This morning we fielded a lot of questions from ImageMovers employees who wondered:
1) What happens with health insurance?
2) What happens with pensions?
3) What happens with separation in general?
We told folks that A) Health coverage will continue for most employees for six to twelve months after layoff, B) 401(k) contributions are owned by the employees, C) The Individual Account Plan Pension is vested for IM Digital employees who have worked 400 or more hours in a calendar year, and D) the Defined Benefit pension is takes five qualified pension years to vest, but there's a five year window to reach to goal.
We put this information and more into a letter that goes out to IM Digital employees tomorrow.
When conglomerates hand out mass pink slips, it's always crappy. (There's no other way to describe it.)
We're going to do what we can to backstop IMD staffers. More than one told me about Zemeckis's visit to the studio on Friday, how there were tears and emotional talks, and employees were in shock.
There is still a picture to complete, so everyone is going to keep working awhile. (Even though people must be kind of numb.)
Our condolences to all the employees at IM Digital. They deserved better.
Add On: This article from last week's NY Times describes the situation succinctly:
Disney Cost-Cutting Fells Zemeckis Company ...
The Mouse is in major retrenchment mode. Divisions that don't produce healthy cash flows get whacked.