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Did You Know?

Article 6: Severance Pay

ARTICLE 6Severance Pay

Section 1. Upon termination of employment for any reason except gross neglect of duty, gross misconduct while on duty, failure to maintain membership in the Guild or voluntary termination of an employee employed after December 31, 1992, with less than five years of continuous service, an employee shall receive cash severance pay equal to one week's pay for each six (6) months of service up to fifty (50) weeks' pay or $50,000 whichever is less. Such pay is to be computed at the highest rate of salary regularly received by the employee during his/her service with the Publisher or with any subsidiary, predecessor, related or parent company of the Publisher paid in eighteen (18) equal monthly installments.

Section 2. In no event may payment of all or any part of an employee’s severance pay be deferred beyond the second anniversary of the date of his or her termination. If a former employee dies before he or she has received the total severance pay to which he or she is entitled, the Publisher shall at once pay to the employee’s designated beneficiary or estate a lump sum equal to the amount of severance pay still due.

Section 3. If an employee dies, the Publisher shall pay his or her beneficiary, or estate, if no beneficiary has been designated, an amount equal to the amount of severance pay to which the employee would have been entitled upon termination of employment, such payment to be not less than ten (10) weeks severance pay.

Section 4. In the event an employee elects to retire, he or she may not return to the Company's employ except at the Company's option. In such event, he or she shall be classified as a new employee.

Section 5. If a former employee is re-employed by the Publisher, his or her former pay and prior service shall be disregarded in computing any further severance pay due. Such future severance pay shall not exceed the lifetime maximum, stated in Section 1 above, less the number of weeks' pay previously received as severance. If any installments of severance pay for prior service is still due when re-employed, they shall continue to be paid in accordance with Section 2 above.

(Per MOA dated 2/25/09 – Severance Freeze – as of February 28, 2009 remains in effect during the life of the contract.)