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o Provides eligible active employees a retirement incentive having an aggregate pre-tax value of $50,000 for production (non-skilled) employees or $70,000 for skilled trade employees. Who either: § have 30 or more years of credited service, or § are at least age 55 and have ten (10) or more years of credited service, or § are at least age 65 and have one (1) or more years of credited service. o Each eligible employee will have the following options available to direct the incentive payment distribution: § 'Rollover' the total distribution into an Individual Retirement Account (IRA), TESPHE, or another tax-qualified plan; or § Receive the total distribution in cash less 20% for mandatory Federal withholding; or § Elect to receive the incentive payment as a monthly annuity benefit. (Single employees will receive the annuity benefit in the form of a single life annuity while married employees will receive the annuity based on a 75% joint and survivor benefit option; no contingent annuitant option is available).
Special Early Retirement (SER) o Provides unreduced life income benefits for the life of the retiree, temporary benefits payable until age sixty-two (62) and one month, and any applicable supplements based on the provisions of the Ford-UAW retirement plan. § Eligibility Requirements are: § Active Employees who are age fifty (50), but not normal retirement age, and
§
Who have ten
(10) or more years of credited service under the Ford-UAW Retirement Plan.
Special Early Retirement Plus (SER Plus) o Each eligible employee will receive: § One (1) additional year of service, total service not to exceed twenty-nine (29) years, for a break in service of less than or equal to one (1) year; or § Two (2) additional years of service, total service not to exceed twenty-nine (29) years, for a break in service greater than one (1) year but less than or equal to two (2) years; or § Three (3) additional years of service, total service not to exceed twenty-nine (29) years, for a break in service greater than two (2) years. o Shall have reached age 50, but not normal retirement age, between the dates of March 31, 2008 and November 30, 2008 and has ten (10) or more years of credited service, between the dates of March 31, 2008 and November 30, 2008 under the Ford-UAW Retirement Plan and have a break in service of greater than one (1) day.
o
Employees not
eligible for a 30 & Out retirement. Pre-Retirement Leave Program (PRLP) o Active employees with at least 28, but less than 30, years of credited service receive 85% of straight-time pay while on PRLP, and do not report to work.
Special Termination of Employment Program (STEP) o Employees with at least one year of seniority receive a lump sum pre-tax payment of $100,000 (retirement eligible employees must wait 23 months before retiring).
o Terminating Active Retirement eligible UAW-Ford employees with at least 30 years of credited service under the Ford-UAW Retirement Plan or are at least 55 years old with at least 10 years of credited service will receive a lump sum pre-tax payment of $140,000.
Educational Opportunity Program (EDOPP) o Terminating employees with at least one (1) year of seniority can receive the following benefits for up to 4 continuous years or for duration of participation in EDOPP:
Focused Education Opportunity Program (FEDOPP) o Terminating Employees with at least one (1) year of seniority can receive the following benefits for up to 2 continuous years or for duration of participation in FEDOPP:
Entrepreneur Special Program (ESP) o Applicable to active employees with at least one (1) year of seniority but no more than twenty-five (25) years of seniority who are at work on or after November 19, 2007.
§ Five (5) year continuation of their present healthcare coverage (subject to the same changes or modifications, should any occur); Coverage does not continue, nor does surviving spouse receive coverage if a participant dies during this five (5) year period; or § Seven (7) year basic/catastrophic healthcare plan (same as plan offered to hourly retirees who do not pay the contributions or co-pays associated with the National PPO/HMO retiree plan design; and subject to the same changes or modifications, should any occur). Coverage does not continue, nor does surviving spouse receive coverage if a participant dies during this seven (7) year period. o Coverage will commence upon termination. o Employees eligible for a regular early retirement benefit upon termination shall not be permitted to retire until the first of the month 12months following the employee's termination ("Allocation Period'). On and after the retirement effective date, the employee shall become eligible for post-retirement health care and life insurance on the same basis as other retirees retiring at the same time, with or without incentive, and eligibility for the active healthcare coverage selected under ESP shall cease.
o
Employees
taking this special program will remain eligible for A plan privileges under
the same terms and conditions as an active UAW employee Family Scholarship Program (FSP) o Active employees with at least one year of seniority who agree to voluntarily terminate or retire under this program receive:
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Wanna Go Somewhere Else? |
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In Solidarity, |
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Brother Gary Lifford Woodhaven
Stamping U.A.W. Local #387 |
Brother John Moore President, U.A.W. Local #387 |
Brother Jeff Faber
Woodhaven Forging U.A.W. Local #387 |
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Brother T.J. Gomez Vice-President, U.A.W. Local #387 |
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*EMAIL: President: John Moore*Vice-President: T. J. Gomez*WSP Chairman: Gary Lifford*WFP Chairman: Jeff Faber* All rights reserved,© 1999-2008. Revised:
Thursday February 21, 2008 11:40 AM -0500 |
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