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Thursday, July 3, 2008

I'm curious

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about the documents that The Sun is supposed to file (or perhaps already has filed) with the US Department of Labor, in disclosing this buyout plan under ERISA. Has anybody from the union looked at these documents in this situation, or in past buyout situations? We're are entitled to view them, per page 9 of the buyout packet.

I find it interesting that the buyout plan is being bound by ERISA, which "imposes duties upon the people who are responsible for the" buyout package. ERISA binds "fiduciaries" (The Baltimore Sun) of the buyout plan to operate it "prudently and in the interests of eligible employees." (again, page 9)

I wonder how this "duty" squares with our right to revoke our acceptance of a buyout, which we gave up. You sign your name, you don't get to change your mind. I'm not sure how this requirement is in the "interests of eligible employees."

I also don't understand how The Sun can give people only TWELVE days to contemplate a buyout notice -- which includes a long holiday weekend -- when people who get laid off will get ONE MONTH notice, per the Guild contract. How is this time-frame "prudent" and "in the interests of eligible employees," under ERISA?

Just some things to think about and discuss amongst ourselves, with our Guild representatives, and hopefully, your own very good employment lawyer.
Posted by Gus G. Sentementes at 9:06 AM
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4 comments:

Anonymous said...

check out this story. it's kinda old and the law may have changed, but it's interesting:

http://query.nytimes.com/gst/fullpage.html?res=990CE5D61530F931A15753C1A963958260&sec=&spon=&pagewanted=all

July 3, 2008 at 10:04 AM
Anonymous said...

According to the US Department of Labor Website:

"In addition, under the Age Discrimination in Employment Act (ADEA), an employer requiring an employee to sign a waiver of rights and claims when choosing between plans is required to provide enough information to enable the employee to make a knowing and voluntary decision to waive ADEA rights. In most cases, an employee must be given at least 21 days’ to sign the waiver and at least 7 days’ to revoke the agreement."

Has what The Sun thrown at us violated this regulation?

LINK: http://www.dol.gov/ebsa/faqs/faq_consumer_cashbalanceplans.html

July 3, 2008 at 10:50 AM
Jesse said...

Seems in my reading of the packet, we still have the right to change our minds in 7 days. I tried to read it thoroughly and that was my understanding of it, but L and T seemed to indicate that we lost that right, despite their fight to keep it.

Might be interesting to compare this packet with someone who still has theirs from the last round of buyouts. See what's different.

July 3, 2008 at 3:11 PM
Gus G. Sentementes said...

Go to page 3 in the packet; the absurd language:

"An eligible employee who revokes his/her Waiver and Release shall NOT (my emphasis) be eligible to receive any GUILD EVSP JULY 2008 Benefits but will remain a terminated employee."

So, sure, you can revoke your right to the buyout, but you'll remain "terminated."

But don't take this as any legal advice coming from me, since I'm no lawyer. Check it out for yourselves.

July 3, 2008 at 5:37 PM

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