Ford19 Posted February 7, 2006 Share Posted February 7, 2006 From everything I've read on the $100,000 buyout, you were giving up everything (including your pension) to cut all ties with Ford. Now today after reading the article in the Detnews.com about the buyouts it said "A special $100,000 buyout for those who agree to leave the company and forgo all benefits except pension benefits the have accrued." Just curious if there is anybody out there who has already accepted the buyout and what there terms of agreement were. Also, would like to get your opinion on whether you think it would be worth it for someone with 15+ years of seniority to accept this. Quote Link to comment Share on other sites More sharing options...
YNOT1976 Posted February 7, 2006 Share Posted February 7, 2006 From everything I've read on the $100,000 buyout, you were giving up everything (including your pension) to cut all ties with Ford. Now today after reading the article in the Detnews.com about the buyouts it said "A special $100,000 buyout for those who agree to leave the company and forgo all benefits except pension benefits the have accrued." Just curious if there is anybody out there who has already accepted the buyout and what there terms of agreement were. Also, would like to get your opinion on whether you think it would be worth it for someone with 15+ years of seniority to accept this. You are given 6 months of basic health care. (Eye, Dental are history.) A plan privileges are stopped. But you can generate pins for family members and X plan pins for friends and they are good for one year before expiring. You are entitled to whatever pension you have accrued after being vested at (I believe) age 62. As far as, is it worth it for a person with 15+ years....that's up to that person. You have to sit down and do some research. Everyone is different. I took the buyout. But I also took advantage of ETAP over the last few years and got my Criminal Justice degree. Mind you I only had a little over 6 years of seniority and I didn't want to relocate. Hope this helped a little bit. Quote Link to comment Share on other sites More sharing options...
dark270 Posted February 7, 2006 Share Posted February 7, 2006 You are given 6 months of basic health care. (Eye, Dental are history.) A plan privileges are stopped. But you can generate pins for family members and X plan pins for friends and they are good for one year before expiring. You are entitled to whatever pension you have accrued after being vested at (I believe) age 62. As far as, is it worth it for a person with 15+ years....that's up to that person. You have to sit down and do some research. Everyone is different. I took the buyout. But I also took advantage of ETAP over the last few years and got my Criminal Justice degree. Mind you I only had a little over 6 years of seniority and I didn't want to relocate. Hope this helped a little bit. hey dumb question....but why would they stop your a-plan but continue it for other family members? Quote Link to comment Share on other sites More sharing options...
Twincam Harley Posted February 7, 2006 Share Posted February 7, 2006 (edited) You are given 6 months of basic health care. (Eye, Dental are history.) A plan privileges are stopped. But you can generate pins for family members and X plan pins for friends and they are good for one year before expiring. You are entitled to whatever pension you have accrued after being vested at (I believe) age 62. As far as, is it worth it for a person with 15+ years....that's up to that person. You have to sit down and do some research. Everyone is different. I took the buyout. But I also took advantage of ETAP over the last few years and got my Criminal Justice degree. Mind you I only had a little over 6 years of seniority and I didn't want to relocate. Hope this helped a little bit. Since you took the buyout, would you care to confirm that it's $58,000 after taxes? Also, what was the union's cut of the payment? Edited February 7, 2006 by Twincam Harley Quote Link to comment Share on other sites More sharing options...
YNOT1976 Posted February 7, 2006 Share Posted February 7, 2006 hey dumb question....but why would they stop your a-plan but continue it for other family members? They aren't actually stopping it for the ex-employee and allowing family members to use it. You have always been able to generate a pin# and it expires 1 year later. So I was just suggesting to anyone leaving....find out from familly members if they have any intention of buying a new vehicle...and give them a pin #. Since you took the buyout, would you care to confirm that it's $58,000 after taxes? Also, what was the union's cut of the payment? Sure, I'd love to confirm, if I had the check. I have not received it yet. Quote Link to comment Share on other sites More sharing options...
Twincam Harley Posted February 7, 2006 Share Posted February 7, 2006 They aren't actually stopping it for the ex-employee and allowing family members to use it. You have always been able to generate a pin# and it expires 1 year later. So I was just suggesting to anyone leaving....find out from familly members if they have any intention of buying a new vehicle...and give them a pin #.Sure, I'd love to confirm, if I had the check. I have not received it yet. I believe you said in an earlier post that your last day worked was 1/31/06. Did they provide a date as to when you'll receive the payment? Quote Link to comment Share on other sites More sharing options...
YNOT1976 Posted February 7, 2006 Share Posted February 7, 2006 I believe you said in an earlier post that your last day worked was 1/31/06. Did they provide a date as to when you'll receive the payment? They give you a window of 3-6 weeks but said it would most likely come sooner. Quote Link to comment Share on other sites More sharing options...
supercrew04 Posted February 8, 2006 Share Posted February 8, 2006 YNOT1976, can you elaborate on what the basic medical insurance would cover? maintenance meds, pre-existing conditions, etc.? how does it compare to the coverage we currently enjoy, or is it just COBRA coverage, that the Co. must offer? Thanks in advance Quote Link to comment Share on other sites More sharing options...
YNOT1976 Posted February 8, 2006 Share Posted February 8, 2006 YNOT1976, can you elaborate on what the basic medical insurance would cover? maintenance meds, pre-existing conditions, etc.? how does it compare to the coverage we currently enjoy, or is it just COBRA coverage, that the Co. must offer? Thanks in advance What I meant by basic medical coverage was Dr. visits and hospitalization. No eye care or Dental. I'm not sure about maintenance meds. These are questions you better ask when the International and Ford come to your plant to present the packages. I did not ask these questions b/c I was not concerned with it. Since my wife has very good benefits and I am hopefully getting into a new career very soon. Quote Link to comment Share on other sites More sharing options...
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