Boeing Employee Buyouts and Voluntary Investment Plans – Get Help Today
We are committed to assisting Boeing employees near the NJ, PA and DE Tri-State area when going through a career transition that may impact their financial future.
Boeing is expected to offer more than 70,000 employees a voluntary investment plan – in other words, an employee buyout.
Boeing Employee Buyout Details – New Jersey Tri-State Area:
- Boeing employees with certain critical skills and levels of security clearance and those who work on certain priority or government programs may be excluded from participation.
- Those who apply will get a decision on their eligibility by mid-May, with June 5 the last working day for most of those approved.
- The Voluntary Layoff (VLO) program will provide eligible Boeing employees with one week of pay for every full year of service up to a maximum of 26 weeks, as well as three months of continued health care coverage.
- See the Layoff benefits plan from 2010 here
- The amount of the benefit you are eligible to receive under the Layoff Benefits Plan depends on your length of service with the Company and your pay rate at the time of the layoff event. For each full year of service you have with the Company, up to 26 years, you will receive one week of pay. Your years of service are determined by the provisions of the Company Service Awards Program. A week of pay is determined as of the date of the layoff event. See the following table for the week of pay calculation. Interest will not accrue on a layoff benefit regardless of the time of layoff.
If you’re a Boeing employee and are worried you may be impacted by a layoff, or are planning to apply for the voluntary layoff, reach out to one of our partners for a no-cost conversation.
Two types of payouts for approved Boeing employee buyout participants:
- The income continuation form of payment pays you layoff benefits on your regular paydays.
For example, if you are paid every two weeks as an active employee, your layoff benefits would be paid in 80-hour increments on your regular paydays. Your first payment will begin no later than the second regular payday following the date of your layoff. Your layoff benefit under this option ends on the earliest of the following:
- Exhaustion of your layoff benefit.
- The date you are reemployed by the Company, an affiliate, or a subsidiary (including as contract labor).*
- You fail to accept reemployment, within 10 regular workdays after a recall notice is mailed (or as otherwise provided by the terms of a collective bargaining agreement that provides for participation in this plan), on other than a temporary basis with the Company or an affiliate or subsidiary of the Company. (Reemployment must be accepted within five regular workdays for employees represented by the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America [UAW] Local No. 1069.)
- The date you withdraw from consideration for recall.
- The date you fail to report to work on the date designated by the Company.
- Your employment status changes from layoff to resignation, dismissal, retirement, death, or leave of absence.
- The single lump-sum option pays you the full amount of your layoff benefits in a single lump sum.
Payment will be made to you within a reasonable period of time following your layoff. If you elect the lump-sum payment option, you forfeit your applicable recall, seniority, and first consideration recall rights.
Boeing, LPL and Peak Wealth Partners are separate entities.