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

Uneven quality of a product made by the same manufacturer. A manufacturer is responsible for producing products of similar quality, and can be held liable for those that deviate materially ...

Coverage provided by the pension benefit guaranty corporation (pbgc) that guarantees participants a certain level of pension benefits even if the plan terminates without assets. The PBGC ...

Same as term Cancellation Provision Clause: provision permitting an insured or an insurance company to cancel a property and casualty or a health insurance policy (circumstances vary; see ...

Ratio of the insurance company's investment in common stocks dividend to its adjusted surplus account. This ratio shows how vulnerable the company's surplus is to the stock market ...

Securement of funds from outside sources such as by borrowing or by attracting equity control. Use of leverage to improve the profitability of a business. Achievement of an investment ...

Types of insurance coverage under which health care benefits are provided to the covered individuals instead of monetary reimbursement for health care expenses. ...

Organization that develops and administers educational materials and examinations for the life insurance industry. It awards the fellow, life management institute (FLMI) designation to ...

Demand without foundation, such as a claim submitted to an insurance company by an insured who caused a loss, or for a loss that never occurred. ...

Claim by the pension benefit guaranty corporation (PBGC) against an employer for reimbursement of the PBGC's loss (for a terminated plan) up to 30% of the net worth of the employer. If this ...

Popular Insurance Questions