The historical buyout and early retirement deal brokered between GM, the United Auto Workers and Delphi offers a number of incentives to move workers off of the assembly line -- and off company payrolls. The deal provides several alternatives for Delphi and GM hourly employees, including early retirements, buyouts and changes for workers who elect to move between companies.
All UAW members working for GM and most workers at Delphi in the United States may qualify for the packages, depending on seniority.
Retirement plans
These plans offer financial incentives to move active workers to retirement rolls.
A sliding payment scale allows workers with 27, 28 or 29 years of service to retire now and receive a monthly salary (between $2,800 and $2,900) until hitting the 30-year mark, then retiring. For certain eligible workers in Baltimore; Lansing; Linden, N.J.; Muncie, Ind.; and Oklahoma City; the pre-retirement option is available for those with 26 years of credited service. The gross monthly wage would be $2,750 for those individuals.
Note: Delphi employees accepting any of the special attrition program retirement options can retire from Delphi, or be considered a "flowback" worker to GM for purposes of retirement.
Buyouts
These incentives offer a single cash payment to move an active worker off of GM or Delphi's payroll.
By accepting the buyouts, workers sever all ties with GM and Delphi, including health care and other post-retirement benefits. Vested pension benefits are not impacted.
Employment rules
This part of the agreement deals with active employees still at the two companies who continue to work at either one.
Retirement plans
These plans offer financial incentives to move active workers to retirement rolls.
A sliding payment scale allows workers with 27, 28 or 29 years of service to retire now and receive a monthly salary (between $2,800 and $2,900) until hitting the 30-year mark, then retiring. For certain eligible workers in Baltimore; Lansing; Linden, N.J.; Muncie, Ind.; and Oklahoma City; the pre-retirement option is available for those with 26 years of credited service. The gross monthly wage would be $2,750 for those individuals.
Note: Delphi employees accepting any of the special attrition program retirement options can retire from Delphi, or be considered a "flowback" worker to GM for purposes of retirement.
Buyouts
These incentives offer a single cash payment to move an active worker off GM's payroll.
By accepting the buyouts, workers sever all ties with GM and former subsidiary Delphi, including health care and other post-retirement benefits. Vested pension benefits are not impacted.
Employment rules
This part of the agreement deals with active employees still at the two companies who continue to work at either one.
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