#retirement

Any info on voluntary severance packages for employees over 50?

Here are few things to take in consideration. Bookmark this thread, you will need it. I hope others will chime in and cover things that I am missing but would be useful for ret. planning. Also, I might be off on a couple of things here, please correct me. Here we go:
1) “90 points” is a key milestone

• It typically equals age + years of service
• Hitting 90 generally qualifies you for full retirement status
• You also typically need at least ~10 years of service to receive retiree benefits at all
• Below that (for example 75 to 89), benefits may be reduced or prorated
• Even small differences matter - dropping from 90 to 89 points can increase your share of healthcare costs

2) Stock and bonus implications matter

• At 90 points, equity awards (RSUs, performance shares, SARs, etc.) often fully vest
• You may also retain eligibility for bonuses issued after leaving payroll
• Below that threshold, vesting may be partial or forfeited based on time worked
• These equity outcomes can be a major part of total retirement value

3) Healthcare is still expensive even with company support

• Pre-65: expect roughly several hundred dollars per month even with Chevron subsidies
• Example shared: around $800/month for individual coverage after leaving employment
• Post-65: total costs (Medicare + supplement + dental/vision) can reach ~$1,000/month for a couple
• Chevron’s contribution is relatively small (around ~$100/month range)
• Coverage quality is often considered strong, but you are paying significantly more than as an employee

4) Retiree benefits are weaker than employee benefits

• You may keep access to similar plans, but the company pays a smaller share
• Costs shift from “paycheck deduction” to direct out-of-pocket payments, which feels materially different
• Contributions are sometimes prorated based on your “points” level
• There is also risk that company contributions could drop further over time

5) Medicare is not “free”

• You must pay Medicare Part B premiums
• High earners pay extra through IRMAA surcharges
• IRMAA (Income-Related Monthly Adjustment Amount) is an additional charge on Medicare premiums based on your income, which can significantly increase monthly costs for higher earners
• You will likely also need a supplemental (gap) plan and possibly dental/vision

6) Long-term risk: benefits can shrink

• Retiree medical contributions from Chevron have remained small and relatively flat over time
• Some retirees reported large premium increases (for example ~80% over several years)
• Benefits depend on company performance and policy - they are not guaranteed to improve
• Planning should assume rising costs and limited company support

7) Financial planning is critical

• Retirement income (Social Security, dividends, etc.) can push you into higher cost brackets for healthcare
• You cannot rely on “appearing low income” to reduce costs if you have substantial assets or income streams
• Many retirees bridge the gap to Medicare using savings or tax strategies
• Healthcare becomes one of the largest and least predictable expenses in retirement

So when a high up is told to go they get a big package and “retire “. Gone is the DEI program. They’ve wanted to close it since Trump was elected. But these roles are very political so you can’t lay them off. For the rest of the team, ya’ll better get your resumes polished. Can I get retired? I’ll leave tomorrow and never speak of it again.

No set date, but sometime in the next 6 months. The strategy bet is that if they think I’m leaving in the near future, they’ll be less likey to rif me now. The straws have been grasped at!

I am in the transition category. I went through a roller coaster of emotions. I am exhausted. I know many feel the same. I feel in a way cheated being "offered" to transition to new company versus severance. For those who were laid off are you comfortable sharing what was offered for severance? I am in the US been with the company for 20 years. This su-ks all around for anyone impacted

This happened to my team mbr. IIRC he was in his 70s. During the final meeting, he said he enjoyed the work and he literally said he wanted to work longer, but he got the hint from the VRP.

What would have happened if he didn't take VRP? Laid off anyway the next round?

I’m almost ready to retire but will today for a package.
Any insights if and when and what it may happen?

Vanguard retirement packages for US tech employees. Wow... you guys really do not keep up.

Muhi will announce his retirement soon. Today, is a definite possibility.

gen z, so i am ofc not eligible, but some of my coworkers retired with that. WTF is that? Cigna pays like 50% of salary at retirement forever? idk.

Over the past year, I have made dozens of posts on The Layoff with ways our company needs to improve. Even though there has been some progress, it is not enough. Disastrous decisions have caused me my retiree health care and froze my pension. I’ve been underpaid for years as many other employees have been. Meanwhile, an inept overpaid Board and high flying Executive VPs and RVPs have benefitted quite nicely. It’s ALL about them. It’s a well orchestrated Ponzi Scheme. I am sick of this place and it has made me ill. I wish all of you the best and in a few weeks it will be my last day after 20 plus years. Time to spend the end of days with my grandbabies and good riddance to Mutual of America.

Unreal so sad the site is in disarray and big management couldn’t care less.

