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My question relates to 29 CFR 2510.3-2(b) Severance Pay Plans The Regulations state "the total amount of such payments does not exceed the equivalent of twice the employee's annual compensation during the year immediately preceding the termination of his service." What does the phrase "the equivalent of" mean? Is the DOL referring to the time value of money? Additionally, in referring to the annual compensation, how is that determined? Is the annual compensation the employees previous years salary or is it the salary it would have been if he had continued working? Essentially I'm asking if anyone knows what they mean by "usual rate of compensation". Any thoughts? Thank you!
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benefit plan Where are my benefits?
Marti posted a topic in Defined Benefit Plans, Including Cash Balance
I worked over the course of 19 years with this company and although the information pertaining tomy benefits say I have 15 vesting credits and a total of 7.82 benefit credits....only the final 2 years have been awarded benefits. May 1986 through July 1993 and then April 1999 through November 2000. Only 1999 and 2000 have any benefits awarded AAAAHHHHGGGG!!!!
