If you are an employee of BMW, your pension is changing. You must take action, and time is limited.
Any time something occurs that could change your overall financial plan, we encourage clients to talk with their financial advisor. BMW employees will receive the below notification, so let’s meet to discuss which option is best for you.
Notification to Active BMW Employees
- You will receive a card from BMW to select one of these options:
- Option 1 – Take monthly pension at age 60.
- Option 2 – Take a lump sum payout.
- Plan freezes on June 30, 2019 and amount you receive will no longer increase.
- If you choose Option 2, you will receive a lump sum payout in December 2019. This should be rolled into an IRA of your choosing, to remain tax deferred.
Let us help you navigate through the options. Contact one of Global View’s advisors for a conversation about your pension. You can call us at (864) 272-0818 or contact us here. It may also be beneficial to go through our Setting the Path planning process. This program allows you to set up a no-obligation, 15- to 30-minute phone call to determine if there is a mutual fit. If there is, we set up an introductory meeting. This is a great opportunity to “take a test drive” with one of our financial advisors if you’re not working with one currently or want to make a change.
At this complimentary meeting, we will learn about your goals and current situation. Then you can agree to pay for a Plan Summary, for which we charge $895, or you just go home. If you hire us for Setting the Path, we conduct a second meeting, in which we create a high-level summary.
Whether you continue with us or not, it’s a valuable second opinion that can help guide your next steps.