I have nearly 15 years at the bank and am at retirement age. If I were laid off, would I still receive all my retirement benefits, along with any severance they might offer? Or would I be better off retiring before I get laid off? I fully expect more cuts in my BL.

Let’s face it we all know that one the unions didn’t do much of anything to get what was gonna end up being the offer in the end.Last year they were all about fighting to win things like caps on retirement medical ,but in the end the unions knew the environment they are in political wise along with on the company level work wise technology wise .Lets also face the fact they are concerned about the younger members who never been thru a strike along with making them go on strike for benefits they don’t have .So let’s all stop patting backs and just admit it’s was needs based decision .Call it like it is tired of Ibew and cwa pounding their chest about how great it is along with the problem isn’t Verizon it’s the country health care system.Lets be real the company said no way never gonna happen with retirees healthcare or pensions for younger guys take it or leave it .So the unions took it .Im okay with that but please wish the unions specially the CWA locals would just stop pounding their chests they rolled over a decade or more ago .Thats how we got to this point.So any of us thinking of retirement in next few years might as well forget that now .Also I’m okay with that but to the the unions just stop with posts please it’s making me sick every email and Facebook post

What salary do most people retire at? Say for a CL27, 28, and 29 what would be a typical range for salary at retirement? Trying to figure out how valuable this pension will be if I don’t quit now and stick it out. I have heard that once you hit your mid 40s raises stop.

I’ve been at IBM since 2013. Since that time I’ve seen most of the coworkers I counted as friends get laid off. (Why do we have to say “RA” just because the terms “lay off” and “laid off” cause IBM heartburn?) Given my age and my tenure at IBM, I can’t help but feel a bullseye forming on my back. Still, I’m more at peace with this idea as time goes on. Much of that is because I have yet to talk to any former IBM employee who wishes they were still with Big Blue.

Good news M. Light-foot has been retired

Offer 1yr severance and heath care. 99% of pension eligible employees will take. Problem solved....

Optum did offer one nearly 10 years ago. are they planning to do one more round? they asked for volunteers who were 55+ and have completed 10 years, in the last round.

It's so incredibly wonderful to have finally exited this dumpster fire of a once great company. The air is fresher, the birds are singing, the flowers smell sweeter. The level of TIAA senior management incompetence, hypocrisy and corruptibility is matched only by that of our nation's current White House administration. No more ridiculous 3 day in office pseudo collaboration. No more glowing annual reviews and high praise that at bonus time still never translate to anything higher than a middle of the pack rating. No more televised circus side shows featuring the queen bee and her inner circle of high paid enablers (Are You Ready to Rock Charlotte!?). Let's see now how everything plays out as I try to get my retirement funds out of the company. There's a lot of great people that I'll truly miss. And no small amount of individuals that I most definitely will not.

I have now heard this rumor enough to feel confident to repeat it.
Salary buy outs are on the way.
55+ and 30+ and you are a candidate.
Finance Barbie wants people off the books.
Her glasses are too dark but I like her.
She is fairly authentic.
But still not sure how they spread that 19.6 billion around.
Stellantis binned it all in one year and gave UAW ZERO!
I think we got lucky and next year will be a *
I personally will take my 9 or 12 months and hit the road.
Good riddance.
Saves me retiring with only one days notice.
You don't have to give any notice by law so you know.

The majority of people whining about this contract extension are the ones retiring in the next 4 years. They’ve taken everything away from you. Your pensions, your retiree healthcare, and your job security,

Now they want to take away what little you get with this extension for their own benefit. Your raises, your increased payment towards your medical in retirement, even more job security, your extra work that secures your place in the company, etc, etc. All of that because they have pay a little bit extra into their healthcare.

NO MORE!!

These old farts have ruined the union and are looking to make sure it stays ruined for their benefit. The majority of them have barely showed up for work since they started. They are parasites, abusers, and a cancer and their retirement will be our savior.

VOTE YES!!

Just got word that anyone hired after April 1st 2026 will not be receiving a pension. They will only get a 401 for retirement. First they took the personal multiplier, now this. Wonder what’s next for the Last 75. Probably going to push the 25-30 year guys out..

Hey anyone who retired last year and eligible for 2025 bonus...did you get paid today and if yes, was it mailed or direct deposit?

Do I regret taking voluntary retirement? No. Will this company regret hiring people who don’t know our industry, empowered to make decisions and ultimately destroying service all to save a buck? Absolutely. But after tomorrow it’s not something I need worry about.

