Voluntary Severance and TSP Sample Clauses
The Voluntary Severance and TSP clause outlines the terms under which an employee may choose to leave their position voluntarily and how their Thrift Savings Plan (TSP) benefits are handled as a result. Typically, this clause details eligibility requirements for severance, the process for applying, and the treatment of accrued TSP contributions, such as options for withdrawal or rollover. Its core function is to provide clarity and structure for both the employer and employee regarding financial entitlements and procedures when an employee opts for voluntary separation, thereby reducing confusion and potential disputes.
Voluntary Severance and TSP. Once the Employer has determined the number of positions within a particular classification to be reduced, it shall, following the meeting in Article 16.02
Voluntary Severance and TSP. Once the Employer has determined the number of positions within a particular classification to be reduced, it shall, following the meeting in Article 16.02
(a) invite expressions of interest for voluntary severance within the identified classification. In the event that the number of redundant positions still outnumber the number of vacancies created by offering the TSP within the affected Employee’s classification, the invitation to TSP voluntary severance shall be made on a bargaining unit wide basis. The Employer will then determine which Employees among any applicants meet the threshold qualifications. The Employer shall offer TSP to eligible applicants on the basis of seniority. Where the Employer can demonstrate that it cannot accommodate the resignation of that number of Employees volunteering to resign or that other operational considerations are impacted, the Employer reserves the right to restrict the TSP offer. For example, where too many volunteers within a classification are from within a single work area, it may not be possible to permit all to resign at once.