- 4 - Pursuant to the termination of his employment, petitioner husband received benefits under the "Networking Hardware Division and Networking Software Division Resource Transition Program" (NRTP) established by IBM to induce employees to resign or retire early under a plan of corporate downsizing. Under the NRTP, a participating employee was entitled to a lump-sum payment, temporary medical and dental insurance (which the employee could continue later at his or her own cost), and career transition services. The lump-sum payment was payable at the time of a participating employee's departure and was reduced by any advances or loans owed to IBM at the time of departure. If a participating employee resumed his employment with IBM within a specified period, a prorated amount of the lump-sum payment was required to be repaid. In connection with his participation in NRTP, petitioner husband executed, on July 15, 1994, a document entitled "General Release and Covenant Not to Sue" (the Release) setting out the terms of his severance package. The Release stated: In exchange for the sums and benefits which you will receive pursuant to the terms of the * * * [NRTP] * * * [petitioner husband] agrees to release International Business Machines Corporation, its subsidiaries and affiliates, and its benefits plans, (hereinafter "IBM") from all claims, demands, actions or liabilities you may have against IBM of whatever kind, including but not limited to those that are related to your employment with IBM, the termination of that employment, or other severance payments or your eligibility or participation in the Retirement BridgePage: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011