Thread regarding USAA layoffs

@1bs What retirement benefits? The only thing that remains deciding how you want to get paid from the weak a$$ pension. Healthcare, insurance you have to pay yourself if you want to continue. Like 40k yearly for a family. There are no retirement benefits, and no need to alert anyone that you are retiring, unless you are worried about your ‘celebration’

You’ll be forced into early retirement and not offered retirement nor severance.

Guys, just a friendly reminder that these sociopathic "leaders" will lurk around these forums offering "advice" ...

They're best left in the dark where they can just enjoy the sound of their own voice.

Never do that. This will flag you as attrition candidate in the system.

@gb how do you think we get EMGs??

@ad false. Absolutely false. You need to login to your fidelity account and see exactly how that works. This is factually incorrect.

The main thing that changes is the accelerated contributions the org used to make. But in order for it to remain in health growth stock market - the laws changed in 2008 making key changes. For everyone

@OP you 100% don’t even compare the two - especially this close out. I’m speaking with some authority on this. They would force you into early retirement - which potentially has 7 figure impact for the rest of your life. You’re waiting out for some $130k max after taxes severance? TF?

Amateurs around here. We work for a GD financial services company and questions like this from a nearly retired person.

Additionally, seek askHR. There’s time requirements for notifying the organization you’re retiring. At best you’re retiring July 28. And that’s if you submit everything and get it approved, tomorrow.

I hate it here

Wait for a layoff, become the useless employee so that you get targeted…Who knows, as a useless employee you might actually accidentally end up getting a promotion! 🤣

@OP there will be 2 more rounds of layoffs this year, and for this next round coming up, those who will be impacted have already been selected, it’s just a matter of when they start. If you hear your leadership talking about “how we work” that’s usually the first sign that layoffs will be on the horizon.

@cs wrong, I’m a manager in the bank call center and with the layoffs last October, I was not told about 2 MSR’s on my team until a few minutes before they were being told. And it’s not like they were low performers either, never were they on PIPs or any type of corrective action in the 13 months I was their manager.

@OP If another round of layoffs seems imminent and you have flexibility in your retirement date, I would wait quietly for the next round. I'd hate to retire in July and then layoffs come in August and possible severance. No guarantee to be in the group. In a perfect world, you'd let leadership know as they could use this in layoff decision making. But that's not reality.

In a town hall a couple years ago, the question was asked if someone could "volunteer" for layoff. The HR rep (who looked 12) quipped as if that was a stupid question... even though we've seen other companies do exactly that.

But if you plan to travel the world this fall or something else exciting, continue with your planned exit. Life is short!

@cs in my situation as a director in bank, this is false. I was not informed about a girl on my team being impacted until 20 minutes before they sent her the meeting planner. Not once was I asked about anyone on my team, only a slack message to talk really quick from EMG, where he told me her role was being eliminated, then he sent her the meeting for a “quick sync.”

@av every laid off person sees this. A list of people who got cut with a signature from AVP in your line of business. Your first line supervisor makes recommendations and approval is made by AVP. Don’t be naive.

@b7 my EMG told me the same back on October 29 when I was given my 60 day notice, he had no idea how I was selected, only he received a list of names that he needed to notify.

If you are under 65 and do not have other health insurance like from a spouses job, then you will pay dearly for premiums the rest of this year for Cobra or marketplace.

Thanks for nothing USAA for dropping early retirement bridge health insurance that was promised to us.

@av your AVP is a liar. The numbers to cut may be above their head but they are told that they have to cut X amount of headcount and then they go about figuring out who those unlucky folks are. Someone closer to your business area is making that call, how they make the call may vary from business area to business area. Some will cut low performers, some will randomly cut by job title ie we have 2 people that do this, we keep 1. But don’t believe for a second that your EMG wasn’t involved in some way. Directors may or may not be depending on the area and the approach being used. Low performance cutting will usually require director/manager input.

@ah who does make the layoff decisions? I was part of the January 28th layoffs, my AVP swore up and down that she wasn’t the one who decided and stated “these decisions made were way above my job title and pay grade and I’m just the messenger.”

I was able to land another role, but in no way do I feel safe that this won’t happen again as my new area is now starting to go through the “how we work” process, same thing that happened in my previous area last August.

HR doesn't make the layoff decisions, they just perform the layoff procedures. You would have a better chance letting management know.

There are no retirement benefits other than pre 2008 pension. But you still have access to that either way. Current pension is just a weak savings account. There's no medical benefit. Keep quiet and wait for severance. That's the only benefit left at that place if you are old. SHIL is a marketing tool. The execs don't follow it. Neither should you.

Take retirement benefits over severance. Compare...

I think you already know the answer. Why would they payout severence if they already know you're leaving?