We have been making good progress on our comprehensive recovery plan to manage through this economic downturn and position our company for future growth. Thank you. This is a joint effort that requires a strong focus and shared commitment from all of us. As you know, there’s still much work to be done as we move forward and remain focused on restoring confidence among our customers and earning more business for the future.

It is equally important that we continue to aggressively manage costs, especially as we enter the fourth quarter, given the seasonal nature of our business. In that vein, we want to inform you about two changes to our benefits and time-off policies for non-union employees, which are effective as of today. These are:

Revised severance plan. We have revised our severance plan to provide up to nine months of subsidized health care coverage along with salary or wage continuance of up to a maximum of 12 weeks, based on length of service. This new policy is being implemented at a time when the vast majority of workforce reductions related to the integration and the functional re-alignment are behind us.

Seasonal time off. Each employee will take 8 hours of unpaid time off per month beginning this month. This unpaid time off will be in addition to any available paid time off you have planned. Time off for hourly-paid employees can be requested or assigned by the hour, while time off for salaried employees will be taken in full-day increments. We are planning to continue this monthly practice through February (40 hours total), but we will end it earlier, based on achievement of our business goals as we continue to manage our way through this recession.

Employees may also volunteer to take an extended seasonal sabbatical of 2 to 8 weeks off any time between October and January. During this extended leave, 15 percent of the salary or basic wages would be paid and health care coverage will continue.

By implementing these actions now — even as we have reason to be encouraged about the future — we help to improve our financial performance and our ability to protect more jobs today and in the months ahead.

We will continue to keep you updated as we make additional progress against our plan.

15 percent of the salary or basic wages would be paid and health care coverage will continue.

I'd jump all over that! 15% stands out a little bit to me when I read that!

If I read this right Benny it sounds like a bunch of management is about to get axed without coming straight out saying it.....

Our TM was blubbering to some of us about this new "day off, without pay" policy. We told him that since management are the ones that are throwing our pay concessions down the tubes everyday, they should be the ones to sacrifice. It was a short conversation.

It could be just that?

What you should realize is, the management on this level has nothing to do with pay cuts. They are victims the same as you. Money is coming out of their pockets the same as yours and they don't like it any better than you do. They did not have the opportunity to vote like the teamsters.