What severance pay is an employee entitled to upon being laid off?

A severance pay plan on layoff provides for severance payment to full-time employees with two or more full years of continuous service. The employee must give the College written election of severance within 120 calendar days after termination of the notice period and waives all recall rights under the Agreement. Severance payment shall be in accordance with a scale based on the number of full years of continuous service with the College as at the date of lay-off based on the employee’s annual base salary rate as of that date.