According the severance policy, we are entitled to 3 weeks of pay per year of service. That easy to calculate, and I will have a spreadsheet current for the next couple of months so that I can tell HR whether or not the number on the check is correct. But what else is settled at the time of termination. We are entitled to cash balance in our Cash Balance Pension Plan, though you are penalized by the IRS if you empty it. We are entitled to remaining restricted stock units according to the terms of the award. We are entitled to vacation days according to our compensation package. At the time of termination, should the check include all of these values or will they be settled at a later date?
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Lawsuit based on what? ConocoPhillips is under no legal obligation to pay severance.
Yes, ConocoPhillips DOES indeed reserve the right to amend/terminate benefits at its own discretion... true enough. However... if perchance the so-called "package" becomes significantly diminished from what was issued back in April... or EVEN goes away altogether... the ConocoPhillips law department better fasten their seatbelts for a TITANIC class-action lawsuit!!!... the likes of which ConocoPhillips will have WISHED it kept the package the same as before!!! (I can just hear the cash register ring-jing-jingling now!!!!) ....Not only that, but by doing so, ConocoPhillips will have pretty much destroyed its reputation PERMANENTLY, whereby illegal immigrants wouldn't even come work here!
The employee is on the payroll until the end of the month not to exceed 21 days. Layoffs at the beginning of the month benefit the employee. Layoffs at the end of the month benefit the employer.
1st - ConocoPhillips reserves the right to amend or terminate its benefits plans at any time, in its sole discretion.
This is a brief general summary of certain terms and conditions of certain plans and is for information purposes
only. If there are any discrepancies or conflicts between this information and the terms of the official plan
documents or any underlying insurance contract, the official plan document and insurance contracts will control
your actual benefits. If you are in a job represented by a collective bargaining unit, the bargaining agreement or
practices may affect or alter the information shown in this summary. This summary is not intended to describe
terminations under sale-of-asset situations.
2nd - Nothing is settled. HR hands you the severance packet and walks you out the door. The layoff is not an opportunity for Q&A.
Based on the process earlier this year, there is not a check handed to you at notification. You continue on the payroll for 3 weeks after and are paid via the normal process. After your last paycheck, any remaining vacation is paid out. You'll then receive a severance package packet in the mail with the information regarding your pay and a form for you to sign and return in order to receive your severance pay. All of the calculations will be detailed so you can see how the total amount is derived. You have 60 days to return the signed form in order to receive the severance pay. Any arrangements around 401K or cash balance are handled via Vanguard or Your Benefits Resources.