Employees do not get one weeks pay for every year. Laid off in July, was a DOF and received $4000.00 severance package that was taxed at 57 percentage, since it is considered a bonus. Get real all of you. It also came with a gag order. Good luck and consider yourself lucky to be out and done!
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Sure it is bad enough, it is no easy to recuperate; however have faith, better things are in the horizon for all us except for the corrupted society that derailed this organization. I wonder if this is part of the deal made by the actual individual in charge of ACICS with DOE, (getting rid of ITT), so ACICS can survive with minimum damage. As far for the KM's and Company of untalented individuals, all of them will pay a hefty price for the damage, (maybe not on earth) and ruined lives of thousands of decent, honest people. Hope that SE DM can rotten in hell for her totally incompetency, annoying personality and lack of charisma
"DOE will no longer need to approve severance for execs..."
This is sad...but absolutely correct. It's also why there isn't a bankruptcy. The foxes have the henhouse all to themselves.
DOE will no longer need to approve severance for execs. That was a stipulation of the HCM2 in order to receive funding. With no funding needed with closure, no DOE restrictions in place for the fat cats.
Sorry....but all employees and students got sacrificed for the mighty dollar!
All the HQ Folks will leave with a fat bank account Even though the DOE Wold have to appove it. Who ever said move on is correct and company policy has always favored the HQ Staff. Almost 17 years and it ends with an Email from an unqualified HQ talking Head. Thanks Erica, I will frame my termination letter. Also looking forward to clearing out my cubicle at the required date and time. O yea, for god sakes I will use the front door ;)
Difficult for senior executives to receive bonuses solving problems they created if all that money goes to employees that no longer work there.
for a long time It used to be so many weeks/per years of employment, then a few years ago they added in a $10000 cap...maybe 6 months later is when they laid off full-time faculty, then chairs...coincidence?
The main thing you need to know is the plan was unfunded and could be changed at any time. ITT will file bankruptcy in a few hours to days and the company will be liquidated. Funds will go to secured creditors and the rest will be left holding the bag. Most of the real estate was held as collateral for subprime loans the company took out.
Employees would receive one weeks pay for every full year of employment. Max severance received would be based on your pay grade. Salary grade 18 max $10,000. Grade 12 $4,500, grade 9 $3,000...
Bankrupt is bankrupt. Politely you need to move on.