Does anybody affected mind sharing? Is it the same as usual or have they made any unexpected changes?
16 replies (most recent on top)
@bd if you get a job before severance starts, you may lose the severance?
@dv ps, I recognize they likely wouldn't guarantee any length of employment but I would ask anyway. They could change the terms of severance in a month and let you go again so don't fall for it.
@bd that's actually negotiable and anyone that got laid off and rehired would be a fool to give that money back. In many cases the employer is recognizing that they sc--wed up badly by trying to rehire a worker and would likely hire you back and allow you to keep their good as a token of good will. If you are that valuable to them, I would never give that back and would probably not come back without a substantial sign-on bonus, no gap in employment at Cigna (you retain your original hire date), big pay raise, and guarantee of x number of years of guaranteed pay. It's a business decision and Goliath was forced to show his cards and I would cash in or walk away ... go all in or just find another job else where it enjoy the P & Q if I could afford it. Good luck all!!
@bc yup this is one of those top and rare 1 in 20 outcomes.
Go off and do great things in this world folks.
@a7 you do not lose your severance when you get a job with another company.
You would only lose your severance if Cigna hires you back.
With the new shareholders/owners coming in to turn this company into UHC, Cigna will likely never have employees experience this type of severance package again. It's going to become now very post Recession style. It's now become a month only, with little/no severance.
You all are lucky in a weird way.
3) a formal letter confirming mutual separation due to restructuring.
This one is very reasonable, if you do this let me know. This will help me for future and better employers. None of this was performance based for anyone laid off today.
@a9 The "notice period" (before severance kicks in) could be 30, 60 or 90 days -- depends on your state as states can have different requirements. So...not everyone is same, and notice period NOT related to your band level. Different people on the same team, same role, same band, etc. could have different notice periods if located in different states.
@a7 My understanding is that we will be paid through the end of March before severance starts. Not the end of April.That’s 60 days, which makes sense.
"2) Health care coverage throughout the severance period"
Company provided healthcare ends on your last day of employment, not through the severance period (unless you elect COBRA).
@a1 wow, so you'll be paid as if you're working through the end of April and then get severance pay? If someone else hires you before April do you lose severance?
@a3 I’m band 5 director.
@a1 that’s a lot of pushing, didn’t realize the separation was negotiable
If the layoffs trigger a WARN notice in your state, they have to give you 60 calendar days before your severance begins so it sounds like you were given a longer notice period which I have seen for some Band 5+. Please share what band you are.
If it’s not provided, I want to push on the items below. Does anyone have an opinion or view on past experience?
1) accelerated vesting of all unvested options and grants, since those were earned from past performance
2) Health care coverage throughout the severance period
3) a formal letter confirming mutual separation due to restructuring
4) formal severance period extended to 12 months (don’t expect this, but hoping to meet in the middle)
I got out of my SD that 2025 bonuses would be paid out to me. I don’t know if that’s universal, for Band 5 directors, or case-by-case.
I also was told I’d stay on payroll till end of April, after which the severance period will kick in.
No severance package yet.