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Option 1:
Eligibility
Retirement requirements must be
met no later than December 31, 2008
Timeframe
Must make selection no later
than 45 days after the “roll-out”
- Retire effective the first day of the month following the
month the employee’s services are no longer required by GM
Payment
- Other than Skilled Trades $45,000
- Skilled Trades workers $62,500
Payment Options
- Lump sum cash payment, less applicable taxes
- Lump sum cash payment which, in whole or in part, may be
rolled over into an IRA or another permissible plan
- Lump sum cash payment which, in whole or in part, may be
rolled over into the Personal Savings Plan (PSP) Account
- Monthly Single Life Annuity
- 75% Contingent Annuity
- 50% Contingent Annuity
Option 2:
Eligibility
At least 50 years of
age and 10 years of credited service, must meet
retirement requirements no later than December 31,
2008
Timeframe
- Retire effective
the first day of the month following the month
the employee’s services are no longer required
by GM
Payment
- No cash
payment
- Employee
receives pro-rated amount of retirement
benefit
- Employee
continues health benefits
Option 3:
Eligibility
Must have at
least 26 years of credited service as of
December 31, 2008
Accept the Pre-retirement Program in
accordance with the Memorandum of
Understanding
Timeframe
- Accept
the Pre-retirement Program effective the
Monday following the week services are
no longer required
- Must
retire the first of the month following
the month that employee attains 30 years
of credited service under the 30 and out
provision or the Pension Plan in effect
at the date of employees retirement
without additional incentive
Payment
during Pre-retirement
| Years of
Credited Service |
|
Monthly Gross Pay |
|
29 years |
|
$2,900 |
|
28 years |
|
$2,850 |
|
27 years |
|
$2,800 |
|
26 years |
|
$2,750 |
Option 4:
Voluntary Quit
Timeframe
- Effective the Monday
following the week employees services are no longer required
by GM
- Receive payment after
effective quit date
Payment
| |
Greater of
Years of Seniority
OR Credited Service
|
|
Lump
Sum Payment |
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10 or more |
|
$140,000 |
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Less than 10 |
|
$70,000 |
Option 5:
Special Employee Hiring
Opportunities
1) Accept employment at
another GM location
- Receive $75,000
relocation allowance, if applicable
- Sever all seniority
rights to the Moraine Assembly Plant
2) Refuse two (2) different
offers of employment at other GM locations
- Removed from any other
future consideration for employment with GM
- Will be considered a
Voluntary Quit holding to applicable guidelines
- Keep any vested GM
Hourly-Rate Pension Plan benefits
- Not eligible for sub
payments, layoff pay or benefits, Health Care,
Dental Coverage or Vision Coverage
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