November 10, 2004

GUILD NEGOTIATES ENHANCED SEVERANCE

 PACKAGE TO STAVE OFF INVOLUNTARY

 LAYOFFS

S&P recently notified the Guild that it was reducing the workforce in Data and Senior Data Collector Ops by 13 Guild-covered positions over the next two months, citing automation as the reason.  In an effort to avoid any layoffs, the Guild has successfully completed negotiations on a special voluntary buyout program.

The buyout will be offered to all Guild-covered employees in the affected job classifications throughout Investor Services.  The specific affected job titles are as follows: Associate Editor, Senior Copy Editor, Statistical Clerk, Statistician, Rewrite Reporter, Production Coordinator, Data Collector.

The offer begins on Nov. 10, 2004; however, volunteers would be accepted up until Jan. 10, 2005, which would be the last day of work for all those who separate from the company.  Involuntary layoffs would only receive the contractual severance.  Layoffs, if any, would be conducted in accordance with the Contract on a seniority basis.  Volunteers would also be accepted on a seniority basis.

The voluntary buyout will provide a maximum of 57 weeks’ pay, based on the following formula:  (A) five (5) weeks of “transition pay”; (B) “severance pay”, calculated in accordance with Article XIII of the Collective Bargaining Agreement; and (C) supplemental “terminal pay” of one (1) week of salary for each year/or fractional year of service computed on a proportionate basis, as provided by the present collective bargaining agreement, completed prior to their last day worked, up to a maximum of fifty-two (52) weeks in total “severance” and “terminal” payments, when combined.

Employees will be able to take their severance payments in a lump sum, salary continuation or a combination of salary continuation or lump sum.  Contractual health benefits will continue to be provided by the company during any salary-continuation period.

To preserve as many affected staffers’ jobs as we can, and on a case-by-case, the Guild will seek to have S&P entertain job-saving voluntary resignations from workers in other job titles who wish to leave as well.

Anyone interested in learning more about the program, should arrange for a totally confidential meeting with the Guild, to get full details and to explore options.  (No management representative will be told that you’re interested in leaving, unless you authorize the Guild to let them know.)

Call: Ed Fannon (3-3804), Randye Gilliam (3-3806), Carol Wood (3-3642), Peter Burke (3-7491), and/or Jim Tchou (3-3821).

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11/10/04