Friday 4 January 2008

Retirement Packages Timeline Revisions

The timeline for the packages has been altered to allow all the steps to be implemented before May 1st. They are as follows:

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.

7 comments:

  1. 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 ??

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  2. Expiry is when the available money is gone. There may be no funds at all for further packages after Dec. 31st 2007.

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  3. How 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?

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  4. Could you please clarify," may be no funds left after Dec. 31 2007?"

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  5. If all 91 packages are accepted by those who are 55 as of Dec.31st 07 then all funds are spoken for.

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  6. Do 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.

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  7. Why has the Board of Directors put off approval of this agreement till the Jan.22. Are they having a change of heart?

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