Severance Pay Plan
If you are classified by the University as a regular staff employee (non-faculty) and have completed three months of continuous service, you are automatically covered by the Severance Pay Plan.
The University provides and pays the entire cost of the Severance Pay Plan. You are not required to make a contribution for this coverage.
Notification of Layoff
If it is necessary for Boston University to lay off an employee, the employee will be notified of the effective date of the layoff as far in advance as is practical. Such notice will normally be given at least one (1) month in advance of the effective date of the layoff.
Should the University find it necessary to reduce its workforce by eliminating filled positions, affected employees will be laid off. Employees whose positions have been eliminated and who have completed three months of continuous service are eligible for severance pay. Severance pay is based on the employee’s most recent date of hire and is pro-rated for a partial year. Severance pay is calculated at the rate of one (1) week’s pay for each full year of continuous service at Boston University.
Under current laws, severance pay is taxable as income in the year received by the laid off employee.
When Plan Membership Ends
Your membership in this plan will end when you terminate your employment with the University or when your status as a regular employee ends.