VRIP

On May 1st, 104 Guild-covered Post employees will receive an offer to accept a Voluntary Retirement Incentive Program (VRIP), the fourth such program to be offered in recent years.

This buyout, as those in the past, is funded by the surplus in the Post-Guild Pension Plan. The Plan’s surplus has shrunk and with it, so have the terms of the current buyout.

Still, depending on your individual circumstances and economic conditions, this offer may be a very good way to retire or leave the Post to seek other employment.

A Guild committee consisting of Darlene Meyer, Ann Marie Ditchey, Sandi Randall, Mike Gronowski, Dave Robie, Eddy Palanzo, Joe Kahraman, and Rick Ehrmann negotiated with Post management on April 13, 16, 20, 21, and 22 and were able to improve some of the terms of the Post’s original plan.

The Guild was able to increase eligibility to include limited numbers of Directories and Real Estate Account Executives, Metro and Travel Reporters, National Night Editors, and a News Aide.

All told, the Guild increased eligibility from the original 84 to 102 employees. The Guild increased the Cash Pension Supplement from $210 per year of service (up to 30 years – $6300) to $225 per year (up to 30 years – $6750) and increased the Pre-Age 65 annual supplement from $3500 to $4000.

The Guild also was able to negotiate a written guarantee that VRIP retirement benefits for those who accept it will not be reduced in the future. In the end, the Guild did not sign onto the final result because The Post refused to increase the lump sum amount. However, all the Guild-negotiated improvements will be included in the packets distributed to eligible employees.

Here are the main features of the buyout:

1. News and Commercial – specific full and part-time positions
2. Must be 50 years old by December 31, 2009, must have at least 5 years of service, or age plus years of service add up to 80
3. Cash retirement incentive equal to .5 x your annual pay up to 1.5 x your annual pay, depending on your years of service.
4. Early retirement benefits will be increased by adding 5 years to your age, for example, an employee who is 60 will receive the benefits normally paid at age 65.
5. Cash Pension Supplement increased to $225 per year of service up to 30 years
6. Pre-Age 65 health benefit supplement increased to $4000 per year
Congratulations if you are one of the people who will be able to take advantage of this offer after long years of dedicated service to The Post. You deserve it!

SIP

SEPARATION INCENTIVE PROGRAM (SIP) for Certain Guild-Covered Employees in the Consumer-to-Consumer and Jobs Business Development Call Centers, Jobs Business Development Inside Major Accounts Team, and Jobs Major Accounts Unit

The same Guild committee that negotiated the VRIP negotiated improvements to the Separation Incentive Program for jobs that are being contracted out or otherwise eliminated.

Employees affected who do not meet the age and years of service requirements of the VRIP, may choose to accept the SIP. The Guild-Post Contract bars The Post from laying off employees as a direct result of contracting out.

The Guild was able to improve the lump sum payment amount in each payment category: Up to 4 years of service from $2500 to $3700, 5-9 years of service from $5000 to $6700, 10-19 years of service from $7500 to $9700, and 20 and over from $10,000 to $15,700. Employees would receive these amounts in addition to the Guild-Post Contract severance pay amount of one week’s pay for every six months of employment.

COBRA health insurance benefits would be covered for up to nine months by the federal government’s economic recovery program which includes 65% of COBRA premiums for up to nine months. Employees not eligible for this federal payment will receive 65% of COBRA premiums from The Post for either six months (less than 20 years of service) or nine months (more than 20 years of service.)

JOIN THE GUILD!

The Guild is our organized voice at The Post. Now more than ever is the time to become a member to strengthen that voice to be able to continue to safeguard and protect the interests of Post employees in this turbulent time.

Filed under: Guild News