Ford is offering eight options for hourly workers:
1. Special Retirement Incentive - for employees with 30 years of service or more and are at least 55 years old, or are at least 65 with one or more years of service. Financial incentive of $35,000 pre-tax check.
2. Special Early Retirement - for employees who have reached age 55, but not normal retirement age, and who have 10 or more years of credited service under the Ford-UAW retirement plan. Provides unreduced life income benefits for the life of the retiree, and temporary benefits payable until age 62 and one month.
3. Pre-Retirement Leave Program - For employees with at least 28, but less than 30, years of credited service. Ends with retirement when the employee reaches 30 years of service. Employees will receive 85 percent of straight-time pay. After they reach 30 years of service, they would receive their regular retirement.
4. Special Termination of Employment Program - For employees with at least one year of service receive a gross lump sum payment of $100,000. Retirement eligible employees must wait 23 months before retiring.
5. Educational Opportunity Program - For employees with at least one year of service, includes tuition reimbursement for up to $15,000 a year for up to four years paid directly to the approved college or vocational school, and an annual stipend worth 50 percent of the employee's annualized straight-time wage rate. Health insurance and other benefits continue during this four-year period, but participants must enroll in school full time (at least 12 credit hours per semester) and maintain a "c" average to remain eligible. Benefits and the living expense stipend end after 4 years, or when the employee receives their degree/certification/license.
6. Enhanced Special Termination of Employment Program - Under this program, 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. Retirement may take place immediately, and workers electing this option will receive any pension benefits for which they are eligible at that time, based on length of service. They also will be provided with basic health care coverage for a period of six months, but will be ineligible for post-retirement health care and life insurance benefits.
7. Focused Education Opportunity Program - Similar program to Educational Opportunity Program described above, except that employees selecting this option will receive two years of tuition payment, up to $15,000 per year and 70 percent of wages, instead of 50 percent.
8. Family Scholarship Program - Employees electing this program agree to terminate their employment at Ford, and will receive a Scholarship Fund totaling $100,000, which can be used for approved educational expenses for their children, spouses and grandchildren.
Source: Ford Motor Co.
