As a person who took the past VRP and received 2 wks of pay per year of service, (so a year of pay for me), well subsidized cobra and bonus, I am curious what the terms are for those laid off. Is it a similar package after being paid through March or whenever? How long is the severance pay and other items.? Thanks for any info and so sorry for those affected. I definitely hadn’t planned on leaving this soon. Really loved my job
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@ka The standard, non-VRP severance package has much higher COBRA rates as medical is NOT subsidized.
The subsidized cobra for VRP was medical only but the subsidized amount made the monthly amount you pay come out to essentially what you paid when employed. That was more than I expected. Definitely helped make the decision easier. Curious if subsidized amount is same for JE
The severance package for those affected by JE (on 1/29) the minimum one can get is 18 weeks and max 54 weeks. This is same for band 4-6. Most people were classified as non-working (on payroll thru 4/4 (termination date).
Cigna subsidizes Cobra for medical plan only, u pay for dental and vision. Folks will still get bonus if they were in a role that has bonus. They will get a letter early mid March of bonus amt. I recommend adjusting your 401K contribution PRIOR to bonus payout. Use this time to reset mentally physically and emotionally. It’s not the end of the world being laid off. Give yourself grace and love for a situation that was beyond your control.
@d5 "So the involuntary package exceeds the voluntary package by 60 days salary?"
No, the notification date with later term date is the same. The difference is the band and role. At higher levels, they may cut your access (login) off, so you have no further direct access but expect you to answer phone calls, or at lower levels want you to still come in and work for a few weeks.
@fg
From what I have seen, this notification period with later term date has been the norm for a couple of years.
The approximately 2 months in the case of the 1/29 JE's and this VRP is similar and can be considered the "warning" or heads up with a defined true termination date, but the status of the employee will look different for different people during the heads up period. Some will be required to work through the approximately 2 month period, others will remain as employees and essentially be put on paid leave and locked out of any access until the termination date. 2 months heads up is not a guarantee of how they always will do these, but this round and the VRP are about the same this time.
These packages are nearly identical except I'm hearing different stories about subsidized COBRA. VRP definitely gets a subsidy, I'm not sure what is being offered for a JE.
@b3 I heard no subsidized cobra for JE, just plain Cobra
@b3 interesting i know 3 people on another team, their end day was 1/29
So the involuntary package exceeds the voluntary package by 60 days salary?
@ay if they aren’t vested, there isn’t another option.
@ba I asked about the severance package offered from the layoffs, not the unemployment after
UE benefits are managed by your state.
Does anyone know if you can negotiate unemployment benefits will take effect after severance is completed if you select the VRP? I hear that in some cases you can negotiate some aspects of the package with other companies wondering if anyone has done it here at Cig? TIA.
We lost about 8 people in our team and we have a working period from notification 1/29, to last day of work, 4/4, then severance at 2 wks of pay per yr of service. Subsidized COBRA for medical only.
No…but you shouldn’t be holding healthcare insurance stocks anyway.
What about long term incentives that haven't vested yet? Is there a difference in how they are handled?
Plus, VRP not likely to be eligible for unemployment benefits when severance period ends (depends on state).
The same minus cobra, but the paid 2-month period between notification and official termination more than makes up for it.