Severance Pay Plan
The Ithaca College Severance Pay Plan has been established to provide benefits to certain non-faculty, full-time employees whose employment ends as a direct result of Ithaca College’s elimination of a position. The College may modify or terminate this program at any time, with or without notice.
The Severance Pay Plan includes salary (calculated at your base rate) for three to eight months depending on the years of service, medical insurance for severed employees and their family members for up to 1 year, tuition remission for dependents of employees who are currently enrolled for up to 24 months and assistance from human resources in finding a job within or outside the college. A Separation Agreement & General Release must be completed and signed in order to receive the severance pay plan.
Severance Pay Plan
Employee’s employment with the College has been or will be involuntarily terminated as a direct result of the College’s elimination of the Employee’s position;
Employee remains employed by the College in good standing through the Termination Date
An employee will not be eligible for Severance Pay and any applicable Severance Benefits under this Plan if s/he voluntarily terminate employment with the College, is terminated by the College for “cause,” or for other reasons that are not related to the College’s elimination of the Employee’s position, receives an offer of immediate continued employment with the College in a new or different position, or Employee specifically waives the Employee’s right to Severance Pay and any applicable Severance Benefits provided pursuant to this Plan.
Each Participant shall receive Regular Severance Pay equal to 1/36 of his or her annual Base Pay for each Year of Service, with a minimum payment equal to three months base pay or a maximum payment of eight months base pay. The Severance Pay shall be calculated in accordance with the Base Pay and Years of Service in effect on the Participant’s Termination Date.
The Severance Pay will be paid in one lump sum payment thirty days after the participant's termination date. The lump sum payment is subject to all applicable income and employment tax withholdings.
Group Health Plans (COBRA)
A Participant and a Participant’s eligible dependents who are enrolled in the College’s group health plans on the Termination Date may choose to continue participation in those plans for up to twelve months, if they satisfy all of the applicable COBRA continuation coverage provisions of those plans.
The College will pay the full COBRA premium for the coverage in effect at the date of termination for the eligible Participant and the eligible Participant’s dependents, providing they have enrolled for COBRA.. The participant may on COBRA continuation for up to 12 months following the Termination Date.
Group Health Plans (Retirement)
Participants who are eligible to retire from the College as of the termination date, and who are otherwise eligible for College-provided benefits as a retiree (generally meaning that the Participant was at least 55 years old and had completed 20 years of benefits-eligible service with the College, or was at least 60 years old and had completed at least 10 years of benefits-eligible service with the College, as of the date of the Participant’s Termination Date) shall continue to be eligible for those benefits provided to eligible retirees.
If a Participant and/or his or her dependents are receiving benefits under the College’s Tuition Remission Program and/or the College’s Cash Award Scholarship Plan as of the Participant’s Termination Date, then the right to receive similar tuition benefits shall continue under the Supplemental Tuition Program for up to 24 months following the Termination Date.
Although the determination of eligibility for unemployment insurance benefits is not within the control of the College, the College agrees to answer truthfully all questions in any official documentation it receives regarding such benefits and in a manner that is consistent with the fact that Participant's employment was involuntarily terminated as a result of position elimination.
Paid Time Away
Any accrued but unused vacation and personal time, not to exceed the maximum as specified in the College vacation policy, will be paid to the eligible participant within seven days of the termination Date.
Components of the Separation Agreement & General Release include:
- Employment Status
- Rights, Benefits, and Obligations
- Separation Benefits
- General Release and Waiver
- Confidential Information
- Return of Equipment and Materials.
- Choice of Law
- Entire Agreement
- Modification of Agreement
The information contained in this web page represents the various components of Ithaca College's Severance Pay Plan. This summary is intended only for ease of reference; the full texts of Plan and Appendixes are the controlling documents. Ithaca College reserves the right to amend or terminate its Severance Pay Plan at any time.