The OneBeacon Severance Plan provides severance and other benefits to eligible employees who experience a Qualifying Termination. A summary of the benefits offered is included below. For plan details please refer to the Welfare Plan SPD.

Benefits include:

Severance Pay

Employee Level (Determined by Base Salary) Severance Pay
(1) Employees with an annual base salary of less than $125,000. Total (x) 4 weeks’ base salary minimum OR (y) 2 weeks’ base salary for each fully completed year of service plus prorated share for partial year of service, whichever is greater, subject to a maximum total of 26 weeks’ base salary.
(2) Employees with an annual base salary equal to or greater than $125,000, but less than $175,000. Total 26 weeks’ base salary, regardless of years of service.
(3) Employees with an annual base salary equal to or greater than $175,000. Total 52 weeks’ base salary, regardless of years of service.

COBRA Subsidy
If enrolled in coverage through COBRA, OneBeacon will subsidize medical and dental so that the severed employee is allowed to pay the same contributions that he/she would have paid while actively employed, for the length of time covered by the severance pay.

Outplacement Services
Outplacement assistance will be offered to a Severed Employee based on his or her band level or other relevant classification pursuant to the Company's guidelines for outplacement assistance.