Did you receive your severance package?
One week for every year worked +4 weeks or more? Some receive six months but if you get a new job, you have to return the remaining or lose the remaining.
16 replies (most recent on top)
@8dyl "Example regardless of band if you make 150k a year its 26 weeks minimum plus 2 weeks per year served and maximum 52 weeks."
It's actually 2 weeks per year served with a 26 weeks minimum and a 52 weeks maximum payoff period. You don't start adding 2 weeks per year to the 26 week minimum until after you've completed your 14th year with Cigna.
03-2023 Accredo pulled their Band 2 employees in a conference room and told our jobs were being eliminated. They didn't offer a severance because most of us had 20yrs on the job. So the payout would have been expensive. There were others in band 2 that was given a serverance package. They placed us in a CSR position and told us if we refuse the position we are fired with no option for a severance package. The CSR position was production and being stuck in a phone que. Most of us were going in this position already topped out in pay with No oppotunuty for growth. The position was undesirable ..mentally and emotionally draining which caused alot people to quit. This is what the company wanted so they could avoid paying serverance. They knew just how to play the game. How can they do this? Give some severance pay and placed others in undesirable position so we would quit.
What’s considered a job of equal role? Is that the same band or a job that’s similar responsibilities?
What happens to the PTO you’ve earned once you’re laid off?
This person has no idea what he is talking. About.
Any job anywhere in cigna you lose your severance. And if you post and are offered a job of equal role and lesser pay you MUST TAKE THE JOB otherwise you resigned and lose your severance
Post from TheLayoff.com
This is correct. And the higher the salary the higher the minimum severance is. Example regardless of band if you make 150k a year its 26 weeks minimum plus 2 weeks per year served and maximum 52 weeks.
If you post for a job internally and get one you lose all severance.
If you get a job outside of company you keep it and the new salary. Double dip!
Post from TheLayoff.com
A Family member of mines got laid off from a small insurance company during the summer. She worked there for 2 years. This smaller insurance company gave her 4 months severance pay, a lump sum bonus pay, covered her health plan premium for those 4 months, contracted a company to provide all effected employees with resume writing service, job search assistance, and interview coaching. She was able to find a job using these services within 2 months of being laid off and still got paid the remaining of the severance. This isn't related to the Cigna layoffs but gives us insight as to what a generous severance could look like.
Perhaps Cigna severance is somewhere in the middle, but nerveless the fact the Cigna is laying off employees slowly shows that leadership (Cordani) cares about not hurting Cigna's stock prices. Cordani owns a lot of stock in Cigna and he's worth millions of dollars. His goal is to increase profit by cutting cost (letting employees go), but do it slowly so not to draw too much attention, while hurting employee moral by the lingering potential threat of being laid off.
That is not 100% accurate. You can go look fir another open role at Cigna and keep your severance only if it’s with a different org, and different job title. Read your severance agreement.
I have to also say this was the best severance package for me in 28 years of tech industry being laid off in RIF in my career. So the 2 week was not accurate for only working one year. Cigna is an insurance company and really do not want anyone during them so take very good care of those laid off #hushmoney or at least our VP did in our small org.
Hope this info is helpful!
As far as 401k matching that is only matched through your severance date, You then begin to receive your severance on the same schedule as if you were getting a paycheck however you do not receive any 401k matching or accrue additional vacation time.
“Can you still collect unemployment while on severance pay?” (Message below)
Depends on the state. Typically you cannot collect for the duration of your severance. So if you get 12 weeks, you can’t collect until 12 weeks have passed.
At a previous job I was laid off and got 14 weeks. I got it as a lump sump and taxes took over half of it. So basically I went unpaid until unemployment kicked in which was 3 weeks after 14 weeks. Ugh.
Can you still collect unemployment while on severance pay?
Look up Cigna Group Enterprise Severance Pay Plan on Iris. It is effective 10/1/23. It has a table on page 7 of the severance pay benefits. It is pretty generous. There is also an addendum effective same date that is in connection with future of work. For the 10/12 round of layoffs (I was part of), receiving benefits until term date of 11/11. The Cobra coverage while in severance period is affordable as well, $500 cheaper than regular Cobra coverage.
“Are you kidding? One week for every year?”
Did you not read the comments in this thread?
Are you kidding? One week for every year?
How about 401K and severance? Does Cigna still take out money and match into your 401K?
Severence depends on band level. For example, a band 4 will receive 2 weeks for every year worked with a minimum severance of 16 weeks and maximum of 52 weeks. A band 1 or 2 package will differ from this.
You are eligible for the full package unless you take another job with Cigna or an affiliated company, in which case the severence package may be revoked. If you find another job that is not with Cigna, you will receive the full benefit. For folks that are laid off, don't forget to apply for unemployment.
This information can be found on Iris or by contacting Employee Service Center.