Severance and other post-employment benefits
At a meeting held Dec. 5, 2019, the Board of Regents approved changes to severance and other post-employment benefits (OPEB) for non-bargaining, management and professional, and senior administrative management employees at Memorial. These changes ensure consistency in the application of severance and OPEB practices for Memorial’s staff employee groups.
Severance
Within the above-mentioned employee groups, only employees hired before Oct. 1, 2004 accrue severance. This severance accrual will cease effective Dec. 31, 2021. Severance accrued to that date will be paid to the applicable employees over the following 12 months. Employees may, at their option, request an earlier payout of severance prior to Jan. 1, 2022. In such cases, severance will be calculated based upon the employee’s position, rate of pay and service accrued to the date of payment. Future service accrual and/or salary increases will not be anticipated to Dec. 31, 2021, in the calculation of the amount of an early severance payment.
The university will use its best efforts to accommodate early payment as soon as practicable following receipt of the request; however, the payment of severance to CUPE and NAPE employees that is underway will take precedence over early payouts to non-bargaining, management and professional, and senior administrative management employees. When the Department of Human Resources is ready to receive requests for early payment, a form will be posted to the HR website and a notice distributed.
Please click here for more information on severance.
OPEB
Other Post-Employment Benefits (OPEB) are the group insurance benefits provided by the university to retirees and their beneficiaries in respect to coverage under the life insurance, supplementary health, travel and dental plans. The eligibility criteria for OPEB will change effective Jan. 1, 2020. All non-bargaining, management and professional, and senior administrative management employees are encouraged to become familiar with the changes.
Please click here to read the changes in full and understand how they may affect you
If you have questions, please email myhr@mun.ca.