As part of the program, retirement incentives of up to $100,000 for production workers and $120,000 for trades workers, plus $35,000 car vouchers, will be offered.

Workers who are not eligible to retire will also be offered buyouts. Buyouts are allocated according to years worked, so workers with less than three years' seniority would get up to $45,000 plus a car voucher, while workers of more than eight years would be eligible for up to $120,000 plus the car voucher.

"I think the deal today will put a smile on a lot of people's faces," said Paul Starr, who is scheduled to retire from the truck plant Sept. 1. "Hopefully it will help soften the blow of the closing."

Frank Law, who has worked at the truck plant for 33 years, said he's happy to take the early retirement package being offered.

The company and union also released information on product commitments, including a one-year extension on promised Impala production, a new front-wheel drive vehicle to start production at the car plant in 2010 -- with another beginning production in 2013 -- and a guarantee of the product commitments made during 2008 bargaining.

CAW Local 222 president Chris Buckley praised the deal, but emphasized that things could continue to get worse for the industry.

"Our North American auto industry is under severe attack with market conditions changing constantly, and in some cases evaporating," he said in a letter included in the bulletin, encouraging members to continue to pressure governments to support the industry.

Keith Osborne, chairman of the Oshawa plant union local, also praised the deal, saying in his letter that although he was still angry over the chain of events that led to the truck plant closing, he believed the deal on the table was "the best we are going to get."