Worker Adjustment And Retraining Notification Act (WARN)

Definition of "Worker adjustment and retraining notification act (WARN)"

Federal law, effective February 4, 1989, that requires company notification of employees prior to laying them off or closing a plant or an office. Workers covered under WARN are to include office workers, field representatives, agents, managers, and any other employees of insurance companies. To be affected by WARN, the company must employ at least 100 full-time employees. Part-time employees are not included in the 100 full-time employees count unless the total hours worked per week by all employees is at least 4000 hours. WARN requires the company to notify its employees of impending layoffs when one or more of the following circumstances occur: At least 500 employees are terminated or laid off during a 30-day period; At least 50 employees are terminated or laid off, comprising at least 33% of the total employment force, during a 30-day period; A plant or an office is closed, whether on a temporary or permanent basis.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Classification at death of all pension plans, profit-sharing plans, individual retirement accounts (IRAS), annuities, and installment payments to the extent to which the deceased was ...

Method of underwriting insurance in which the insurance company utilizes regular mortality tables without additions for abnormalities. ...

Insurance with two types of policies available: depositors forgery insurance; forgery and alteration. ...

Principle of equity in property, casualty, and health insurance. When two or more policies apply to the loss, each policy pays its part of the loss, unless its terms provide otherwise. For ...

Process in life insurance by which an applicant who is uninsurable, or is a greater than average risk, seeks to obtain a policy from a company at a standard premium rate. Life insurance ...

Nonparticipating life insurance under which the first few annual premiums are smaller than would be the case under a traditional nonparticipating policy. While the maximum amount of these ...

Group that monitors government health insurance programs. Authorized by the 1972 amendment to the Social Security Act, PSROs were set up to cut costs and minimize abuses by checking on the ...

Coverage for defense costs incurred in defending a company from an unfriendly takeover attempt. Hostile takeovers have been one of the hottest business topics in recent years. Vulnerable ...

Financial technique for providing term death coverage for an entity. With this procedure: (1) an individual purchases an ordinary life insurance policy and completes an agreement with the ...

Popular Insurance Questions