Common use of Income Protection Plan Clause in Contracts

Income Protection Plan. If during the term of this Agreement, the Company notifies the Union in writing that technological change (defined as changes in equipment or methods of oper- ation) has or will create a surplus of any job title in any work location which will necessitate layoffs or involuntary permanent reassignments of regular employees to different job titles involving a reduction in pay or to work locations requiring a change of residence, or if a force surplus necessitating any of the above actions exists for reasons other than technological change and the Company deems it appropriate, regular employees in the affected job titles and work locations may elect, in the order of seniority, and to the extent necessary to relieve the surplus, to leave the service of the Company and receive Income Protection payments de- scribed in this Article subject to the following conditions: (a) The company shall determine the job titles and work locations in which a surplus exists, the number of employees in such titles and locations who are considered to be surplus, and the period during which the employee may, if he or she so elects, leave the service of the Company pursuant to this Article. Neither such determinations by the Company nor any other part of this Article shall be subject to arbitration. (b) If the Company deems it appropriate, it may offer to regular full time employees, in job titles in which a surplus does not exist, the opportunity to leave the service of the Company pursuant to this Article. The job titles, job locations and the number of employees to receive the offer will be determined by the Company. Such offer to each employee shall be conditioned on the company’s obtaining a qualified replacement for that employee from the employees in surplus job titles. Employees who accept voluntary downgrades will have their pay reduced over a period of time, as provided for in Article 33, Reassignment Pay Protection Plan. The provisions of this paragraph (b) will not be implemented by the Company unless and until regular employees in the surplus job titles and work locations have had an opportunity to elect to leave the service of the company pursuant to paragraph (a) above. The transfer provisions of this paragraph are separate from and not governed by the transfer and vacancy provisions of this Agreement. (c) The total number of employees who may make such election under paragraphs (a) and (b) combined shall not exceed the number of employees determined by the Company to be surplus. (d) An employee’s election to leave the service of the Company and receive Income Protection benefits must be in writing and transmitted to the Company within thirty (30) days from the date of the Company’s offer in order to be effective and may not be revoked after such thirty (30) day period.

Income Protection Plan. 35.01 If during the term of this Agreement, the Company notifies the Union in writing that technological change (defined as changes in equipment or methods of oper- ationoperation) has or will create a surplus of any job title in any work location which will necessitate layoffs or involuntary permanent reassignments of regular employees to different job titles involving a reduction in pay or to work locations requiring a change of residence, or if a force surplus necessitating any of the above actions exists for reasons other than technological change and the Company deems it appropriate, regular employees in the affected job titles and work locations may elect, in the order of seniority, and to the extent necessary to relieve the surplus, to leave the service of the Company and receive Income Protection payments de- scribed described in this Article subject to the following conditions: (a) The company shall determine the job titles and work locations in which a surplus exists, the number of employees in such titles and locations who are considered to be surplus, and the period during which the employee may, if he or she so elects, leave the service of the Company pursuant to this Article. Neither such determinations by the Company nor any other part of this Article shall be subject to arbitration. (b) If the Company deems it appropriate, it may offer to regular full time employees, in job titles in which a surplus does not exist, the opportunity to leave the service of the Company pursuant to this Article. The job titles, job locations and the number of employees to receive the offer will be determined by the Company. Such offer to each employee shall be conditioned on the company’s obtaining a qualified replacement for that employee from the employees in surplus job titles. Employees who accept voluntary downgrades will have their pay reduced over a period of time, as provided for in Article 33, Reassignment Pay Protection Plan. The provisions of this paragraph (b) will not be implemented by the Company unless and until regular employees in the surplus job titles and work locations have had an opportunity to elect to leave the service of the company pursuant to paragraph (a) above. The transfer provisions of this paragraph are separate from and not governed by the transfer and vacancy provisions of this Agreement. (c) The total number of employees who may make such election under paragraphs (a) and (b) combined shall not exceed the number of employees determined by the Company to be surplus. (d) An employee’s election to leave the service of the Company and receive Income Protection benefits must be in writing and transmitted to the Company within thirty (30) days from the date of the Company’s offer in order to be effective and may not be revoked after such thirty (30) day period. 