longball Posted March 7, 2006 Share Posted March 7, 2006 I worked with a man who retired with 38 years and took the 35000...knowing this guy I am confident that he gave up not one cent of his 38 year retirement. If I'm wrong I'll apologize later but...How can you...Buck...Ex-commiteeman...put something so obviously wrong on this message board. For a man who claims to have.."NEVER LOST A GRIEVANCE" and "KNOW THE CONTRACT INSIDE AND OUT" make a statement that is as off the wall as a 30 year cap on retirement if you take the buyout ...thats just wrong. Quote Link to comment Share on other sites More sharing options...
butthead Posted March 7, 2006 Share Posted March 7, 2006 Why cant anyone scan this offer and give it to us straight. Then we all can talk to our tax/financial planners and figure out exactly whats best for each of us. If its not in black and white then I would be vary leary of signing any buy out offer. The company is not to be trusted. Theres probably some BS quirk in the law that will serve to screw you later in retirement. The International Union should release all of the buy out packages word for word so that its members can begin to analyize its contents so when and if the time comes we can make that decision with confedence. If they dont, then they should not be trusted. Quote Link to comment Share on other sites More sharing options...
longball Posted March 7, 2006 Share Posted March 7, 2006 Jimmy G.....You must have your package someplace nearby....Tell us...Is your retirement offer less than what it would be if you just retired..... without the 35000? Quote Link to comment Share on other sites More sharing options...
wildosvt Posted March 7, 2006 Share Posted March 7, 2006 (edited) Guys I got this from a cleaner who knows his shit. If you select to take the 35K buyout and have 38 years in (I asked the quesiton using 38 years too) you will not see your extra 8 years in your check til you hit 62. Buyout or NO buyout. Edited March 7, 2006 by wildosvt Quote Link to comment Share on other sites More sharing options...
longball Posted March 7, 2006 Share Posted March 7, 2006 For the person that has 38 years this package does not benefit them at all. Their retirement will be capped at 30 yrs if they take the $35k bonus, approx $20k after taxes. This means that the additional 8 yrs that they worked will be lost. They will not get the $50 per years of service for the additional 8 yrs that they worked. The break even point will be around 5yrs after they leave. After that they will be losing 8 X $50 or $400 per month. The package definately benefits people that have exactly 30yrs though. The Supplemental portion of retirement is not what Buck was talking about... Quote Link to comment Share on other sites More sharing options...
JustAnotherAssembler Posted March 7, 2006 Share Posted March 7, 2006 Has anyone heard a final number of people that turned in paperwork in Sandusky? Quote Link to comment Share on other sites More sharing options...
Jimmy G Posted March 8, 2006 Share Posted March 8, 2006 Jimmy G.....You must have your package someplace nearby....Tell us...Is your retirement offer less than what it would be if you just retired..... without the 35000? Special Early Retiement = $3263.61 Special Retirement Incentive = $2854.81 ($35,000) Difference is $408.80 per month $408.80 x 53 months to 62 years= $21666.40 for Special Early Retirement This is all figured with the Automatic Spouse Survival Method and all BEFORE taxes $35000 divided by 53 months = $660.37. Which do you think is better? Special Early Retiement = $3263.61Special Retirement Incentive = $2854.81 ($35,000) Difference is $408.80 per month $408.80 x 53 months to 62 years= $21666.40 for Special Early Retirement This is all figured with the Automatic Spouse Survival Method and all BEFORE taxes $35000 divided by 53 months = $660.37. Which do you think is better? At 62 it's good for my 38 years Quote Link to comment Share on other sites More sharing options...
