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LAT plan

LAT plan



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Published by inkstainedretch
List of employee ages and titles in recent buyouts at the Los Angeles Times
List of employee ages and titles in recent buyouts at the Los Angeles Times

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Published by: inkstainedretch on Aug 13, 2008
Copyright:Attribution Non-commercial


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LOS ANGELES TIMESCOMMUNICATIONS LLCEMPLOYEEINVOLUNTARYSEPARATIONPLANSUMMER2OO8"ISPSUMMER 2OO8'')ESTABLISHMENT AND PURPOSEOFTHE PLANLos Angeles TimesCommunicationsLLC(hereinafterhe"Company")hereby adopts heLOSANGELES TIMES COMMUNICATIONS LLC EMPLOYEE INVOLUNTARY SEPARATIONPLANSUMMER2008(hereinafterhe"ISPSUMMER2008"),effective July 14,2008(the"EffectiveDate"), forthe benefitof eligible employees s described erein. The ISP SUMMER2008 s an unfundedwelfarebenefitplanforpurposesf theEmployeeRetirement ncome SecurityActof1974,as amendedhereinafterERISA"),except hat theportionof the ISP SUMMER 2008providingadditionalpensionbenefits is funded through the Tribune Company Cash BalancePension lan,which s apension lanwithinthe meaning f Section3(2)of ERISA.The ISP SUMMER 2008 s establishedn responseo currentand anticipated usiness onditionsthat require he redr"rctionnthenumberof employeesnorderorthe Company o control costsandoperatecompetitively. Through the ISP SUMMER 2008,the Companyprovideseligibleemployeeswhoareinvoluntarilyterminatedromemploymentwiththe Companyinconnectionwith the Company's 2008 restructuring measureoffinancial security nthefbrmof certainbenefits,sdescribed elow(theISPSUMMER 2008benefits").This documentshallserveas both a Plan Documentgoverrlinghe terms of the ISPSUMMER2008aswellasa SummaryPlanDescriptionescribinghe eatures f the ISP SUMMER 2008.ELIGIBLE EMPLOYEESThe ISPSUMMER2008 sofferedonly to an eligible employee. An"eligibleemployee" neanseachactivelyemployed, egular ull-timeorpart-timenon-unionemployeefLos AngelesTimesCommunications LC,whois notifiedof hisArernvoluntary ermination nd eligibility for the ISPSUMMER2008.Forpurposesf the ISP SUMMER2008,activelyemployed"sdefinedasbeing activelyat work,on vacation,on sick leave,onapaidleave of absence, n an unpaid eave of absence hat has notexceeded neyear,or onleaveunder he Family &MedicalLeaveAct(FMLA)asof Jr-rly4,2008.Employeeson an unpaideaveof absence hat exceeds neyear(otherthan asnotedabove)oronlong-termdisabilityas of July 14,2008 are not eligible or the ISP SUMMER2008. Employeeswhohavesubmittedaresignationnoticepriorto July14, 2008arenot eligible for the ISPSUMMER 2008.If an eligible employee s notified that he/shewill be involuntarily terminatedaspartof agror"rpterminationThe Companyshallprovideeacheligible employeewithalist,classifiedby department,jobtitle, and age, of all Company ernployeeswho have been selected or involuntary terminationand are eligible for the ISP SUMMER 2008andall Company employeeswho have not beenselectedor involuntaryerminationand are not eligible for the ISP SUMMER2008. In no eventwill any employee whoparticipatesintheISPSUMMER 2008 be eligiblefor more than oneCompany-sponsoredseveranceplan, policy,orprogram.
NOTIFICATION PROCESSTheCompanywillnotifyeach eligible employee n writing if heor she iseligible for the ISPSUMMER 2008. At that time, theCompanywillcommunicate o eacheligible employeehe dateupon which he or she will involuntarilyterminate. The Company willchoose his date n its solediscretion. Thisdatesthe"lnvoluntarySeparationDate" forpurposesf the ISP SUMMER 2008.It isanticipatedhat an eligibleemployee's nvoluntarySeparation ate willbebetweenAugust 1,2008 and October 1, 2008. However,the Company reserves he right, inits sole discretion, oaccelerate r delay heInvoluntarySeparationDate.CONTINUEDPERFORMANCEANDWAIVER AND RELEASBInorder o be eligible o receive he ISPSUMMER2008Benefits, n eligibleemployeemust:a)Ifrequired by theCompany, assist n the Company's transitionby continuing toperformhis/trercurrent responsibilities r suchother duties as may from time to timebe assigned o him/her by theCompanyup to and including the SeparationDateor such other date as the Company n its solediscretionmay establish; nd(b)signand submita Waiver andReleaseattacheds Attachment I)to theperson(s)dentified at theend ofAttachment Ion orwithinforty-five(45)days after theCompanygivesto the eligible employee hisdocument. However, f the eligible employee'sInvoluntarySeparationDate ismore than 45 days romthe date he Companygivesto theeligibleemployee hisdocument, he eligibleemployeemust signand submitaWaiverand Releaseothedesignatedperson(s)within fivedays of hisftrer InvoluntarySeparationDate.(NoWaiverandReleasemaybe submittedearlier han his/trer nvoluntar),SeparationDate).Aneligible employeemay revokehisftrersignedWaiver and Releasewithin seven7)days after thedateonwhich he/sheigns heWaiverand Release. ny such evocationmustbe made n writingand must be receivedbythedesignatederson(s)withinsuch seven7)dayperiod.Aneligibleemployeewho revokeshis/her WaiverandReleaseshall not be eligible to receive any ISPSUMMER 2008Benefitsutwill remaina terminated mployee.An eligibleemployeewhosubmitsa signedWaiver and Release nd doesnot exercisehisftrer ightof revocationshall be considered"Participant"n the ISP SUMMER 2008and shall be eligible toreceive SP SUMMER 2008Benefits.Eligibleemployeesare encouraged,f they so desire, o contactheirpersonalattorney,attheirownexpense,o reviewheWaiverandRelease.ISPSUMMER2OO8 ENEFITSCash Balance BenefitA Participantshall havecredited o his or her accountbalanceunder theTribuneCompany CashBalancePensionPlanan amount equaltotheproductof(a)theParticipant'sweeklyrate of basepaymultipliedby(b)the Participant's onsecutiveeriodsf sixmonthsof completed ervice s ofthe InvoluntarySeparationDate, essany amountofsalarycontinuationpaidto a Participantduringanyperiodof"leave"during any noticeperiodassociatedwiththe California"WARN"Act, asexplainedbelow. The number n(b)shallbeno less hansix(6)andnogreaterhan ifty-two(52).In addition,he amountderived nthisparagraphhall be increased y3Vo.

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