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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 30, 1999
CONSOLIDATED NATURAL GAS COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-3196 13-0596475
(State of incorporation) (Commission (IRS Employer
File Number) Identification No.)
CNG Tower, 625 Liberty Avenue, Pittsburgh, PA 15222-3199
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (412) 690-1000
Not Applicable
(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On April 30, 1999, the Board of Directors of Consolidated Natural Gas
Company ("CNG") adopted amendments ("Amendments") to the Severance Pay
Policy of Consolidated Natural Gas Company and Its Participating
Subsidiaries Who Are Not Represented by a Recognized Union (the "Severance
Pay Policy"). The Amendments increase the amount of severance pay for most
employees by changing the formulas to be used in calculating such pay.
Medical coverage for separated employees is also adjusted to increase
benefits for those who elect COBRA continuation of medical coverage. The
Amendments also extend post-termination life insurance coverage, allow
employees to reach their early retirement date during the severance pay
period, and allow for certain proration of incentive program benefits.
The enhanced severance benefits under the Severance Pay Policy (the
"Enhanced Policy") would be effective pursuant to a special program with
respect to future reductions in work force, not involving a change of
control of CNG, as designated by the employer. It will apply to the
reduction in connection with CNG's current plans to consolidate its
regulated business units. The Enhanced Policy would also be effective with
respect to reductions in work force following the earliest event triggering
a CNG change of control (as defined in the Severance Pay Policy), which
includes CNG shareholder approval of a merger, and the Enhanced Policy will
continue for a minimum of 2 years following the closing of the transaction
which triggered the change of control.
The estimated incremental cost per employee is $47,000. The ultimate
total cost of the reduction in work force programs depends on the actual
number of employees whose jobs are involuntarily eliminated.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
CONSOLIDATED NATURAL GAS COMPANY
________________________________
(Registrant)
By D. M. WESTFALL
______________________________
(D. M. Westfall)
Senior Vice President and
May 7, 1999 Chief Financial Officer