35.02 The Company will pay Income Protection payments in amounts specified in the Income Protection tables to employees who elect to leave the service of the Company in accordance with the provisions of paragraph 35.01 above. Payments will be based on the employee’s pension band and full years of net credited service as of the effective date of termination of employment (prorated for any period of time during which the employee was employed on a part time basis). 35.03 Monthly Income Protection payments for an employee who so elects in accordance with paragraph 35.01 shall begin within one month after 35.04 In no event shall the Income Protection payments (including any lump sum payment) exceed the equivalent of twice the employee’s annual compensation at the basic weekly wage rate (or its equivalent) received during the year immediately preceding the termination of service. To the extent necessary, Income Protection payments shall be reduced so that total payments do not exceed the equivalent of twice the employee’s annual compensation at the basic weekly wage rate (or its equivalent) for the year immediately preceding the termination of service. 35.05 As used in this Article, “annual compensation at the basic weekly rate (or its equivalent)” or “basic weekly wage rate (or its equivalent)” do not include tour or temporary differentials, overtime pay, or other extra payments. 35.06 Any payments to a recipient hereunder will cease permanently upon the happening of any of the following: (a) reemployment of the recipient by the Company; (b) employment of the recipient by a Verizon affiliate or subsidiary company; (c) engagement by or employment of the recipient in a business or enterprise which competes directly with a Verizon affiliate or subsidiary company. 35.07 No termination, separation, layoff or similar allowances shall be paid to any employee who elects to leave the service of the Company or be separated from the payroll and receive Income Protection payments pursuant to this Article. 35.08 Prior to proceeding to a layoff resulting from a surplus in any particular job title and layoff area the Company will offer Enhanced IPP payments, and in lieu of regular IPP payments the Company may, in its discretion, offer Enhanced IPP payments. Enhanced IPP payments shall be equal to two times the applicable regular IPP payment. Both the monthly payments and the lump sum payment shall be doubled. All other provisions of this Article shall apply to Enhanced IPP payments. 35.09 In addition to the IPP payment, for an employee who so elects to leave the service of the Company in accordance with paragraph 35.01 above, the Company, as an IPP Expense Allowance, will reimburse the employee for the actual expenses incurred for relocation costs, tuition or training costs, or job placement expenses related to seeking other employment, or any combination thereof, up to an amount not to exceed Seven Hundred Fifty Dollars ($750.00) for each year of net credited service (prorated for any partial year of service) to a maximum of Three Thousand Seven Hundred Fifty Dollars ($3,750.00). Any such expenses for which reimbursement will be made must be approved by the Company prior to being incurred and must be incurred within one (1) year from the date of termination of employment except that reimbursement for tuition or training costs will be made for such expenses incurred within two (2) years from the date of termination of employment. Full Years of Net Credited Service Number of Monthly Payments Monthly Amount Lump Sum Payment Full Years of Net Credited Service Number of Monthly Payments Monthly Amount Lump Sum Payment

Income Protection Plan. 35.01 If during the term of this Agreement, the Company notifies the Union in writing that technological change (defined as changes in equipment or methods of oper- ationoperation) has or will create a surplus of any job title in any work location which will necessitate layoffs or involuntary permanent reassignments of regular employees to different job titles involving a reduction in pay or to work locations requiring a change of residence, or if a force surplus necessitating any of the above actions exists for reasons other than technological change and the Company deems it appropriate, regular employees in the affected job titles and work locations may elect, in the order of seniority, and to the extent necessary to relieve the surplus, to leave the service of the Company and receive Income Protection payments de- scribed described in this Article subject to the following conditions: (a) The company shall determine the job titles and work locations in which a surplus exists, the number of employees in such titles and locations who are considered to be surplus, and the period during which the employee may, if he or she so elects, leave the service of the Company pursuant to this Article. Neither such determinations by the Company nor any other part of this Article shall be subject to arbitration. (b) If the Company deems it appropriate, it may offer to regular full time employees, in job titles in which a surplus does not exist, the opportunity to leave the service of the Company pursuant to this Article. The job titles, job locations and the number of employees to receive the offer will be determined by the Company. Such offer to each employee shall be conditioned on the company’s obtaining a qualified replacement for that employee from the employees in surplus