With the payout or RRSP. Did the union rep. or HR explain the difference with the RRSP if you took the buy down to the buy out? I've just discovered there is a financial difference. I spoke with HR who said they just found out about it. The union rep said it was mentioned at all the meetings they had. Buy out, RRSP you get it all deposited in an RRSP. Buy down RRSP, they take out some (over $1,000 for me) because they say you have to pay CPP and Ei. I asked my fellow employees if the difference was told to them and they all said no.
They are telling everyone now that you will loose at least one pay cheque to cover CPP and EI. They are as knowledgeable as a dead toad
Technically they should tell you about the RRSP option, but that is something that most people should know. The reason for this is because you don't have to pay taxes on what you invest in RRSP's (you only pay when you take them out)