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Section 1. Any employee who loses their job as a result of the closing of a facility; or shutdown or sale of a press, will receive as severance pay, one week of pay for each two and one half years of service with the Employer with a minimum of two weeks pay and a maximum of eight weeks pay. Severance pay does not apply if the employee is transferred to or offered comparable employment at any other union printing facility in the Twin Cities metro area.
Section 2. Any employee who voluntarily terminates for the purpose of retirement will receive five (5) days pay at the regular hourly rate in addition to any other termination pay due upon retirement.