job titles. Employees who accept voluntary downgrades will have their pay reduced over a period of time, as provided for in Article 33, Reassignment Pay Protection Plan. The provisions of this paragraph (b) will not be implemented by the Company unless and until regular employees in the surplus job titles and work locations have had an opportunity to elect to leave the service of the company pursuant to paragraph (a) above. The transfer provisions of this paragraph are separate from and not governed by the transfer and vacancy provisions of this Agreement. (c) The total number of employees who may make such election under paragraphs (a) and (b) combined shall not exceed the number of employees determined by the Company to be surplus. (d) An employee’s election to leave the service of the Company and receive Income Protection benefits must be in writing and transmitted to the Company within thirty (30) days from the date of the Company’s offer in order to be effective and may not be revoked after such thirty (30) day period. 35.02 The Company will pay Income Protection payments in amounts specified in the Income Protection tables to employees who elect to leave the service of the Company in accordance with the provisions of paragraph 35.03 Monthly Income Protection payments for an employee who so elects in accordance with paragraph 35.01 shall begin within one month after such employee has left the service of the Company as specified in the Income Protection tables. In addition to the monthly payments, if any, the 35.04 In no event shall the Income Protection payments (including any lump sum payment) exceed the equivalent of twice the employee’s annual compensation at the basic weekly wage rate (or its equivalent) received during the year immediately preceding the termination of service. To the extent necessary, Income Protection payments shall be reduced so that total payments do not exceed the equivalent of twice the employee’s annual compensation at the basic weekly wage rate (or its equivalent) for the year immediately preceding the termination of service. 35.05 As used in this Article, “annual compensation at the basic weekly rate (or its equivalent)” or “basic weekly wage rate (or its equivalent)” do not include tour or temporary differentials, overtime pay, or other extra payments. 35.06 Any payments to a recipient hereunder will cease permanently upon the happening of any of the following: (a) reemployment of the recipient by the Company; (b) employment of the recipient by a Verizon affiliate or subsidiary company; (c) engagement by or employment of the recipient in a business or enterprise which competes directly with a Verizon affiliate or subsidiary company. 35.07 No termination, separation, layoff or similar allowances shall be paid to any employee who elects to leave the service of the Company or be separated from the payroll and receive Income Protection payments pursuant to this Article. 35.08 Prior to proceeding to a layoff resulting from a surplus in any particular job title and layoff area the Company will offer Enhanced IPP payments, and in lieu of regular IPP payments the Company may, in its discretion, offer Enhanced IPP payments. Enhanced IPP payments shall be equal to two times the applicable regular IPP payment. Both the monthly payments and the lump sum payment shall be doubled. All other provisions of this Article shall apply to Enhanced IPP payments. Full Years of Net Credited Service Number of Monthly Payments Monthly Amount Lump Sum Payment 35.09 In addition to the IPP payment, for an employee who so elects to leave the service of the Company in accordance with paragraph 35.01 above, the Company, as an IPP Expense Allowance, will reimburse the employee for the actual expenses incurred for relocation costs, tuition or training costs, or job placement expenses related to seeking other employment, or any combination thereof, up to an amount not to exceed Seven Hundred Fifty Dollars ($750.00) for each year of net credited service (prorated for any partial year of service) to a maximum of Three Thousand Seven Hundred Fifty Dollars ($3,750.00). Any such expenses for which reimbursement will be made must be approved by the Company prior to being incurred and must be incurred within one (1) year from the date of termination of employment except that reimbursement for tuition or training costs will be made for such expenses incurred within two (2) years from the date of termination of employment. INCOME PROTECTION TABLE PENSION BANDS 101 - 110 Full Years of Net Credited Service Number of Monthly Payments Monthly Amount Lump Sum Payment INCOME PROTECTION TABLE PENSION BANDS 111 - 117 ARTICLE 36 Job Bank 36.01 The Company will submit vacancies to a centrally administered Job Bank. These vacancies will be published and held open for applications by employees in any other company for the same two week period as SPVs are held open for such jobs. The Company will first attempt to fill any vacancies from within that Company, using existing provisions and procedures, including those governed by collective bargaining agreements, if any. 36.02 Using qualifications to evaluate applicants that are in all respects identical to qualifications used to evaluate applicants from outside the Company, vacancies shall be filled in the following order: (1) surplus employees who submitted applications during the two-week period in order of net credited service; (2) other employees who submitted applications during the two-week period in order of net credited service, and (3) applicants from outside the Company.

