Plant A Closing Blog

“Life is 10% of what happens to you and 90% how you react to it.”

Pastor Charles Swindoll – American Clergyman

Given the current state of the economy, inflation and interest rates, it’s not a shock that companies are considering closing production facilities. You may have recently heard talk of a closing that will hit close to home. If that’s the case, read on.

“We are all faced with a series of great opportunities brilliantly disguised as impossible situations.”

Pastor Charles Swindoll – American Clergyman

It’s easy for someone to suggest that if a facility closing impacts you and your family, you should just keep calm. It’s quite likely that they are not facing the possibility of losing their job, their income and placing everything they have worked for at risk. It’s also easy to become angry at the company for this potential move. That’s understandable as well. We get the business aspects of this potential decision. It does happen and will continue to happen throughout the American economy. That doesn’t make it easier.

So, what should you do next?

Continue to breathe and call us. We’ve assisted many employees in dealing with the aspects of an unanticipated loss of employment. Our experience in working with employees impacted by a facility closing allows us to provide insight and a guiding hand in dealing with your situation.

If your facility closes, and you do not have plans to transfer to another facility within the same company, you will have the ability to roll your 401k over to an IRA. If fully vested in your pension, if you have one, you will also have rollover options for the lump sum value of your pension. If you are interested in taking monthly payments, many pension plans will allow you to defer those payments until needed. It’s important to know that there are typically different plans for hourly versus salaried employees. We can meet with you to review your specific plan documents for clarification.

We have many clients that are not exactly at “retirement age” but find another job elsewhere and use their 401k or pension to supplement their income to get by until full retirement. This gives the clients the ability to have a more “laid back” working life with a less stressful job, but still having close to the same income as they would have had if they continued their employment with their current company.

If you are faced with a sudden plant closing or if you would just like to plan now for retirement and be in better charge of your financial situation – we urge you to click on the following link https://www.pfmny.com/contact and contact us today.

To learn more about Sam click here https://www.pfmny.com/team/samantha-finnerty