Tuition Assistance Repayment Provision
Repayment is only available for education expenses which includes tuition, books, school academic fees, tools, and supplies.
LMM’s tuition assistance program complies with the IRC Education Assistance program outlined in Section 127. For more information, click on the IRC’s Education Assistance Program.
Effective January 24, 2024
- Repayment should be requested within 30 calendar days following course completion.
- Employees will be repaid after providing proof of a pass grade of C or equivalent.
- Proof of course payment is required with supporting documentation.
- The employee must repay 100% of any tuition assistance received within the last 18 months if the employee resigns from the Company or if the employee is terminated for cause (as determined by the Company, in its sole discretion).
- LMM will waive repayment of tuition assistance for all applicable courses in which they are enrolled at the time of notification with approved payment request if the company terminates the employee for any reason other than cause.
- The company will not reimburse any courses enrolled in after the notification of termination.
- The employee must authorize, where legally permitted, the Company to offset against any monies, such as, but not limited to, wages, bonuses, commissions, stock incentive compensation or accrued unused vacation which are owed at the time of departure, to satisfy the employee’s assistance obligations. If a balance remains, the offset does not extinguish the remaining amount owed by the employee.
The employee understands and agrees to the commitments and assistance obligations stated above. The employee authorizes, to the extent allowed by law, the Company to offset against any monies, such as, but not limited to, wages, bonuses, commissions, stock incentive compensation or accrued unused acation which are owed at the time of departure to satisfy the employee’s obligation to repay tuition assistance. If a balance remains, the offset does not extinguish the remaining amount owed by the employee or former employee.
Employee Steps for Tuition Repayment:
