Transaction
Strategic restructuring. Management outsourced several of its service units, requiring the displacement of several hundred employees.
Outcome
The Client adopted a Supplemental Unemployment Benefit Plan. Payments were disbursed on normal pay cycle basis. Workers filed for State Unemployment benefits which were used to offset company-paid severance. All benefit payments ceased upon reemployment. More than 1200 employees have thus far been displaced, allowing the client company a 26% cost savings equal to more than $2.94M.