Source : Webster's Revised Unabridged Dictionary (1913)

Dismission \Dis*mis"sion\, n. [Cf. L. dimissio.]
   1. The act dismissing or sending away; permission to leave;
      leave to depart; dismissal; as, the dismission of the
      grand jury.

   2. Removal from office or employment; discharge, either with
      honor or with disgrace.

   3. Rejection; a setting aside as trivial, invalid, or
      unworthy of consideration.

Source : WordNet®

dismission
     n 1: official notice that you have been fired from your job [syn:
           {dismissal}, {pink slip}]
     2: the termination of someone's employment (leaving them free
        to depart) [syn: {dismissal}, {discharge}, {firing}, {liberation},
         {release}, {sack}, {sacking}]