I received my official letter from the company yesterday. I still have a lot of questions. Some were answered:
"The effective date of this layoff is 11 November 2005." (It is not the 15th that I was originally told.) "You will continue to receive full pay through that date based on your timesheet. After that date, you will cease to accrue vacation, sick time, or overtime unless your employment is reinstated.
After that date, we will continue to pay you on regular payroll dates, for all vacation, sick time, and overtime accrued as of 31 October 2005."
In short, payment of monies owed will not come as one big lump. I will receive my pay on regular pay dates.
"We estimate you will exhaust the hours in those accounts on a projected date of 30 November 2005, after which time no further payments would be made to you."
All benefit programs will continue to be paid as long as my company continues to send me checks. My 401(k) will stop being contributed to by the company after November 11. The company will still pay me my 401(k) matching contribution. My seniority will be maintained. And if the company is able to get funding again, then I will be fully reinstated with the same salary plus any COLA adjustments if that happens.
"If at the end of three months, that is, on 1 February 2006, the company is not in a position to rehire you, we will notify you and our employment relationship will cease."
I think that my company is really going out of its way to make things easy on all of us that got laid off. They really do want us back. I see what they are doing and I don't know if they are required by law to do this or if they are bending over backwards. My previous layoff experience leaves me dubious that this is sheer benevolence. However, given the track record of this company since I have been with them and how accommodating they have been, I am leaning heavily toward benevolence.