This summer is set to see the first wave of offers being given to Ford Motor Company's former employees to trade their monthly pensions for a one-time cash payment.
The move, a strategic decision that could cut a third of the outstanding obligations existing in Ford's nearly $50 billion pension liabilities, has Ford's former employees, mostly white-collar retirees, considering their options, according to the Chicago Tribune.
By August, as many as 15,000 former employees may receive a formal offer in the mail, detailing the exact amount they'll get if they voluntarily forgo all future payments. A postcard will arrive, followed by an informational kit containing their offer. They'll then have 90 days to make a decision.
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