+ All Categories
Home > Documents > To be eligible for payment without physically working: ◦ Recipients must provide...

To be eligible for payment without physically working: ◦ Recipients must provide...

Date post: 18-Jan-2016
Category:
Upload: alexandrina-greer
View: 219 times
Download: 0 times
Share this document with a friend
Popular Tags:
7
Transcript
Page 1: To be eligible for payment without physically working: ◦ Recipients must provide “consideration.” ◦ Exchange for payments. ◦ Payment cannot be retroactive.
Page 2: To be eligible for payment without physically working: ◦ Recipients must provide “consideration.” ◦ Exchange for payments. ◦ Payment cannot be retroactive.

To be eligible for payment without physically working:◦Recipients must provide “consideration.” ◦Exchange for payments.◦Payment cannot be retroactive.

Page 3: To be eligible for payment without physically working: ◦ Recipients must provide “consideration.” ◦ Exchange for payments. ◦ Payment cannot be retroactive.

“Consideration”:

◦Essential for a binding contract. ◦Something of value to the parties.

◦Exchanged for the performance by the other party.

◦Cannot be something already entitled.

  Example: With respect to faculty, the

consideration would be relinquishing tenure rights in exchange for the incentive payment.

Page 4: To be eligible for payment without physically working: ◦ Recipients must provide “consideration.” ◦ Exchange for payments. ◦ Payment cannot be retroactive.

Exit incentive based on retirement eligibility:

 1.Non-discriminatory. 2.Written in plain language.3.Voluntary whether or not accepted.4.Provide sufficient time to consult an

attorney.5.Allow sufficient time to change their mind.

Page 5: To be eligible for payment without physically working: ◦ Recipients must provide “consideration.” ◦ Exchange for payments. ◦ Payment cannot be retroactive.

"That portion of the employer's organization from which the employer chose the persons who would be offered consideration for the signing of a waiver and those who would not be offered consideration for the signing of a waiver." 29 C.F.R. § 1625.22(f)(3) (B).

Page 6: To be eligible for payment without physically working: ◦ Recipients must provide “consideration.” ◦ Exchange for payments. ◦ Payment cannot be retroactive.

A VEIP can be tailored:

◦Focus on specific departments. ◦Preserving critical talent in some areas. ◦Targeting surplus talent in other areas.

◦Work very closely with Legal Affairs.

Page 7: To be eligible for payment without physically working: ◦ Recipients must provide “consideration.” ◦ Exchange for payments. ◦ Payment cannot be retroactive.

Recommended