Severance policy for laid-off employees announced
The University has announced a severance policy for employees laid off as a result of the administrative cost reduction effort between June 1994 and June 1997 and not placed in other University positions.
All biweekly employees whose positions are eliminated will receive two weeks' notice of layoff. All monthly employees will receive four weeks' notice.
Employees with five or more years of service who are not members of collective-bargaining units are eligible for severance payment agreements.
Each such employee will be eligible to receive a lump-sum cash payment of the entire severance amount plus unused vacation and personal-holiday accruals. The schedule for severance payments is displayed in the table below.
Employees who wish to continue their health coverage may do so for up to 18 months by paying the employee contribution for three months and the full cost of coverage for an additional 15 months.
Tuition remission will be continued through the quarter in which the layoff occurs.
All laid-off employees will be provided University assistance with resume preparation and interviewing techniques. In addition, all such employees will retain bidding privileges.
Severance Payment Agreement Schedule
Years of Service: Severance Payment
Less than 5 years (biweekly: Notice period + accruals
Less than 5 years (monthly): Notice period + accruals
5 to less than 10 years: 1 week's pay for every year of service + notice period + accruals
10 to less than 20 years: 1.25 weeks' pay for every year of service + notice period + accruals
20 or more years: 1.5 weeks' pay for every year of service (max. 36 weeks) + notice period + accruals