Buck Posted March 8, 2006 Share Posted March 8, 2006 (edited) I worked with a man who retired with 38 years and took the 35000...knowing this guy I am confident that he gave up not one cent of his 38 year retirement. If I'm wrong I'll apologize later but...How can you...Buck...Ex-commiteeman...put something so obviously wrong on this message board. For a man who claims to have.."NEVER LOST A GRIEVANCE" and "KNOW THE CONTRACT INSIDE AND OUT" make a statement that is as off the wall as a 30 year cap on retirement if you take the buyout ...thats just wrong. Wow.....that was pretty harsh. All I simply did was pass along some info that people who are taking packages passed along to me. When I heard a couple friends of mine (who are taking a $35k package) talking about a 30 cap, I had never heard that discussed before. I don't know if it's wrong or right, and I wasn't trying tp pass it off as fact. I stated that I wasn't in the meetings, however if what they told me is true, and I have no reason to believe they'd lie to me, it's worth checking out. Better to ask a simple question now rather than find out after someone opens their first retirement check and find out that it's a little lighter than expected. For the record, all early retirement incentives are negotiated seperately from any written language in the National Agreement, on an "as needed" basis. So there's really nothing to know "inside out" regarding this subject. Edited March 8, 2006 by Buck Quote Link to comment Share on other sites More sharing options...
Never too old Posted March 8, 2006 Share Posted March 8, 2006 (edited) Has anyone heard a final number of people that turned in paperwork in Sandusky? I just talked to someone at the Sandusky plant who I trust to tell me the straight story. Here's what I was told. Production - 148 Skilled Trades - 14 He said it sounds like everyone who signed up will get their buyout even though the target for production was only 130. REMEMBER, THIS IS NOT OFFICIAL INFORMATION. I'M JUST PASSING ALONG WHAT I WAS TOLD. Edited March 8, 2006 by Never too old Quote Link to comment Share on other sites More sharing options...
darkkon Posted March 8, 2006 Share Posted March 8, 2006 I just talked to someone at the Sandusky plant who I trust to tell me the straight story. Here's what I was told. Production - 148 Skilled Trades - 14 He said it sounds like everyone who signed up will get their buyout even though the target for production was only 130. REMEMBER, THIS IS NOT OFFICIAL INFORMATION. I'M JUST PASSING ALONG WHAT I WAS TOLD. Heard the same thing from a union rep, and someone much higher up on the food chain. Quote Link to comment Share on other sites More sharing options...
JustAnotherAssembler Posted March 8, 2006 Share Posted March 8, 2006 Heard that they were giving them to everyone? I heard the same thing through the grapevine... Quote Link to comment Share on other sites More sharing options...
Never too old Posted March 8, 2006 Share Posted March 8, 2006 Looking forward to signing that dottted line! Quote Link to comment Share on other sites More sharing options...
longball Posted March 8, 2006 Share Posted March 8, 2006 Didn't mean to be harsh, Buck....But when a self proclaimed expert on the Union spreads faulty info on a subject that is nearly 20 years in their future, someone needs to say hey wait a minute....Thats like a kid in grade school giving advice to a senior in high school about college....I'm sure you meant no harm...but ... Quote Link to comment Share on other sites More sharing options...
PimpDaddy Posted March 9, 2006 Share Posted March 9, 2006 Thanks. March 13th is the last day for Saline and effective April 3rd (march 31st being their last day of work) Same fo Nashville and Lebanon(Tn)/Carlite Quote Link to comment Share on other sites More sharing options...
JustAnotherAssembler Posted March 9, 2006 Share Posted March 9, 2006 Does anyone know if it's true that they're giving the package to all that signed up?? Also, I hear that there are a ton of TLO's next week for 1216. Quote Link to comment Share on other sites More sharing options...
sandusky plastics Posted March 9, 2006 Share Posted March 9, 2006 Does anyone know if it's true that they're giving the package to all that signed up?? Also, I hear that there are a ton of TLO's next week for 1216. I was told that all who signed up, got it. Quote Link to comment Share on other sites More sharing options...
Never too old Posted March 9, 2006 Share Posted March 9, 2006 Does anyone know if it's true that they're giving the package to all that signed up?? Also, I hear that there are a ton of TLO's next week for 1216. I was told yesterday by a Bargaining Committeeperson that all who signed up will get their package. He also said that there is a big TLO again next week. Quote Link to comment Share on other sites More sharing options...
