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Topic: Memos Sent to Romenesko
Date/Time: 4/30/2009 6:26:35 PM
Title: Poynter's early retirement plan
Posted By: Jim Romenesko
 
To: Poynter Employees
Fr: [Poynter president] Karen Dunlap
Re: Voluntary Retirement Incentive Plan

As I announced at our staff meeting on April 13, 2009, Poynter will offer a Voluntary Retirement Incentive Plan open to all full-time employees of Poynter age 55 and over as of December 31, 2009. The Voluntary Retirement Incentive Plan will provide the opportunity to leave employment with a certain set of benefits. This is one of several efforts to minimize the need for layoffs.

The enrollment period for this program will begin May 1, 2009 and be open through June 15, 2009. Plan participants should work with their supervisors to coordinate a mutually agreeable separation date; Poynter’s goal is to complete all departures by July 1, 2009.

Here follows an overview of the Voluntary Retirement Incentive Plan:

Under this program, employees who choose to voluntarily separate from Poynter will receive a severance payment based on their current salary and years of service.

For employees currently participating in Poynter-provided health plans, Poynter will offer continuance of health-related benefits at a shared cost until the employee becomes Medicare eligible or becomes covered by another employer’s insurance, whichever comes first. This retiree plan is for Voluntary Retirement Incentive Plan participants only; there is no plan to offer it to future retirees.

Employees who choose not to continue their Poynter-provided health insurance or are not currently participating in Poynter-provided health care plans will be offered a one-time payment of additional severance.

For eligible employees who choose to take advantage of the Voluntary Retirement Incentive Plan but aren't really ready to retire, Poynter will make available the opportunity to obtain certain outplacement services from a third party provider at no cost to the employee.

Eligible employees may take advantage of free financial planning services provided by the accounting firm of Gregory, Sharer and Stuart, PA., to assist them in their decision making.

The program is entirely voluntary. Each person who is eligible for the Voluntary Retirement Incentive Plan will receive a worksheet with individual information to assist in decision-making.

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