The Intact USA Severance Plan provides severance and other benefits to eligible employees who experience a Qualifying Termination. A summary of the benefits offered is included below. For plan details please refer to the Welfare Plan SPD.
|Employee Level (Determined by Base Salary)||Severance Pay|
|(1) Employees with an annual base salary of less than $125,000.||Total (x) 4 weeks’ base salary minimum OR (y) 2 weeks’ base salary for each fully completed year of service plus prorated share for partial year of service, whichever is greater, subject to a maximum total of 26 weeks’ base salary.|
|(2) Employees with an annual base salary equal to or greater than $125,000, but less than $175,000.||Total 26 weeks’ base salary, regardless of years of service.|
|(3) Employees with an annual base salary equal to or greater than $175,000.||Total 52 weeks’ base salary, regardless of years of service.|
If enrolled in coverage through COBRA, Intact will subsidize medical and dental so that the severed employee is allowed to pay the same contributions that he/she would have paid while actively employed, for the length of time covered by the severance pay.
Outplacement assistance will be offered to a Severed Employee based on his or her band level or other relevant classification pursuant to the Company's guidelines for outplacement assistance.