Income Protection Plan. Section 1. If during the term of this Agreement, the Company notifies the Union in writing that technological change (defined as changes in equipment or methods of oper- ationoperation) has or will create a surplus of in any job title in any a work location which will necessitate layoffs or involuntary permanent reassignments of regular employees to different job titles involving a reduction in pay or to work locations requiring a change of residence, or if a force surplus necessitating any of the above actions exists for reasons other than technological change and the Company deems it appropriate, regular employees in the affected job titles and work locations may elect, elect in the order of seniority, and to the extent necessary to relieve the surplus, to leave the service of the Company and receive Income Protection payments de- scribed described in this Article subject to the following conditions: (a) The company Company shall determine the job titles and work locations in which a surplus exists, the number of employees in such titles and locations who are considered to be surplus, and the period during which the employee may, if he or she so elects, leave the service of the Company pursuant to this Article. Neither such determinations by the Company nor any other part of this Article shall be subject to arbitration. (b) If the Company deems it appropriate, it may offer to regular full time employees, in job titles in which a surplus does not exist, the opportunity to leave the service of the Company pursuant to this Article. The job titles, job locations and the number of employees to receive the offer will be determined by the Company. Such offer to each employee shall be conditioned on the companyCompany’s obtaining a qualified replacement acceptable to the Company for that employee from the employees in surplus job titles. Employees who accept voluntary downgrades will have their pay reduced over a period of time, as provided for in Article 3326, Reassignment Pay Protection Plan. The provisions of this paragraph (b) will not be implemented by the Company unless and until regular employees in the surplus job titles and work locations have had an opportunity to elect to leave the service of the company Company pursuant to paragraph (a) above. The transfer provisions of this paragraph are separate from and not governed by the transfer and vacancy provisions of this Agreement. (c) The total number of employees who may make such election under paragraphs (a) and (b) combined shall not exceed the number of employees determined by the Company to be surplus. (d) An employee’s election to leave the service of the Company and receive Income Protection benefits must be in writing and transmitted to the Company within thirty (30) days from the date of the Company’s offer in order to be effective and it may not be revoked after such thirty (30) day period. Section 2. The Company will pay Income Protection payments in amounts specified in the Income Protection tables to employees who elect to either leave the service of the Company in accordance with the provisions of Section 1. above, or be separated from the payroll in accordance with the provisions of Article 39, Force Adjustment Plan. Payments will be based on the employee’s pension band and full years of net credited service as of the effective date of

Income Protection Plan. 25.01 If during the term of this Agreement, the Company notifies the Union in writing that technological change (defined as changes in equipment or methods of oper- ationoperation) has or will create a surplus of in any job title in any work location which will necessitate layoffs lay-offs or involuntary permanent reassignments of regular employees to different job titles involving a reduction in pay or to work locations requiring a change of residence, or if a force surplus necessitating any of the above actions exists for reasons other than technological change and the Company deems it appropriate, regular employees in the affected job titles and work locations may elect, elect in the order of seniority, and to the extent necessary to relieve the surplus, to leave the service of the Company and receive Income Protection payments de- scribed described in this Article subject to the following conditions: (a) The company Company shall determine the job titles and work locations in which a surplus exists, the number of employees in such job titles and locations who are considered to be surplus, and the period during which the employee may, if he or she so elects, leave the service of the Company pursuant to this Article. Neither such determinations by the Company nor any other part of this Article shall be subject to arbitration. (b) If the Company deems it appropriate, it may offer to regular full time employees, in job titles in which a surplus does not exist, the opportunity to leave the service of the Company pursuant to this Article. The job titles, job locations and the number of employees to receive the offer will be determined by the Company. Such offer to each employee