GUILD BULLETIN: A BUYOUT OFFER
Hello Guild members:
> The Company today has extended a buyout offer to about 20 Guild members in advertising and sales.
> Their goal is to get three takers. If they don’t, there will be layoffs to achieve the reduction in force they want among that group, Company representatives told me and Bill Ross yesterday.
> It is a standard buyout offer (as opposed to the enhanced one last offered.) That means:
> Three weeks’ pay for each year of service, capped at 26 weeks, to be paid in a lump sum;
> The Company will pay the Guild member’s COBRA for a period of weeks equal to three times the number of years of that member’s service with the Company since Oct. 9, 2010, or a lump sum payment of $5,000 in lieu of COBRA;
> Payment for all accrued and unused 2022 vacation and personal days.
> Applications are being accepted from today until Feb. 21, with employees expected to be notified if they have been approved by Feb. 25.
> For anyone accepted, employment would terminate no later than March 4.
> To qualify, Guild members must be at least 60 and with the Company at least five years.
> Anyone meeting the criteria will be receiving an application packet via email today.
> So, if you do not receive one, you DO NOT qualify.
> However, if any Guild member in any department wants to be considered for this buyout, please reply to this bulletin.
> The Company said yesterday it is not currently planning on any other buyouts.
> As always, don’t hold back with any questions.
> In solidarity,
> Diane
>
