Financial Emergencies Clause Samples
Financial Emergencies. 23.4.1 A financial emergency is defined as a sudden, catastrophic situation (including, but not limited to a natural disaster, public health crisis, or act of terror) that requires budget reductions of such a magnitude that the layoff of faculty is necessary and of such urgency that the procedures outlined in Section 23.3 cannot reasonably be followed.
23.4.2 If the College determines that a financial emergency requires a reduction in force, the College will notify UFE by e-mail and US mail as soon as possible. The notice will include the reasons for the determination and the College’s planned response. Any reduction in force that results from a financial emergency will, to the extent practical, follow the steps and timelines described in Section 23.3.
Financial Emergencies. If you experience an Unforeseeable Financial Emergency, you may petition the Committee to (i) suspend any deferrals required but not yet made under your Deferral Election and/or (ii) receive a partial or full payout of your Account Balance. The Committee shall have complete discretion to accept or reject your petition and to determine the amounts, if any, which may be paid out to you; provided, however, that the payout shall not exceed the lesser of your Account Balance, or the amount reasonably needed to satisfy the Unforeseeable Financial Emergency.
Financial Emergencies. 4.17.1 In the event that the University finds itself in a financial emergency that requires extraordinary steps including the termination of permanent and tenured positions, both parties agree that it is a mutual interest to establish a clear, transparent and consultative process to address such an emergency.
4.17.2 Therefore the Parties agree to the following principles: