buyout questions for wizard

[aap13]

Could ya tell us wiz if ford goes with the company wide buyouts, will they still offer the education package, as gm did not offer that option. Also, will they raise the senority requirement on the education package or the cash buyout offer. Right now the requirement is only 1 year. Thanks for your time in answering our questions!!

[the_wizard]

Could ya tell us wiz if ford goes with the company wide buyouts, will they still offer the education package, as gm did not offer that option. Also, will they raise the senority requirement on the education package or the cash buyout offer. Right now the requirement is only 1 year. Thanks for your time in answering our questions!!

 

 

It should be all the same buyouts you have seen before just offered company wide with the only addtion that the amount for a full boyout is $140,000 They wont raise the requirement and I'm sure this will happen for sure.

 

 

1. Pre retirement leave package or bridge 28 - 29.99 years

2. Special incentive Retirement $35,000 with 30 years or above

3. Eductional buyout 4 years of education paid for with 50% of your base pay

4. VETP Voluntary Early Termination Program or the total buyout $140,000

 

I think their is a fifth one for age 50 or over plus ten years of employment

[mrcvtman]

It should be all the same buyouts you have seen before just offered company wide with the only addtion that the amount for a full boyout is $140,000 They wont raise the requirement and I'm sure this will happen for sure.

1. Pre retirement leave package or bridge 28 - 29.99 years

2. Special incentive Retirement $35,000 with 30 years or above

3. Eductional buyout 4 years of education paid for with 50% of your base pay

4. VETP Voluntary Early Termination Program or the total buyout $140,000

 

I think their is a fifth one for age 50 or over plus ten years of employment

 

how sure are you wiz..about the 140k buyout??

[40anout]

how sure are you wiz..about the 140k buyout??

Heres the thing folks new pacakges will be discussed this week on the 29th in Detroit. Your local shouId be releasing info shortly there after. The info that I am getting is that Ford is going to mactch GM's buyout plan.

$ 140k straight buyout

$ 45 k speacial early retirement ( 30 years or more of service)

$ 15 k a year plus 20 hours a week education package

28 to 29.9 years of service early out with 32 hours a week pay until you reach 30 years

10 years of service and 50 years old 70% pension

You young people please beware if you take that $ 140 k you are cutting all ties with Ford. Benifits, pension, etc., not to mention a $ 65 k a year job. Yea $ 140 k would be nice but in todays day unless you are a really wise invester how long is the money going to last. Then try and find another job making $ 26 dollars an hour. Jobs such as ours just are not out there any more. You would be lucky to see $ 10 an hour.

A little advise from an old guy. You youngsters take the education package and go get a degree in something. Fords paying for the whole education plus giving you 20 hours a week to live on. Great deal.

The only reason the big three want to get rid of us is so they bring in new people at $ 15 an hour.

This is why the U.A.W. is against these buyout programs. Just remember one thing the U.A.W. is the one that agreed to a two teir wage system is the first place.

 

More info to come as I get it

[SalinePlastic]

Heres the thing folks new pacakges will be discussed this week on the 29th in Detroit. Your local shouId be releasing info shortly there after. The info that I am getting is that Ford is going to mactch GM's buyout plan.

$ 140k straight buyout

$ 45 k speacial early retirement ( 30 years or more of service)

$ 15 k a year plus 20 hours a week education package

28 to 29.9 years of service early out with 32 hours a week pay until you reach 30 years

10 years of service and 50 years old 70% pension

You young people please beware if you take that $ 140 k you are cutting all ties with Ford. Benifits, pension, etc., not to mention a $ 65 k a year job. Yea $ 140 k would be nice but in todays day unless you are a really wise invester how long is the money going to last. Then try and find another job making $ 26 dollars an hour. Jobs such as ours just are not out there any more. You would be lucky to see $ 10 an hour.

A little advise from an old guy. You youngsters take the education package and go get a degree in something. Fords paying for the whole education plus giving you 20 hours a week to live on. Great deal.

The only reason the big three want to get rid of us is so they bring in new people at $ 15 an hour.

This is why the U.A.W. is against these buyout programs. Just remember one thing the U.A.W. is the one that agreed to a two teir wage system is the first place.