PimpDaddy Posted March 9, 2006 Share Posted March 9, 2006 I was told that all who signed up, got it. When first announced local 737 officers said limit was 40 production 33 trades, wif 3 days left to sign up only 3 trades signed up. Local still saying 40 production but HR halfway confirmed rumors that not only would production heads be filled in fo lack of skilled trades but ford is pushin hard fo everyone that signs up gettin package :o Quote Link to comment Share on other sites More sharing options...
Buck Posted March 10, 2006 Share Posted March 10, 2006 Didn't mean to be harsh, Buck....But when a self proclaimed expert on the Union spreads faulty info on a subject that is nearly 20 years in their future, someone needs to say hey wait a minute....Thats like a kid in grade school giving advice to a senior in high school about college....I'm sure you meant no harm...but ... You obviously don't get it. :shrug: Quote Link to comment Share on other sites More sharing options...
Quickdraw Posted March 10, 2006 Share Posted March 10, 2006 For the person that has 38 years this package does not benefit them at all. Their retirement will be capped at 30 yrs if they take the $35k bonus, approx $20k after taxes. This means that the additional 8 yrs that they worked will be lost. They will not get the $50 per years of service for the additional 8 yrs that they worked. The break even point will be around 5yrs after they leave. After that they will be losing 8 X $50 or $400 per month. The package definately benefits people that have exactly 30yrs though. Not true, the extra eight years comes into play when the person hits 62, then the suppliment drops off and you switch to Social Security PLUS your Life Income benefit. The LIB is about $50 x years service per month. After 62 someone with 38 years will get about $1,900 a month plus social secirity, someone with 30 years will get about $1,500 a month plus social security. Quote Link to comment Share on other sites More sharing options...
longball Posted March 10, 2006 Share Posted March 10, 2006 You obviously don't get it. :shrug: I hate to be so disagreeable but I think I do "get it"... Come on Buck just say it..." sorry I posted hearsay that was completely untrue"....Now that wasn't that bad was it? Quote Link to comment Share on other sites More sharing options...
Sol Posted March 11, 2006 Share Posted March 11, 2006 Wow.....that was pretty harsh. All I simply did was pass along some info that people who are taking packages passed along to me. When I heard a couple friends of mine (who are taking a $35k package) talking about a 30 cap, I had never heard that discussed before. I don't know if it's wrong or right, and I wasn't trying tp pass it off as fact. I stated that I wasn't in the meetings, however if what they told me is true, and I have no reason to believe they'd lie to me, it's worth checking out. Better to ask a simple question now rather than find out after someone opens their first retirement check and find out that it's a little lighter than expected. For the record, all early retirement incentives are negotiated seperately from any written language in the National Agreement, on an "as needed" basis. So there's really nothing to know "inside out" regarding this subject. Don't fret about it, man. Some people on here bash everyone for everything they say. Hopefully, when they retire, they'll get off this board and go to the retirees section to bitch about symantecs with others. Quote Link to comment Share on other sites More sharing options...
longball Posted March 11, 2006 Share Posted March 11, 2006 For the person that has 38 years this package does not benefit them at all. Their retirement will be capped at 30 yrs if they take the $35k bonus, approx $20k after taxes. This means that the additional 8 yrs that they worked will be lost. They will not get the $50 per years of service for the additional 8 yrs that they worked. The break even point will be around 5yrs after they leave. After that they will be losing 8 X $50 or $400 per month. The package definitely benefits people that have exactly 30yrs though. Sol Maybe you didn't read the post that made me comment in the first place..This isn't a question of semantics, Buck was way off base with his statement. If he was truly concerned about a brothers future he wouldn't post a statement that is incorrect to the tune of 400 a month. Jimmy G put his offer amounts on the board for all to see...When you have low seniority....retirement options are difficult to understand. Obviously hearsay especially when false doesn't help the situation Quote Link to comment Share on other sites More sharing options...
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