Severance Plan
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. Benefits include:
Severance Pay
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. |
COBRA Subsidy
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 Services
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.
Intact Insurance Specialty Solutions is the marketing brand for the insurance company subsidiaries of Intact Insurance Group USA LLC. Coverages may be underwritten by one of the following insurance companies: Atlantic Specialty Insurance Company, a New York insurer; Homeland Insurance Company of New York, a New York insurer; Homeland Insurance Company of Delaware, a Delaware insurer; OBI America Insurance Company, a Pennsylvania insurer; or OBI National Insurance Company, a Pennsylvania insurer. Each of these insurers maintains its principal place of business at 605 Highway 169 N, Plymouth, MN 55441. This material is intended as a general description of certain types of insurance coverages and services. Coverages and availability vary by state; exclusions and deductibles may apply. Please refer to your insurance policy or consult with your independent insurance advisor for information about coverages, terms and conditions. Some coverage may be written by a surplus lines insurer through a licensed surplus lines broker. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.