Gm employee

[decarlo sloan]

I was told march 1st we would be offered the Buy Out at work. I was wondering how many people on this site work 4 GM and who was considering taking it Jeez!

 

[regal-nut]

I got a friend that works for ford at the avon lake plant that is thinking about taking the buy out the next time around. he is in his late 30's. I thank it was funny that he was trying to get me to work at ford but i said no and i am still in the crankshaft life. It is slow now but we only have 18 people on layoff. i tryed to get them to lay me of but NO we need u. so all i can say is if u think u can make it go for it but if not stay till they push u out. jobs are far and few in between .:biggrin:

 

[Junior Samples]

if your eligible for the 130k buyout. after taxes its like 85 in pocket? and in 7 months that will be gone. im just trying to recall what some of my friends who took the buyout told me and how they regretted it

 

[regal-nut]

if your eligible for the 130k buyout. after taxes its like 85 in pocket? and in 7 months that will be gone. im just trying to recall what some of my friends who took the buyout told me and how they regretted it

Here is a trick to save the 130k from the gov.tax. You got to invest it in an IRA or some thing on the same lines. but get a job lined up first. My wife is taking some class on taxes in collage. hope this helps out

 

[Junior Samples]

Here is a trick to save the 130k from the gov.tax. You got to invest it in an IRA or some thing on the same lines. but get a job lined up first. My wife is taking some class on taxes in collage. hope this helps out

+1
isnt it like 10 yrs to 20 its like 30K with no bennys?
and the big payout you get like a 1 yr benefits?

 

[regal-nut]

I am not to shure on that stuff but i will try to get in tuch with my friend that is still working at ford. i do know that when my dad took the buy out from toledo edison for 27 years he got around 300k and 2 years of benneys. but took the money and invested it and mom works a job and him a 25 hour a week job and they are doing fine. Dad took it in 1993 and was in his mid 40's.

 

[NICKG]

aren't thay gonna let you be a rehire at a lower rate? that would seem to be the smart thing. because you can bank that cash and still work(albeit at a lower per diem). At least that was what they are saying in the various industry rags i read

 

[Pitbozz]

if your eligible for the 130k buyout. after taxes its like 85 in pocket? and in 7 months that will be gone. im just trying to recall what some of my friends who took the buyout told me and how they regretted it

Damn, you are some kind of baller to go through $85,000 in 7 months. 15 yrs ago when I got layed off at a federal ammunition plant (worked there for 10yrs) all I got was a foot in the azz. $85,000 in pocket sounds pretty damn good. A hell of alot better than nothing.

 

[Junior Samples]

Damn, you are some kind of baller to go through $85,000 in 7 months. 15 yrs ago when I got layed off at a federal ammunition plant (worked there for 10yrs) all I got was a foot in the azz. $85,000 in pocket sounds pretty damn good. A hell of alot better than nothing.

when your used to 105k with all the overtime, 85 is a paycut...it dont last long.
one must remember this ....

Expenditures always rise to meet income.

 

[S2V6RACER]

Damn, you are some kind of baller to go through $85,000 in 7 months. 15 yrs ago when I got layed off at a federal ammunition plant (worked there for 10yrs) all I got was a foot in the azz. $85,000 in pocket sounds pretty damn good. A hell of alot better than nothing.

I agree 100%. Lots of good people out of work that will do it for less. Just common sense.

 

[Junior Samples]

I agree 100%. Lots of good people out of work that will do it for less. Just common sense.

agree 100% to what? Ted?.. Ive talked to you on the phone ..your NO dummy but first off we dont know what his buyout is or his seniority.
• Those with 30 or more years of service will receive a $35,000 incentive to retire with full pension and other benefits.

• Those with between 27 and 30 years on the job will be given credits to bridge the gap to retirement, but no special payout.

• Those with lower seniority will be offered more than $100,000 in a lump sum payment to leave the company with only the pension benefits they have accrued. With one yr bennys? or none?

With both of us living in Mich and knowing people who work for the big3, The ones ive talked to indirectly about it, said it was the biggest mistake they ever made. although some were smart and some were not.
Granted take the money and invest it if you have another job lined up and for some people who might only make 30 a year to see 85 cold hard cash is a tidey sum but it gets back to my last point and that is..

EXPENDITURES ALWAYS RISE TO MEET INCOME!...meaning the more you make the more you spend... the bigger house you have to pay for plus the bass boat, plus the 2 daily drivers, plus the hotrod, the motorcycle, the jet skis, snowmobiles, vacations, the kids kung fu, their sports, the dog.
we can sit here all day long and crunch numbers like....
2000.00 a month mortgage payment.. theres 24k gone, whats average credit card debt per person in this country?..somthin silly like 10K?? so say theres 3 cards with 10k total..paid up, brings us to 34k gone... leaves us with 51k
two cars ya better pay off quick... hope to sell some toys in a crappy market, bills, food unforseen bills.. what if its 100k no benefits then the kid blows out his ACL during football practice the next day?

The number i tossed out was not set in stone, just a number but 85k is not that much, you and I both know that..maybe yahoo in his doublewide might think 85 is a windfall but i dont and i dont think you do either.

yeah theres alot of people that would jump at the chance and take 12 bucks an hr somewhere but thats not the issue..the issue is should he take the buyout and if one takes the buyout then all the stuff that they have grown accustomed too..well its time to trim it and regroup..

So should he jump or should he stay and risk being pushed out and the doors locked behind him?
that is the question presented, not if my numbers jibe or not.

Mike

 

[regal-nut]

Damn, you are some kind of baller to go through $85,000 in 7 months. 15 yrs ago when I got layed off at a federal ammunition plant (worked there for 10yrs) all I got was a foot in the azz. $85,000 in pocket sounds pretty damn good. A hell of alot better than nothing.

now thats the job i would love to have :biggrin: I love guns just as much as the buick 2 exspensive hobbys but some one is got to have fun

 

[Pablo]

No wonder outsourcing is becoming so popular.

85,000 in 7 months? Damn. Cocaine is a hell of a drug.

 

[GNVYUS 1]

I don't know much about your background or seniority but if you like the job and are getting paid well why not just stay? Is there a hint that people will be getting laid off after the payouts etc??

If you were to take it, that would be a great time to find exactly what you would like to retire doing. $85k sounds like it could buy you some time to move onto something else you have a passion for in life.

Good Luck with whatever you decide.

 

[regal-nut]

No wonder outsourcing is becoming so popular.

85,000 in 7 months? Damn. Cocaine is a hell of a drug.

i machine crankshafts. for gm but only service cranks. and air compressers and fluid pumps. and i say this outsourcing is becoming a thing of the past slowly. companies have pulled out to do it in house now because they build a building next door to the plant and put non union workers in them or temps. or they send it over seas. woorlpool is just one of them companies. Yes i do work in a nonunion shop

 

[decarlo sloan]

buy out

Rumor is that BROOK PARK PLANT ISNT GETTING WORK. There comes layoffs but we get 95% pay when laid off for 44 months and can get called back up 4 yrs, meaning they cant hire lower wage people until laid off come back. I could relocate that would pay good,but i would only go where it is warm all yr :biggrin: 10yrs and less = 70,000 10yrs and more 140,000 30yrs and more = 45,000 plus pention.

 

[nisnutz]

A lot of companies are scraping the bottom of the barrel right now.I just cant seem to bring myself to feel sorry for the guys making 6 figures for installing bumpers?