Optional Termination Pay. Regular full-time or part-time bargaining unit employees may request optional termination pay on a voluntary basis provided they have two (2) or more years of net credited service at the time of the request. An employee who elects this option shall leave the payroll without recall rights on a date determined by the Company and will receive any vacation pay to which the employee is entitled plus a lump sum payment calculated as follows: A matching number of weeks of pay for each net credited year of service for those with two
Optional Termination Pay. (a) If the Company notifies the Union in writing of a surplus which would necessitate layoffs, the Company may, to the degree necessary to resolve the surplus, in order of seniority, offer employees not affected by the surplus condition the opportunity of Optional Termination Pay. The Company will offer Optional Termination Pay where there is an employee(s) at risk of layoff having more than five (5) years TERM OF EMPLOYMENT at the time surplus is declared. Optional Termination Pay offers will not exceed the number of employees declared surplus in the affected Production universe, Tier universe, or Trades classification.
Optional Termination Pay. (a) The Company may, to the degree necessary to resolve a surplus, in order of seniority, offer employees in the surplus universe the opportunity to elect Optional Termination Pay.
