Extended Compensation Option. Regular full-time and part-time employees, who have completed two (2) years of net credited service may elect to participate in the Extended Compensation Option. Employees selecting this option shall be reassigned to a temporary work assignment for a period not to exceed the number of weeks based on net credited service provided for in the CBA’s termination pay schedule (for those at risk of being laid off) and in the CBA’s optional termination pay schedule (for those not at risk of being laid off). Extended compensation payments shall be based on the methods used to compute termination allowance as defined by the CBA for the position held by the employee immediately prior to the temporary assignment. Such payments are subject to deduction of appropriate taxes and union dues, as applicable, and will be offset by any payments made under the disability plan coverage. To be and remain eligible for this option, an employee must: accept work assignments within his/her local placement area in all job titles for which s/he is qualified (but may reject one assignment in any continuous twelve (12) month period and may designate a full one week period in any consecutive three months as “unavailable” time); accept the appropriate wage rate at the location for the position s/he is filling on a temporary basis in addition to extended compensation payments; such pay will not be used in the computation of any benefits, which shall be based solely upon extended compensation; remain in the same pension band applicable to the employee immediately prior to the new temporary assignment; accept the unused portion of the extended compensation as a lump sum termination payment should eligibility be lost and the employee is required to leave the Company’s payroll. Employees must elect to schedule and take vacation, excused work days, and non- designated floating holidays prior to beginning their temporary work assignment and/or receive a lump sum payment for any balance of vacation not taken. Those employees electing this option do not accrue vacation time or excused work days, but are compensated for holidays or Company designated excused work days when worked. Acceptance of another permanent position within the Company terminates participation in the Extended Compensation Option.
