Step1:
- order papers for all 55+ as of Dec 31st 2007
- Get papers to people: Jan. 21st - 25th.
- Financial counseling : Jan 28th - Feb. 1st
- People to indicate intention by Feb 22nd for retirement on April 1st unless needed for training,
Step 2:
- Determine monies left from step 1 and determine design of possible enhanced severances Feb 25th - 28th.
- Severances offers out to all 592 members Mar 3rd - 5th with no guarantees.
- People to indicate intention by Mar 24th, to be severed by April 30th.
Step 3:
- Determine monies left from step 2
- further retirement packages offered to those employees that turn 55 after Dec 31 2007. Paper to employees:Mar 25th - 28th
- financial counseling Mar. 31st - April 4th
- Indicate intention by April 17th
- Retire May 1st.
QUOTE " further retirement packages offered to those employees that turn 55 after Dec 31 2007". Aren't we all going to turn 55 sooner or later??? is there a expiry Date ??
ReplyDeleteExpiry is when the available money is gone. There may be no funds at all for further packages after Dec. 31st 2007.
ReplyDeleteHow could there be any monies left over from step 2 when all the monies left over from step 1 are to be used for enhenced severances in step 2? What is there a cap?
ReplyDeleteCould you please clarify," may be no funds left after Dec. 31 2007?"
ReplyDeleteIf all 91 packages are accepted by those who are 55 as of Dec.31st 07 then all funds are spoken for.
ReplyDeleteDo we have the company's approval on this yet. I remember you saying it would go to them first before it went to us for a vote. If we are still waiting for board approval on the 16th., when will the contract be signed.
ReplyDeleteWhy has the Board of Directors put off approval of this agreement till the Jan.22. Are they having a change of heart?
ReplyDelete