2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 25 - Registered Corporations
2582 - Severance compensation.

     § 2582.  Severance compensation.
        (a)  General rule.--Any eligible employee whose employment is
     terminated, other than for willful misconduct connected with the
     work of the employee, within 90 days before the control-share
     approval with respect to the registered corporation if such
     termination was pursuant to an agreement, arrangement or
     understanding, whether formal or informal, with the acquiring
     person whose control shares were accorded voting rights in
     connection with such control-share approval or within 24
     calendar months after the control-share approval with respect to
     the registered corporation shall receive a one-time, lump-sum
     payment from the employer equal to:
            (1)  the minimum severance amount with respect to the
        employee; less
            (2)  any payments made to the employee by the employer
        due to termination of employment, whether pursuant to any
        contract, policy, plan or otherwise, but not including any
        final wage payments to the employee or payments to the
        employee under pension, savings, retirement or similar plans.
        (b)  Limitation.--If the amount specified in subsection
     (a)(2) is at least equal to the amount specified in subsection
     (a)(1), no payment shall be required to be made under this
     subchapter.
        (c)  Due date of payment.--Severance compensation under this
     subchapter to eligible employees shall be made within one
     regular pay period after the last day of work of the employee,
     in the case of a layoff known at such time to be at least six
     months or an involuntary termination and in all other cases
     within 30 days after the eligible employee first becomes
     entitled to compensation under this subchapter.

        Cross References.  Section 2582 is referred to in section
     2581 of this title.