Details of the Mitsubishi severance package are in the new contract approved recently by the United Auto Workers. The agreement comes as Mitsubishi prepares to end production next month and shut down the plant by June.
A copy of the contract provided to WGLT indicates severance includes varying lump sum payments after the plant closes. But, the cash is coupled with an option for workers to begin drawing pensions earlier than age 65. The younger a severed worker begins drawing a pension, though, the lower the percentage of benefits they would get. Someone at age 45 who chose to collect the pension right away would receive only 40% of the vested monthly amount.
Lump sum amounts vary. A 64-year old worker with at least four years of service would get a $15,000 lump sum and an additional year of retirement credit. A 57-year old worker who had 19 years of service with Mitsubishi would get a $35,000 lump sum and a year's pension credit. Workers who have been laid off before and recalled, get a higher payout, up to $69,000.
But, so-called supplemental workers who are called in only one or two days a week will receive no severance at all.
