Information regarding severance payout
On Dec. 18, 2019, non-union employees at Memorial received notice of a Board of Regents resolution concerning changes to severance and other post-employment benefits (OPEB) for non-bargaining, management and professional, and senior administrative management employees. Notice was given that severance accrual would cease effective Dec. 31, 2021, and severance accrued to that date would be paid to eligible employees over the following 12 months. Within the above mentioned groups, only employees hired before Oct. 1, 2004, accrue severance.
The approved severance payment guidelines also provide that eligible employees may, at their option, request an earlier payout of severance prior to Jan. 1, 2022. If you meet the criteria for severance eligibility, you may request an early payout.
To assist with making your decision, please refer to the guidelines, FAQs and the Severance Payment Election Form, which are accessible here. If you choose the early payout option, the Severance Payment Election Form must be completed and returned to Human Resources before Dec. 31, 2021.
In the case of an early payment, severance will be calculated based upon your position, rate of pay and service accrued to the date of payment. Future service accrual and/or salary increases will not be anticipated to Dec. 31, 2021, in the calculation of the amount of an early severance payment.
The university will use its best efforts to accommodate payment as soon as feasible following receipt of your request; however, the conclusion of severance payments to bargaining unit employees that is underway will take precedence over early payouts to members of the non-union groups.
If you have questions about your Severance Payout options, please email firstname.lastname@example.org and include your employee identification number and a phone number where you can be reached.