|Policy No.:||3-16||This policy applies to:|
|Policy Name:||Severance Pay||
Regular full-time employees of Loyola University New Orleans may, at the University’s sole discretion, be provided severance pay if the employment termination is initiated by Loyola and is for reasons that are not prejudicial to the University.
Specifically excluded from benefits under this provision are employees hired as temporary employees for a specified period of time or limited term employees. Severance pay is not paid to employees who are terminated for misconduct.
Severance pay will be paid in a lump sum.
The appropriate Vice President, the Director of Human Resources, and the immediate supervisor must approve all severance packages before the employee is offered severance pay. Severance pay is at the discretion of the University and is dependent upon the circumstances surrounding the termination. Generally, a “release of claims” is required as a condition for severance pay.
If severance pay is to be offered, a staff employee may be considered for severance pay in accordance with the following schedule:
Less than 1 year
Up to 5 working days