September 17, 2006
Ford buyout options
The buyout programs are available to all active UAW Ford workers, provided they meet eligibility guidelines for the specific program. Every active UAW Ford employee qualifies for at least one of the programs. These buyout packages are voluntary.
1) Special Retirement: $35,000 for workers electing retirement
2) Special Early Retirement: Receive an unreduced life income benefit based on years of service starting immediately, instead of receiving a reduced benefit until age 62.
3) Pre-retirement leave: On leave from work assignment and receive 85 percent of hourly pay until reaching 30 years of credited service. During leave, continue to accrue retirement credit; receive holiday pay at 85%; receive vacation pay at 100%; eligible for Christmas bonus; receive profit-sharing; receive all insurance and benefits.
4) Special Termination of Employment: Receive a lump sum payment of $100,000, minus applicable taxes, and basic medical benefits, less dental and vision, for six months. After six months, workers may continue health insurance at their own expense through COBRA.
5) Enhanced Special Termination of Employment: Receive a lump sum payment of $140,000 minus taxes. Benefits same as Special Termination of Employment (#4 above).
6) Educational Opportunity Program: Receive up to $15,000 of tuition a year for up to four years of paid college or vocational school and an annual stipend worth 50 percent of wages. Health insurance and other benefits continue during this four- year period, but pension credits do not accrue.
7) Focused Education Opportunity Program: Two years of tuition payments, up to $15,000 per year (instead of four years) and 70 percent of wages instead of 50 percent.
8) Family Scholarship Program: Receive an account totaling $100,000, which can be used for approved educational expenses for children or spouses. Funds will be taxed upon withdrawal. Funds will be available for a 10-year period from the employee's date of termination.
Eligibility Dates: December 31, 2005 through August 31, 2007
Source: www.uaw.org
1) Special Retirement: $35,000 for workers electing retirement
2) Special Early Retirement: Receive an unreduced life income benefit based on years of service starting immediately, instead of receiving a reduced benefit until age 62.
3) Pre-retirement leave: On leave from work assignment and receive 85 percent of hourly pay until reaching 30 years of credited service. During leave, continue to accrue retirement credit; receive holiday pay at 85%; receive vacation pay at 100%; eligible for Christmas bonus; receive profit-sharing; receive all insurance and benefits.
4) Special Termination of Employment: Receive a lump sum payment of $100,000, minus applicable taxes, and basic medical benefits, less dental and vision, for six months. After six months, workers may continue health insurance at their own expense through COBRA.
5) Enhanced Special Termination of Employment: Receive a lump sum payment of $140,000 minus taxes. Benefits same as Special Termination of Employment (#4 above).
6) Educational Opportunity Program: Receive up to $15,000 of tuition a year for up to four years of paid college or vocational school and an annual stipend worth 50 percent of wages. Health insurance and other benefits continue during this four- year period, but pension credits do not accrue.
7) Focused Education Opportunity Program: Two years of tuition payments, up to $15,000 per year (instead of four years) and 70 percent of wages instead of 50 percent.
8) Family Scholarship Program: Receive an account totaling $100,000, which can be used for approved educational expenses for children or spouses. Funds will be taxed upon withdrawal. Funds will be available for a 10-year period from the employee's date of termination.
Eligibility Dates: December 31, 2005 through August 31, 2007
Source: www.uaw.org
# posted @ 00:03 
Comments:
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i'm gonna take #6 the educational oportunity. i always want to go to college so this is a great chance for me to do it since ford will pay my bill. i'm not close to retiremint so i need to find a new career. maybe i could go into business or sometin like that.
# posted by 
: Mon Sep 18, 05:31:00 PM
: Mon Sep 18, 05:31:00 PM
How does Ford's buyout compare to GM?
Are the options similar in pay and benefits?
Are the options similar in pay and benefits?
# posted by : Mon Sep 18, 09:22:00 PM
: Mon Sep 18, 09:22:00 PM
If im already on sick leave, do I still receive the offers and do I still receive my medical benifits?Meaning do I have to be working to receive the offer, I only have 4 years of service with FORD and im only 27, what are my options?
# posted by : Wed Sep 20, 01:49:00 AM
: Wed Sep 20, 01:49:00 AM
I want to take the #3 package but I need to know if since my 30 yrs will not be accumilated till May 2008(after the new contract in 2007) will my retirement benifits be grandfathered into our current 2003 contract since I will be signing this agreement under it or will I be going into retirement totally blind since no one even knows what is going to be discussed or in the next contract as of yet.
# posted by : Fri Sep 29, 11:21:00 AM
: Fri Sep 29, 11:21:00 AM
Take the money and RUN!! Ford has not shown me any sign that they know how to listen to the buying public.. This company is on the fast track to Mexico...I,m out of here!!
# posted by : Sat Sep 30, 06:25:00 AM
: Sat Sep 30, 06:25:00 AM
I see a lot of repo's in fords future. They can come and get mine while their at it! The only good thing I got from them, was the great people I got to work with.