Phone skills have been transferring back to FT. Website calls will move back on 03/23/2026. That leaves Retirement and Shareholder calls at FIS. After the filing deadline of 04/15/2026, those calls should move over, that date is not confirmed yet. How will that be announced? Will the remaining employees be given the date ahead of time or will the axe fall suddenly? Have no illusions, plan accordingly.

Anyone else kicking themselves for not selling EOY 2024? I invested 6% since working here and lost half. Now with the lesser match w/401k, I plan on pulling the plug once (if it does) hit 400 on ESPP. I can't imagine how people close to retiring feel about this.
I wanted to retire by 55 - and lived like a pauper to invest extra money. Really sad when the CEO's cash out making bank.

I have a concern regarding the tentative agreement in the Northeast.
I realize we paid a heavy price in 1989 and, as a result of that sacrifice, were able to keep essentially cost-free medical benefits for the next two-and-a-half decades.
However, uncertain economic times in 2016 resulted in us, fairly or not, shouldering more of the burden, not only the men and women that had 20, 25, 30, 35... years on the job under their belt already, but also the retirees now had to unexpectedly pony up and adjust to this new and unexpected financial burden on a fixed income based on earlier reasonable expectations and assumptions, if I understand correctly.
I am now hearing murmurings about about retiree healthcare skyrocketing, from, say, $60 a month to 10X that amount, $600 a month, for example. I hope these rumors are wrong and that I am needlessly worrying about something that will never come to be.
Are there any guarantees built into this new tentative agreement that shield both our current retirees, as well as those that will eventually be joining their ranks, from the future uncertainty of exorbitant increases that will make affordability a larger hurdle, if not an impossibility, for the elderly who served their union and their company well?

Has anyone had any success "volunteering" for a layoff, knowing that layoffs are being planned? I'm so close to retirement that I would welcome being laid off, plus doing so would likely save someone else on my team from being laid off. If we can be fairly confident that layoffs are being planned, would it make sense to let your boss or higher up leadership know that you'd be open to a layoff package? Has anyone successfully done this recently?

I put in thirty six years and walked away at sixty five. That was enough for any person. Since leaving I've stayed as far from corporate anything as I can manage. Meetings, performance reviews, office politics. Don't miss any of it. I'll say this though. The financial piece worked out. I'm comfortable and that's because I stayed. So I give them that. Everything else I'm happy to leave behind. Including the cars. I have zero desire to buy another Ford ever again.

It’s disheartening to witness the transformation of this company over the years. Perhaps it reflects the current management generation. I don’t mean to criticize, but I recall a time when Store Managers actively engaged with the team on the floor, and department managers were hands-on with markdowns and sales alongside the associates. We even wrote clearance prices in red pen and diligently marked them on sheets to document our work. Inventory was a collective effort, where we counted items ourselves and recorded everything on paper.

While I appreciate the advancements in technology that streamline inventory and markdown processes, the management style has shifted significantly. It’s unfortunate to see long-time Store Managers and their Assistants, some with over 25 or 30 years of service, leaving the company. Now, it often takes ten people to handle the workload that one person used to manage effectively.

Today, the focus seems more on avoiding night shifts rather than ensuring the safety of staff during closing hours, especially when there’s a key holder who isn’t proactive, along with just two other employees. There’s little concern for the store’s appearance, and management often remains in the office until the regional visits. After many years of dedication to a company I once loved, I’m relieved to be retiring.

Anyone noticed more retirees than normal these passed few days? Seems like they waited to ensure they got their bonus and got outta here.

Unconfirmed gossip that some retirements are due to solicitation in Kodambakkam's red light district

Does anyone remember the timing for last year’s buyout offer? I finally hit the 'magic number' and hoping for a repeat of last year’s offer.

Experienced folks are leaving the company! Lots of retirements. We better hang on to these folks so we can leverage the learnings built up over time. Mentoring new employees is another reason. AI is NOT a substitute!!

You would think they would be an easy target to be managed out with a performance review. It would be absolutely ridiculous for the company to pay you a severance when you are going retire anyways. I know a few people in Risk that worked out a deal with deal with their manager and swindled money out of Wells Fargo. IMHO that’s fraud and those managers should be fired.

this again!

Last year company/union talks broke off supposedly over the raise in caps for retiree healthcare. Now we have a tentative contract where the info just released does not seem to address this issue at all. Did the company use that memory erasing device from the Men In Black movie ("neuralyzer") on the union? I guess we all just have to work until Medicare eligible, and then pray that they don't take that and SS away from us to give more tax breaks to Elon Musk and the other multi billionaires. Is anybody out there actually representing the working stiff?

Offer full retirement earlier and get the higher salaries off the books. Better to pay full retirement pay than full salary.