Monday, October 06, 2008
Reminder: Retirees lunch is Wednesday
Don't forget the Beacon Journal Retirees Lunch at 1 p.m. Wednesday at Papa Joe's Restaurant in the Valley (Portage Trail at Akron-Peninsula Road).
Somebody might even explain how these buyouts work: Do you get a pension and buyout--or must you choose?
Current employees of the Beacon Journal are always welcome at the luncheons which are the second Wednesday of every month at Papa Joe's Restaurant. There is no agenda--no business--just lots of chatter by old fogies about how much better things used to be.
Hope to see you there
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3 comments:
Those 55 an older had their choice of buyout options. The first one offered $25,000 plus your lump sum pension. The other offer gave you 2 weeks severance pay for each year of service with a maximum of 52 weeks of pay as well as two additional weeks for signing. Those 55 and under only had the second option available to them.
The company did confirm that 18 people have applied. Everyone has seven days from the time they sign to rescind so not everyone will be official until this coming Friday.
No mention that, as I have been told by a buyout person, those who take the buyout immediately lose their medical coverage which, for those too young for Medicare, easily can run $1,000 a month for the premium if they have pre-existing conditions. At $12,000 a year for medical coverage, if this is true (Bob DeMay didn't mention it either way), a big chunk of buyout money is eaten away.
Health care coverage ends at the end of the month for Guild members, There is a contractual provision for health care for Guild members who retire between the age of 62-65. All others are on their own. Visual and dental benefits end on your last day of work. Life insurance for Guild employees drops to $14,000 when you retire. That is my HR update for the day.
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