Spirit employees have until Sept. 12 to express interest in buyout
08/29/2014 11:26 AM
08/29/2014 11:34 AM
Eligible Spirit AeroSystems employees interested in taking the company up on its offer of a voluntary retirement program have until Sept. 12 to express interest.
That doesn’t commit them to retiring, however. And it doesn’t guarantee that they will be offered the buyout.
Spirit told employees Thursday that it is offering certain employees at its sites in Wichita and Kinston, N.C., a voluntary retirement package.
Employees must be classified as management, salaried or represented by the Society of Professional Engineering Employees in Aerospace union’s engineering or professional and technical unit. They also must be at least 55 years old as of Nov. 17 and have at least 10 years of service. And they must formally express interest in the voluntary buyout by the Sept. 12 deadline, the company said in a memo to employees.
The memo said Spirit executives, as well as stress and design engineers, are excluded from the offer.
Participants will receive a supplemental benefit from the pension plan equal to 2 percent of their annual base pay, times the number of years they were vested in the plan, with a minimum value of $30,000 and a maximum value of 50 percent of their annual base pay, it said. The specifics differ slightly depending on whether the employees are covered by the Spirit Pension Value Plan.
Employees who are interested will receive more information on the program.
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