shall be conditioned on the companyCompany’s obtaining a qualified replacement for that employee from the employees in surplus job titles. Employees who accept voluntary downgrades will have their pay reduced over a period of time, as provided for in Article 3324, Reassignment Pay Protection Plan. The provisions of this paragraph (b) will not be implemented by the Company unless and until regular employees in the surplus job titles and work locations have had an opportunity to elect to leave the service of the company Company pursuant to paragraph (a) above. The transfer provisions of this paragraph are separate from and not governed by the transfer and vacancy provisions of this Agreement. (c) The total number of employees who may make such election under paragraphs (a) and (b) combined shall not exceed the number of employees determined by the Company to be surplus. (d) An employee’s election to leave the service of the Company and receive Income Protection benefits must be in writing and transmitted to the Company within thirty (30) days from the date of the Company’s offer in order to be effective and it may not be revoked after such thirty (30) day period. 25.02 The Company will pay Income Protection payments in amounts specified in the Income Protection tables to employees who elect to either leave the service of the Company in accordance with the provisions of Section 25.01 above, or be separated from the payroll in accordance with the provisions of Article 33, Force Adjustment Plan. Payments will be based on the employee’s pension band and full years of net credited service as of the effective date of termination of employment (prorated for any period of time during which the employee was employed on a part-time basis).

Income Protection Plan. 35.01 If during the term of this Agreement, the Company notifies the Union in writing that technological change (defined as changes in equipment or methods of oper- ationoperation) has or will create a surplus of any job title in any work location which will necessitate layoffs or involuntary permanent reassignments of regular employees to different job titles involving a reduction in pay or to work locations requiring a change of residence, or if a force surplus necessitating any of the above actions exists for reasons other than technological change and the Company deems it appropriate, regular employees in the affected job titles and work locations may elect, in the order of seniority, and to the extent necessary to relieve the surplus, to leave the service of the Company and receive Income Protection payments de- scribed described in this Article subject to the following conditions: (a) The company shall determine the job titles and work locations in which a surplus exists, the number of employees in such titles and locations who are considered to be surplus, and the period during which the employee may, if he or she so elects, leave the service of the Company pursuant to this Article. Neither such determinations by the Company nor any other part of this Article shall be subject to arbitration. (b) If the Company deems it appropriate, it may offer to regular full time employees, in job titles in which a surplus does not exist, the opportunity to leave the service of the Company pursuant to this Article. The job titles, job locations and the number of employees to receive the offer will be determined by the Company. Such offer to each employee shall be conditioned on the company’s obtaining a qualified replacement for that employee from the employees in surplus job titles. Employees who accept voluntary downgrades will have their pay reduced over a period of time, as provided for in Article 33, Reassignment Pay Protection Plan. The provisions of this paragraph (b) will not be implemented by the Company unless and until regular employees in the surplus job titles and work locations have had an opportunity to elect to leave the service of the company pursuant to paragraph (a) above. The transfer provisions of this paragraph are separate from and not governed by the transfer and vacancy provisions of this Agreement. (c) The total number of employees who may make such election under paragraphs (a) and (b) combined shall not exceed the number of employees determined by the Company to be surplus. (d) An employee’s election to leave the service of the Company and receive Income Protection benefits must be in writing and transmitted to the Company within thirty (30) days from the date of the Company’s offer in order to be effective and may not be revoked after such thirty (30) day period. 