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.
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Every person over 50 in technology were looking and praying for their first possible off ramp. The moment their children were graduated and their retirement secured. None wanted to work until 65 at this dump.
Stay, and take every dime you can.
Sign into Total rewards and you can project your pension benefits
@a8 they don’t terminate or discriminate, they RIF and have the managers fill out some excel matrix as proof against peers they are the worst employee for evidence. They have their RIF quotas so they can fill up the GCC in India with FTE in Dilips home town. Some think he chose there for his family back home. Smart guy to sc--w Americans.
I used to say the same…I’m staying until they lay me off! They owe me! I have changed my perspective, life is too short and nothing is guaranteed. My new outlook is that I am working until the first moment I can safely retire and I’m out. Live for yourself, staying just to “ make them pay” leads to nothing but anger and resentment. I refuse to let any of it affect my physical or mental health for even one more day. Do your job, get your life in order and leave that is what will make you happy!
@dh I understand vesting and maybe I misunderstand the OP's question, but regardless, retirement doesn't affect vesting. I mean, I take the original question as if there is a benefit to retire instead of waiting to get laid off. I don't think there is for the vast majority of us at least. If there is a benefit I would love to know what that might be.
There’s a vesting period on your pension. I believe it’s 5 years. So that depends on how long you’ve been with USB. Your 401k should stay with you just fine.
Do people on here think you don't get your pension or 401k if you get laid off or fired? Seriously, if you give 0 days notice and tell your boss to f off you still get both. I have yet to hear about retirement benefits. Maybe executives get something but nothing for grade 16 or lower. I would love someone to point something out that I don't know about.
I delayed my retirement because I saw that layoffs were coming. Keep quiet on any retirement plans. If you indicate that you plan on retiring, then you disqualify yourself for severance benefits.
Even if you're laid off, you're still eligible for the Cash Balance Plan benefits.
Keep quiet about your plans (I'm gonna work forever, boss!) and bide your time. Take the severance money and take your spouse on a nice vacation to kick off your next chapter.
@a5 pension, for starters
@a5 pension & 401.
Huh? It’s always better to get laid off than retiring.
I am 55 and want to be laid off so I can get severance. I won’t quit and let the. Off the hook.
laid me off!!!!!
Always better to make them laid you off if you are retiring. You get alll the benefits, and quicker, and severance.
It’s beautiful to be laid off…if you are retiring
Make the manager play the termination card, as there would be some significant age and s-x discrimination claims involved, absent some cause or performance breakdown that justified/supported the termination. Most of the terminations are not performance based, creating a lack of a framework to easily support the termination, such that the only basis for the termination left would be the employees age and/or s-x, which is still unlawful in the United States of America.
What retirement benefits? You would most likely be better off getting severance. Having said that I do not know of any retirement benefits you might receive.