Guild members approve company buyout offer
On Wednesday, Guild members voted 26-0 to have the company’s buyout offer put on the table for the consideration of individual members.
This vote is a mandated provision of our contract, in which the company must first pursue buyouts before considering potential layoffs, which must be done in reverse seniority order (first in, last out) in each job title.
The company’s offer calls for two weeks pay for every year of service with a minimum of 4 weeks pay and a maximum of up to 62 weeks. Years of service would be calculated as of May 1, 2019 and would not include fractional years.
Concurrent health care coverage would be capped at 52 weeks, even for those who qualify for the buyout beyond 52 weeks pay. Those who choose not to accept that health care would not be bought out for any portion of the value of that declined coverage.
Anyone who would like an exact buyout figure should request one from HR immediately. The deadline for applying for a buyout would be the end of the business day on June. 7 with Human Resources. Filing an application in no way obligates the person to accept a buyout, if offered. The company has sole discretion over accepting or rejecting any and all buyout applications. Anyone who signs a buyout offer has seven days to withdraw it, should they choose.
The company will not challenge unemployment claims. And those who accept buyout payments can preserve their unemployment eligibility if they hold their release form until 22 days after their last day of employment and then sign it, according to Human Resources.
We suggest anyone with questions in this specific regard contact HR as well as their local state unemployment office to ensure this situation. To receive the buyout, workers would have to sign a perpetual release that indicates the worker will make no future claims against the company.