3/28/2006
Retirement Planning for Employees of GM
"While that may seem like a lot of money, a buyout isn't a windfall. Unless you've got another job lined up, you'll need money to pay your living expenses until you find work, which could take months. And there's a good chance your new job will pay less, and offer less generous benefits, than the one you're leaving."
- USA Today, 3/27/06
"GM's offer is open to any of the 113,000 hourly workers represented by the UAW. As at Delphi, workers eligible to retire can take a $35,000 payment to leave. But the deal offers substantial sweeteners to workers just shy of retirement to commit to leave within three years, and those behind them to leave now."
- St. Petersburg Times, 3/28/06
"Mr. Gossett, the union's communications director, could choose between $60,000 and no health care or two years of supplemental unemployment benefits and 30 months of health care benefits. Because his wife has insurance coverage through her job at Franciscan University, he took the $60,000 and hit the street with his resume. Realistically, he doesn't expect his next job will offer the same level of pay and benefits a steelworker receives."
- Pittsburgh Post-Gazette, 3/26/06
"Employees who accept GM's buyout offer would keep GM pension benefits already earned and give up GM health care and other post-retirement benefits. A full GM pension for UAW workers is $36,000 a year plus medical coverage."
- Newsday, 3/23/06
"GM employees with more than 10 years of service can take $140,000 to sever all ties with the automaker including health care and post-retirement benefits. Hourly workers with less than 10 years seniority will be offered a one-time payment of $70,000 under the same terms."
- Reuters, 3/22/06
- USA Today, 3/27/06
"GM's offer is open to any of the 113,000 hourly workers represented by the UAW. As at Delphi, workers eligible to retire can take a $35,000 payment to leave. But the deal offers substantial sweeteners to workers just shy of retirement to commit to leave within three years, and those behind them to leave now."
- St. Petersburg Times, 3/28/06
"Mr. Gossett, the union's communications director, could choose between $60,000 and no health care or two years of supplemental unemployment benefits and 30 months of health care benefits. Because his wife has insurance coverage through her job at Franciscan University, he took the $60,000 and hit the street with his resume. Realistically, he doesn't expect his next job will offer the same level of pay and benefits a steelworker receives."
- Pittsburgh Post-Gazette, 3/26/06
"Employees who accept GM's buyout offer would keep GM pension benefits already earned and give up GM health care and other post-retirement benefits. A full GM pension for UAW workers is $36,000 a year plus medical coverage."
- Newsday, 3/23/06
"GM employees with more than 10 years of service can take $140,000 to sever all ties with the automaker including health care and post-retirement benefits. Hourly workers with less than 10 years seniority will be offered a one-time payment of $70,000 under the same terms."
- Reuters, 3/22/06
