Must you complete the full year for the severance accrual for that year, or, if laid off mid-year would you get pro-rated days for that year?
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Information is in the Employee Benefits Book in Appendix F, I believe and it's called 'Salary Continuation Plan'
What? They would let everyone go on dec 31st if that was the case - think McFly
"Severance" info is located at the very end of the Benefits Book, which downloads as a .pdf0
It's not prorated. Completed years of service.
Thank you for your responses, and not surprised I could be 1 day shy of my anniversary and miss out on any accrual.
I haven't been able to find anything in the handbook as of late about severance and years of service eligibility; only benefits information. I actually used the HR chat twice and they didn't seem to know what I was talking about either. That isn't very reassuring.
Years of service based on your hire date. No
Prorated
Yeah, you don't get any credit for partial years. If you're at 364 days, you get no severance credit for that time, it's just full years of service completed.
Whole years are a good bet. Think severance is only calculated using months if you get laid off before hitting the 1 year anniversary mark.
It's total years of service. Not prorated. I was in the layoff pool on Tuesday.
Year of service or calendar year? I believe it’s based on years of service so look in part to your anniversary date but not sure if leaves along the way would nudge that a bit? This is all spelled out in the handbook which is hard to get to now for some reason (but the full handbook is not a state secret or anything— it should be in the public domain, frankly).