35.02 The Company will pay Income Protection payments in amounts specified in the Income Protection tables to employees who elect to leave the service of the Company in accordance with the provisions of paragraph 35.03 Monthly Income Protection payments for an employee who so elects in accordance with paragraph 35.01 shall begin within one month after such employee has left the service of the Company as specified in the Income Protection tables. In addition to the monthly payments, if any, the 35.04 In no event shall the Income Protection payments (including any lump sum payment) exceed the equivalent of twice the employee’s annual compensation at the basic weekly wage rate (or its equivalent) received during the year immediately preceding the termination of service. To the extent necessary, Income Protection payments shall be reduced so that total payments do not exceed the equivalent of twice the employee’s annual compensation at the basic weekly wage rate (or its equivalent) for the year immediately preceding the termination of service. 35.05 As used in this Article, “annual compensation at the basic weekly rate (or its equivalent)” or “basic weekly wage rate (or its equivalent)” do not include tour or temporary differentials, overtime pay, or other extra payments. 35.06 Any payments to a recipient hereunder will cease permanently upon the happening of any of the following: (a) reemployment of the recipient by the Company; (b) employment of the recipient by a Verizon affiliate or subsidiary company; (c) engagement by or employment of the recipient in a business or enterprise which competes directly with a Verizon affiliate or subsidiary company. 35.07 No termination, separation, layoff or similar allowances shall be paid to any employee who elects to leave the service of the Company or be separated from the payroll and receive Income Protection payments pursuant to this Article. 35.08 Prior to proceeding to a layoff resulting from a surplus in any particular job title and layoff area the Company will offer Enhanced IPP payments, and in lieu of regular IPP payments the Company may, in its discretion, offer Enhanced IPP payments. Enhanced IPP payments shall be equal to two times the applicable regular IPP payment. Both the monthly payments and the lump sum payment shall be doubled. All other provisions of this Article shall apply to Enhanced IPP payments. Full Years of Net Credited Service Number of Monthly Payments Monthly Amount Lump Sum Payment 35.09 In addition to the IPP payment, for an employee who so elects to leave the service of the Company in accordance with paragraph 35.01 above, the Company, as an IPP Expense Allowance, will reimburse the employee for the actual expenses incurred for relocation costs, tuition or training costs, or job placement expenses related to seeking other employment, or any combination thereof, up to an amount not to exceed Seven Hundred Fifty Dollars ($750.00) for each year of net credited service (prorated for any partial year of service) to a maximum of Three Thousand Seven Hundred Fifty Dollars ($3,750.00). Any such expenses for which reimbursement will be made must be approved by the Company prior to being incurred and must be incurred within one (1) year from the date of termination of employment except that reimbursement for tuition or training costs will be made for such expenses incurred within two (2) years from the date of termination of employment. INCOME PROTECTION TABLE PENSION BANDS 101 - 110 Full Years of Net Credited Service Number of Monthly Payments Monthly Amount Lump Sum Payment INCOME PROTECTION TABLE PENSION BANDS 111 - 117

Income Protection Plan. 35.01 If during the term of this Agreement, the Company notifies the Union in writing that technological change (defined as changes in equipment or methods of oper- ationoperation) has or will create a surplus of any job title in any work location which will necessitate layoffs or involuntary permanent reassignments of regular employees to different job titles involving a reduction in pay or to work locations requiring a change of residence, or if a force surplus necessitating any of the above actions exists for reasons other than technological change and the Company deems it appropriate, regular employees in the affected job titles and work locations may elect, in the order of seniority, and to the extent necessary to relieve the surplus, to leave the service of the Company and receive Income Protection payments de- scribed described in this Article subject to the following conditions: (a) : The company shall determine the job titles and work locations in which a surplus exists, the number of employees in such titles and locations who are considered to be surplus, and the period during which the employee may, if he or she so elects, leave the service of the Company pursuant to this Article. Neither such determinations by the Company nor any other part of this Article shall be subject to arbitration. (b) . If the Company deems it appropriate, it may offer to regular full time employees, in job titles in which a surplus does not exist, the opportunity to leave the service of the Company pursuant to this Article. The job titles, job locations and the number of employees to receive the offer will be determined by the Company. Such offer to each employee shall be conditioned on the company’s obtaining a qualified replacement for that employee from the employees in surplus job titles. Employees who accept voluntary downgrades will have their pay reduced over a period of time, as provided for in Article 33, Reassignment Pay