 

More info to come as I get it

 

 

the $140,000 makes it interesting.....but no pension?

....hmmmmm

[MasterJedi]

40anout,

I for one do not have much seniority with this company. Believe me when I say I wish I did, because I don't want to loose this job. Not one bit. And I know a lot of people don't want to either.

But, in my own defense, as much as I don't want to take the buyout, I think I would be dumb not to. If I were to pass and try to ride this out, I am almost certain I will never set foot into a Ford plant again. My plant is slated to close. I don't think it matters how many people accept the buyout, a lot of us won't have the opportunity to get back in. Between the two plants near me, there are 600+ that are eligible to retire right now, but chose not to. And don't get me wrong, they have well earned that right.

That being said, again, I don't want to leave, but I honestly don't have much a choice.

It's too bad it has all come down to this. I wish that this company, and others, the best, and hope that someday in the future they will turn things around.

Edited August 26, 2006 by MasterJedi

[Trimspert]

40anout,

I for one do not have much seniority with this company. Believe me when I say I wish I did, because I don't want to loose this job. Not one bit. And I know a lot of people don't want to either.

But, in my own defense, as much as I don't want to take the buyout, I think I would be dumb not to. If I were to pass and try to ride this out, I am almost certain I will never set foot into a Ford plant again. My plant is slated to close. I don't think it matters how many people accept the buyout, a lot of us won't have the opportunity to get back in. Between the two plants near me, there are 600+ that are eligible to retire right now, but chose not to. And don't get me wrong, they have well earned that right.

That being said, again, I don't want to leave, but I honestly don't have much a choice.

It's too bad it has all come down to this. I wish that this company, and others, the best, and hope that someday in the future they will turn things around.

 

 

Shouldn't vested employees, who are taking the buyout, keep their pensions?

[MichiganTruck_Mafia]

10 years of service and 50 years old 70% pension

 

So just because someone is older than I am but has less senority, they can get 70% of their pension for life?

 

Age discrimination, anyone?

[SalinePlastic]

Shouldn't vested employees, who are taking the buyout, keep their pensions?

 

 

good question....

the xtra $40g's does not = 19 years seniority

 

So just because someone is older than I am but has less senority, they can get 70% of their pension for life?

 

Age discrimination, anyone?

 

 

I think if they were forcing us out....discrimination would work.....this is all voluntary.

[LAP Realtor05]

Just my 2 cents worth....

on a 40 hour work week= about $53,000, not $65,000

the UAW just announced they would "help" Ford out.

Can you say, PAY CUT.

Insurance should go up on our next contract due to the UAW

having No leverage.

Everyone will have to make the choice that is best for them.

Young people, I would take the education buyout, find you something

you enjoy doing.

 

B)

[F150MANBDV]

Hey WIZ I sure hope you are right on that $140k....that would be about $91k after taxes based on what others reported when they got their earlier $100k buyout.

I look at it this way for me, as soon as the check clears, I have a real plan to move to go after a position

in a competitor where I have been in contact with them for months.

If you look at what you actually live on ( after taxes ) right now its probably in the neighborhood of $50-$55k a year so that $91k would give you about a year and you would still have about $35k-$40k to work and invest if you are serious about it that could yield a pretty good income stream. When you add the fact

that you would have about 6 mos of medical coverage on COBRA ( someone correct me if Im wrong on that ) this should give you enough time to find something else if you have a plan and are serious and not

sit around watching TV all day.

Yeah its not perfect, and you are still out the door with Ford, but in my own personal case as a single father with only 10 1/2 years in with Ford it would take me a long time to save $91k so if this is true it would be

a real blessing, it would give me a real shot at a great new start and I for one am grateful they we are getting anything instead of just being kicked to the curb with nothing which is what happens all too often

outside of Ford.

Good luck to everyone in Ford !

I hope that these buyouts turn into real opportunities to pursue your hopes and dreams !

We will be given something that alot of people just dont get....a real 2nd chance....lets make the most of it !

May God richly bless all of us and our families as we go through these difficult times.

 

CUT THAT CHECK !!! :happy feet: :happy feet: :happy feet:

[flint]

Shouldn't vested employees, who are taking the buyout, keep their pensions?

