Buyout agreement reached; vote set for Thursday (updated)

Guild members will vote Thursday on a proposed buyout.

The vote will be held from noon to 2 p.m. and from 5 p.m. to 7 p.m. upstairs in one of the executive conference rooms.

The terms of the deal are three weeks of pay for each year of service, with a minimum of 15 and a maximum of one year. The Guild tried to offer an added benefit for senior employees, but the company declined.

A person who takes the buyout would receive health care for the same time period.

The Times Union did agree to cover the $750 health-care deductible for workers who take the buyout and to keep their share of health-care costs at 21 percent. The Company also agreed to allow people who decline the health care coverage to receive 15 percent of the net premium or $3,492.15, which will be pro-rated based on the number of months of pay.

The deadline for people to apply for the buyout will be Friday, Nov. 11. Those who receive the buyout would be expected to leave by year’s end.

The company has said it is looking to cut six to nine positions total in editorial and among the exempt ranks. While people in other departments can apply for the buyout, the Times Union has said it is aimed at editorial workers.

To vote on the buyout package, you must be a member in good standing. The vote is open to members in all departments covered by the Guild.

You can read the terms of the buyout here.