Protection Plan. The provisions of this paragraph (b) will not be implemented by the Company unless and until regular employees in the surplus job titles and work locations have had an opportunity to elect to leave the service of the company pursuant to paragraph (a) above. The transfer provisions of this paragraph are separate from and not governed by the transfer and vacancy provisions of this Agreement. (c) . The total number of employees who may make such election under paragraphs (a) and (b) combined shall not exceed the number of employees determined by the Company to be surplus. (d) . An employee’s election to leave the service of the Company and receive Income Protection benefits must be in writing and transmitted to the Company within thirty (30) days from the date of the Company’s offer in order to be effective and may not be revoked after such thirty (30) day period. 35.02 The Company will pay Income Protection payments in amounts specified in the Income Protection tables to employees who elect to leave the service of the Company in accordance with the provisions of paragraph 35.01 above. Payments will be based on the employee's pension band and full years of net credited service as of the effective date of termination of employment (prorated for any period of time during which the employee was employed on a part time basis). Employees who, on the effective date of termination of employment, are age 63 or over and whose number of monthly payments are thirty (30) or more shall have the number and amount of their monthly payments adjusted as follows: - Divide the number of monthly payments by two (2) to determine the new number of monthly payments. - Multiply the monthly amount by two (2) to determine the new monthly amount. - Lump sum payment remains unchanged. 35.03 Monthly Income Protection payments for an employee who so elects in accordance with paragraph 35.01 shall begin within one month after such employee has left the service of the Company as specified in the Income Protection tables. In addition to the monthly payments, if any, the Company will pay a lump sum payment in amounts specified in the tables. Such lump sum payment will be made within sixty (60) days after the employee leaves the service of the Company. 35.04 In no event shall the Income Protection payments (including any lump sum payment) exceed the equivalent of twice the employee's annual compensation at the basic weekly wage rate (or its equivalent) received during the year immediately preceding the termination of service. To the extent necessary, Income Protection payments shall be reduced so that total payments do not exceed the equivalent of twice the employee's annual compensation at the basic weekly wage rate (or its equivalent) for the year immediately preceding the termination of service. 35.05 As used in this Article, "annual compensation at the basic weekly rate (or its equivalent)" or "basic weekly wage rate (or its equivalent)" do not include tour or temporary differentials, overtime pay, or other extra payments. 35.06 Any payments to a recipient hereunder will cease permanently upon the happening of any of the following: reemployment of the recipient by the Company; employment of the recipient by a Verizon affiliate or subsidiary company; engagement by or employment of the recipient in a business or enterprise which competes directly with a Verizon affiliate or subsidiary company. 35.07 No termination, separation, layoff or similar allowances shall be paid to any employee who elects to leave the service of the Company or be separated from the payroll and receive Income Protection payments pursuant to this Article. 35.08 Prior to proceeding to a layoff resulting from a surplus in any particular job title and layoff area the Company will offer Enhanced IPP payments, and in lieu of regular IPP payments the Company may, in its discretion, offer Enhanced IPP payments. Enhanced IPP payments shall be equal to two times the applicable regular IPP payment. Both the monthly payments and the lump sum payment shall be doubled. All other provisions of this Article shall apply to Enhanced IPP payments. 35.09 In addition to the IPP payment, for an employee who so elects to leave the service of the Company in accordance with paragraph 35.01 above, the Company, as an IPP Expense Allowance, will reimburse the employee for the actual expenses incurred for relocation costs, tuition or training costs, or job placement expenses related to seeking other employment, or any combination thereof, up to an amount not to exceed Seven Hundred Fifty Dollars ($750.00) for each year of net credited service (prorated for any partial year of service) to a maximum of Three Thousand Seven Hundred Fifty Dollars ($3,750.00). Any such expenses for which reimbursement will be made must be approved by the Company prior to being incurred and must be incurred within one (1) year from the date of termination of employment except that reimbursement for tuition or training costs will be made for such expenses incurred within two (2) years from the date of termination of employment.