jul 08

Beaufort, Mo

#5 May 2, 2009
TWL7 wrote:
<quoted text>
If it was the supplemental pension that was affected, shouldn't there be more than 1800?
Yes it should. Don't know what this article is talking about, bu it scared a lot of people for no reason, as of yet anyway!
quest

Defiance, OH

#6 May 2, 2009
Northguy wrote:
I have never even heard of SERP before. What exactly is this?
Special Early Retirement - offered to people 55 and older with at least 10 yrs seniority. It consists of earned retirement benefits (approx $53 per yr of service) and a "bridge" (supplemental $) until you can collect SS. For some, that "bridge" is half of the retirement check.
union

AOL

#7 May 2, 2009
They announced you had to wait until Monday to cash your check. 3 days that is all.
guess who

Girard, KS

#8 May 2, 2009
SERP is salaried employee retirement plan.
Highground

Mokena, IL

#9 May 2, 2009
We should get our money put back.
http://www.wxyz.com/news/local/story/Chrysler...
BAP4015 retired

Rockford, IL

#10 May 2, 2009
Thank's for the link Highground.
phaze

East Saint Louis, IL

#11 May 2, 2009
I would like to see what they would offer to buy out your pension. The way things are going I don't believe chrysler or pbgc will even be able to pay our pensions later. I know this is a bummer to say but thats what i believe right now. I would rather have it in my pocket to do something with it myself.Am I crazy?
3rd Generation UAW

Lorain, OH

#12 May 2, 2009
I've been paying into SERP for 10 years. I opted to do it because my spouse is 10 yrs older. I wanted to retire at the same time. Now you say that all I've contributed is gone? I know this is voluntary but I read that it was protected. I had a co worker say something about it on Thursday and I looked it up in the benefit book.
quest

Defiance, OH

#13 May 2, 2009
3rd Generation UAW wrote:
I've been paying into SERP for 10 years. I opted to do it because my spouse is 10 yrs older. I wanted to retire at the same time. Now you say that all I've contributed is gone? I know this is voluntary but I read that it was protected. I had a co worker say something about it on Thursday and I looked it up in the benefit book.
Not sure what you mean. Are you talking about your 401K?
TStorey

Pontiac, MI

#14 May 3, 2009
SERP is Suplimental. Not Special or Early. We have paid from our own pockets every month 2% of our salary in order to supliment or retirement plans. Not everyone participated, it was voluntary and seemed like a good way to save. It was not a gift, but our own after tax money that we should have put in a savings account or a 401. Now it is lost in the courts.
Chrysler Retiree

Center Line, MI

#15 May 9, 2009
I don’t know what the article was referring to, it could be bridge payments offered to match SS benefits for early retirees until age 62, or it could be SERP payments that foolishly weren’t converted to an annuity when an individual retired. SERP stands for Salaried Employee Retirement Plan it is voluntary, you can invest up to 2% of your pay and it was administered by the ‘Company’. It is or was a way to increase retirement benefits and at retirement could be converted to a ‘guaranteed annuity’. That’s what most people do. I was surprised to learn from a still working colleague that it is not protected until it is converted.
Huu

Columbia, IL

#16 May 9, 2009
I've been putting into SERP since I started with the company.
And now it's gone?
Tom Penston

Orlando, FL

#17 Dec 28, 2009
This is just one more thing thats unfair that know ones is doing anything about.
www.pensionannuity.net
for the record

Toledo, OH

#18 Dec 28, 2009
There is nothing wrong with this program. SERP is Salaried Employee Retirement Program. It's voluntary and is funded by a payroll deduction.

It's a separate program untouched by bankruptcy.

Tom Penston - This thread is from May.
The Truth

AOL

#19 Dec 28, 2009
you give about $80 dollars per pay period and it give you about an extra $1,500 a month for your retirement on top of the $4,000 a month you should receive already, most managers receive about $4,400 to $5,500 a month, plant managers recieved about $8,000 (today) to about $15,000 each and every month, but the UNION guys are overpaid with their "entitlements" of upto $3,100 a month is pension checks after 30 hard years, and they say we are overpaid, they forget we know what they make or as some would say, legally steal, yet our (UAW) pensions get cut in half when we get Social Security, they don't tell the public that, do they
The Truth

AOL

#20 Dec 28, 2009
SERP didn't get cut in Bankruptcy, it should have

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