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Showing posts with label ERISA. Show all posts
Showing posts with label ERISA. Show all posts

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.