Here's the bulk of it without all the blablaa stuff.
Employees, on occasion, may be released through no fault of their own, because of the lack of work or as a result of changes in business conditions, reorganization, etc. The Company wishes to afford a benefit to these employees. Employees, on occasion, may be released through no fault of their own, because of the lack of work or as a result of changes in business conditions, reorganization, etc. The Company wishes to afford a benefit to these employees. Human Resources department. 4.2 The amount of severance pay an eligible, affected employee is entitled to is calculated as follows:
One week of base pay for each full year of service up to a maximum of nine (9) weeks, with a minimum of two weeks.
Managers positioned in an S-12 salary grade or higher will receive nine (9) weeks base salary.
4.3 The most recent hire date is used to calculate the amount of severance pay the employee is entitled to.
4.4 An employee who meets the general eligibility requirements of this policy will be eligible for severance pay only if the employee:
returns by the date required by the Company all Company property and materials, and signs a general release (Release) in a form acceptable to the Company within 21 days if a single termination or 45 days if a group termination after the Company presents the employee with a copy of the Release and associated disclosure, if any, and the employee does not revoke as provided in the Release. If the employee does not execute the Release within the indicated period or revokes the Release after executing it, the employee is not eligible for severance pay and the offer of severance pay is rescinded and no severance is payable, and
timely executes and returns any other required documents that Human Resources requests.
4.5 All employees have the right under the provisions of COBRA to continue medical, dental and/or vision coverage under the Company group plans, currently in effect,
for a period of up to eighteen (18) months provided the required premiums are paid.
4.6 The Company generally charges an employee its full cost plus a two percent (2%) administrative charge for this coverage under the provisions of COBRA. However, to assist affected employees eligible for severance under this policy, the Company will charge the employee a monthly premium for a period of time based on the amount of severance pay received hereunder.
4.7 Employee medical, dental and vision benefits cease at the end of the month an employee terminates. Should an employee choose to continue coverage, they must elect COBRA which begins the day after the loss of coverage. The affected employee will be charged:
the monthly premium, equal to the current active employee premium, for the first month if they are eligible for severance benefits of up to four weeks;
the monthly premium, equal to the current active employee premium, for the first two (2) months if they are eligible for severance benefits of five (5) to eight (8) weeks;
the monthly premium, equal to the current active employee premium, for the first two (2) months if they are eligible for severance benefits of five (5) to eight (8) weeks;
the monthly premium, equal to the current active employee premium, for the first three months if they are eligible for severance benefits of nine (9) weeks. This severance benefit period of reduced premiums counts toward the eighteen (18) month period as provided under the provisions of COBRA. After such period, an employee wishing to continue coverage under the provisions of COBRA shall be required to pay the full premium (as discussed above).