Company extends buyout deadline until October 31

UPDATE: The Company is extending the deadline for buyout applications until Monday, October 31, to give more time for people to get answers to questions they have about their pensions.

The Company is offering an across-the-board buyout for employees after negotiating terms Tuesday with Guild leaders.

The offer is for two weeks for every year of service, with a minimum of 15 weeks and maximum of 62. Employees would get health insurance for the same period of time.

For employees in advertising, commissions would be calculated as part of the package based on a 52-week rolling average.

The Company would not challenge unemployment claims, but employees would have to answer questions honestly, disclosing they received a severance package.

The buyout offer was approved by members 45 to 1.

The Company said it is looking to cut staff buildingwide, not just in the Guild, by 10 to 15 people.

The deadline to apply would be Monday, October 24 31. The Company will decide which applications it accepts.

If an employee applies for a buyout, that does not require the person to take it. In fact, an employee can sign a buyout agreement and rescind it within seven days. Employees whose requests for buyouts are accepted would have to leave by year’s end or they could choose to do so sooner. The company said it would inform people if their request is accepted by November 1 8.

To be eligible to vote on the buyout offer, you must be a member in good standing.

Guild leaders also asked if requests for pension calculations could be accelerated for those considering taking a buyout.

The union was represented at the table by Tim O’Brien, Marianne Mahr, Mark Hempstead, Brian Nearing, Michael Huber and Cindy Schultz.