Unfortunately, this will have a devistating effect the all the communities surrounding these plants. Good Luck to all who stay, I wish you well.
Unfortunately, this will have a devistating effect the all the communities surrounding these plants. Good Luck to all who stay, I wish you well.
# posted by : Tue Oct 03, 08:31:00 AM
: Tue Oct 03, 08:31:00 AM
Compared to GM's deal, FORD, as usual, is a little on the conservative side. GM offered $140,000 across the board. FORD has more options, but the only people eligible for $140k, are people very close to retirement, as long as they give up they're medical benefits. The FEDs get 25% off the top, then there's FICA @ 7.65%, then there's the applicable state tax, so after ALL these deductions, one is only left with a little more than half.
# posted by : Wed Oct 04, 01:03:00 PM
: Wed Oct 04, 01:03:00 PM
Watch Out I've heard FORD is taking any money owed to Ford Motor Credit for autos right out of the buyout money!
# posted by : Thu Oct 05, 02:55:00 PM
: Thu Oct 05, 02:55:00 PM
The offer is starting SOON!!! Can't wait to sign on the dotted line and kiss Ford goodbye!
# posted by : Tue Oct 10, 09:34:00 AM
: Tue Oct 10, 09:34:00 AM
I want to take the educational buy out, but also want to know all the details in black & white if you know Ford they are going to try to screw us some how. I have already seen how they have changed the educational packages. Now if you earn your degree earlier then 4 years your benefits will be forfeited, and I also heard you have to pick your major at the beginning of the 4 years and stick with that major Please tell me if anyone has heard different and PLEASE demand the stipulations in black and white before the dead line.
# posted by : Wed Oct 11, 11:41:00 PM
: Wed Oct 11, 11:41:00 PM
Havent heard of any changes to the original offer. Where didja hear it?
Just checked the UAW site and I dont see any updates there. Just the original doc.
http://www.uaw.org/news/091406volunarybuyouts.pdf
It says "up to 4 years" of school and you terminate at the end of the 4 years. There's also a 2 year option.
Open window period starts on Monday.
Just checked the UAW site and I dont see any updates there. Just the original doc.
http://www.uaw.org/news/091406volunarybuyouts.pdf
It says "up to 4 years" of school and you terminate at the end of the 4 years. There's also a 2 year option.
Open window period starts on Monday.
# posted by : Thu Oct 12, 11:33:00 AM
: Thu Oct 12, 11:33:00 AM
Ford Better not Fu*k me over I know that much. This seems to good to be true. Im only 27 and I have ambitions to start my own company. Im driven and could use the buyout money to startup and start fresh.
# posted by : Tue Oct 17, 11:26:00 PM
: Tue Oct 17, 11:26:00 PM
I also would like to take option
#3-Pre-retirement leave. I have the same concerns as to what may happen with the program at contract
time as well as other issues. Does anyone have specifics on this option or know how to find specifics?
#3-Pre-retirement leave. I have the same concerns as to what may happen with the program at contract
time as well as other issues. Does anyone have specifics on this option or know how to find specifics?
# posted by : Sun Oct 22, 05:43:00 PM
: Sun Oct 22, 05:43:00 PM
What is the Last Date You can sign up for one of the buyout plans?
# posted by : Wed Oct 25, 01:43:00 PM
: Wed Oct 25, 01:43:00 PM
FORDS ARE SCREWING WITH THE BUYOUT MONEY BEEN WAITING OVER 6 WEEKS NOW THEY SAY WHEN IT COMES IN IT COMES IN BEEN CALLING EVERY WEEK NOW I HAVE A LAWYER YOU LEAVE AND THEY STILL MESS WITH YOUR MONEY OUT OF 80 THAT LEFT WHEN I DID 18 STILL HAVE NOT GOT THERE MONEY
# posted by : Tue Feb 06, 07:59:00 PM
: Tue Feb 06, 07:59:00 PM
i haven't got my money either, and other people at my plant have. this is getting rediculous and i can't wait to have that check in my hand and be able to say that i am done with that forsaken company
# posted by : Sat Feb 10, 02:13:00 PM
: Sat Feb 10, 02:13:00 PM
has anyone had trouble with Ford paying for the education offered in this buyout? I live in Indianapolis, I turned in $ voucher to school I was attending from Ford but somehow the school or Ford screwed up. Ford will not pay the remaining balance of $2500.00 since the bill from school came after I graduated.This debt is keeping me from taking a class (school is blocking my enrollment) I desperately need since I now am almost a nurse grad. Help???
# posted by : Wed Dec 28, 06:49:00 PM
: Wed Dec 28, 06:49:00 PM
Is someone still moderating this Ford Buyout site?
If so please contact me at mybuyoutstory@gmail.com
Thanks,
James
(former Louisville Assembly Plant employee - currently doing research on this topic.)
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If so please contact me at mybuyoutstory@gmail.com
Thanks,
James
(former Louisville Assembly Plant employee - currently doing research on this topic.)
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