 

 

From what I understand from researching this, what ever pension that has been earned will and cannot be taken from you. The buyout stated $140,000, no longer receive Ford benefits, but will keep current pension earned until date of termination.

[Trimspert]

Just my 2 cents worth....

on a 40 hour work week= about $53,000, not $65,000

the UAW just announced they would "help" Ford out.

Can you say, PAY CUT.

Insurance should go up on our next contract due to the UAW

having No leverage.

Everyone will have to make the choice that is best for them.

Young people, I would take the education buyout, find you something

you enjoy doing.

 

B)

 

Pat, I'm from KTP. Do you think "help" Ford out means Wage "buydown'?

[mtplifer]

You could buy a hell of a business if you can get 3-5 people and all put there buyout $$$'s ($200,000-$500,000) together. Has anybody thought of this? I also have heard you keep your accrued pension when you take a buyout.

[SalinePlastic]

You could buy a hell of a business if you can get 3-5 people and all put there buyout $$$'s ($200,000-$500,000) together. Has anybody thought of this? I also have heard you keep your accrued pension when you take a buyout.

 

 

Great idea....

let's pool all of our $$$$ and start a automobile manufacturing business!!!!!!!

 

[aap13]

Thanks for the information wizzard. I have to say I don't really understand why they are raising the buyout offer right now when they have not even closed a quarter of the plants yet. It would seem to me that the smart thing to do would see what the take rate is after a lot of the plants are closed at the current buyout rate. Of course, I'm glad they are not, just trying to think from the company perpective I guess, lol.

[6,4,3--2 down]

Question for WIZZARD: How much seniority is required to get the $140,000?

[40anout]

Question for WIZZARD: How much seniority is required to get the $140,000?

I will answer for the wiz. He is a busy man. This last round of buyouts started at 1 year of sinority.

We will all know the details this week. I hope!!!!!

 

As to the lump sum buyout of $140K you guys are right you keep your vested pension, but only draw it when you reach social sercurity retirement age which right now is 62. You do also keep comapny paid benifits for 6 months.

 

If you take the education package you keep your benifits until 6 months after graduation.

[luck42]

Shouldn't vested employees, who are taking the buyout, keep their pensions?

 

 

Yes, you keep your pension at the value it is now when you leave.

[SalinePlastic]

I will answer for the wiz. He is a busy man. This last round of buyouts started at 1 year of sinority.

We will all know the details this week. I hope!!!!!

 

As to the lump sum buyout of $140K you guys are right you keep your vested pension, but only draw it when you reach social sercurity retirement age which right now is 62. You do also keep comapny paid benifits for 6 months.

 

If you take the education package you keep your benifits until 6 months after graduation.

 

 

you can start drawing on your pension @ 55.

although it will be substantially less than @ 62.

Edited August 27, 2006 by SalinePlastic

[TwinCityAssembly]

It should be all the same buyouts you have seen before just offered company wide with the only addtion that the amount for a full boyout is $140,000 They wont raise the requirement and I'm sure this will happen for sure.

1. Pre retirement leave package or bridge 28 - 29.99 years

2. Special incentive Retirement $35,000 with 30 years or above

3. Eductional buyout 4 years of education paid for with 50% of your base pay

4. VETP Voluntary Early Termination Program or the total buyout $140,000

 

I think their is a fifth one for age 50 or over plus ten years of employment

 

Wizard, Is the $140,000 for everyone that takes the buyout or is it like the GM buyout that was $70,000 for under 10 years and $140,000 for over 10 years?

[DSenstad]

So just because someone is older than I am but has less senority, they can get 70% of their pension for life?

 

Age discrimination, anyone?

It is 50 years of age and 10 years of senority. I don't understand why they can't make it 60 points total, that way someone who started when they were 20 and are now 40 can still have something. 40 years with 20 years of service... 45 years old with 15 years of service... etc.

[TwinCityAssembly]

[Jordan]

Wizard, Is the $140,000 for everyone that takes the buyout or is it like the GM buyout that was $70,000 for under 10 years and $140,000 for over 10 years?

x2...cause I dont think I would leave for just $70k.