Thread regarding Corebridge Financial layoffs

I am in California and EDD (unemployment), wanted to clarify why I left as Corebridge told them I voluntarily left. I told them that while that is technically true, according to the form they made us sign, many of us felt pushed out. We left under duress feeling we did not truly have an option. Staying meant we would most likely have a target on our backs to get pushed out. With email after email and the meetings clearly threatening if most of us did not leave, we would be let go in the future, leaving under duress seemed the only option. It was evident we were no longer welcomed in the company. After 25 years, and getting old, I was no longer of use to them. It was clear it was just business, nothing personal, but leave before they make you leave.

@r5t
If you don't mind, what state are you located in?

Myself and another colleague in north Texas are being denied. Currently going through appeals. In NJ, one colleague was approved, one was denied.

For more insight, go look for another topic on this Layoff/Corebridge site directly related to Texas Workforce Commission (Subject title), more of the struggles are laid out in that string. This is so frustrating when they clearly stated they would not contest unemployment claims.

@5np I applied and started receiving payment but then it appears the company actually contested the claim and I was informed by EDD that I am ineligible and must pay back the payments that were sent. I plan to appeal this as I feel I was pressured and given an ultimatum to take the payout.

@5y4 I understand and agree with this frustration. It's been like this since before the separation from AIG. The ELT clearly wants a smaller US employee headcount and they believe offshoring is the answer. The problem is for those left behind that take on additional tasks or oversight of the offshore work. There is no way to replace the skill, knowledge and high quality of service provided by experienced folks. On paper it appears the functions are covered, but the quality and timeliness suffer. Also, the workload from new projects and constant change hasn't decreased to offset a smaller work force. If anything, it has increased. I have dealt with this personally the last 2.5 years as my entire team was eliminated one by one through RIF initiatives. I was "lucky" to keep my position. I feel for those people whose jobs will be harder after these departures. I've been there and you have my sincere empathy. This VERP was a blessing to many folks including me.

Does anyone know how the payout will be made? Is it by check? Direct deposit?
Also, when will the payout happen?

I don't regret my decision at all because I know God has something else out there planned for me. I definitely felt forced to take it by the way that email was worded. I need to find out if we can claim unemployment even though we accepted a package. I read the rules on if TWC will accept your claim and it mentions if you can show proof of them more or less forcing you to take it or if you felt like you had no choice then they would accept it. So I have a copy of that email they sent. I'm going to file a claim on the following Monday and hope it will work because I can use that money to pay for my medical.

Anyone regretting taking the VERP? How many felt forced to take it?

AIG stands for “Am I Gone?”.

Now the rest of us scramble to take up the slack of the people who took the package. Feeling the stress in having to learn jobs that will be absorbed by the remaining staff and most in a short period of time.

So, if 480 is right, that's about the 10 percent they were after. I guess this suggests no future planned layoffs or expanding VERP. But who knows.

Over 480 took the package. Around 50% of eligible people.

Question about Unemployment. Are we able to claim it??

A lot of people took the package.Good for them! Welcome MetLife

I was almost right on the money with what I had figure the amount would be. What I am surprised by is how quickly they want us gone. I spoke to another person who also took the package. They are much higher up with a lot more knowledge that they would need to transfer and they received the same May 9th date as myself with a lot less of a knowledge transfer. I find that odd and so did they. Kind of makes me wonder even more know about the health of the company. Does anyone know of how many others are going? I only know of me and this one other person. Obviously those who are in here too but not sure how many that is. I don't think it's very many.

I’m pleased with acceptance and my date! What about you?

I want to also say the communications and info sessions regarding the VERP were handled very well. The challenge was trying to find someone internally to discuss the options.

Not offered to financial advisors.

After many days of going back and forth I did accept the VERP. I can tell you this is not something I wanted to do, but I did not want to spend each day wondering if I get cut four months from now. There is absolutely no internal support to help with what is a very big decision. I can tell that I would rather have control of my career and that was the deciding factor.

If anyone is denied they should sue for mental anguish

Not everyone will be approved. Business Impact decides!

You can't tell people what to do. I am significantly underpaid. They are bringing in people from MetLife for the same job paying them a minimum of 20K -50k more. I have asked for a salary increase and it's always stuck on some senior leader's desk. BS. That is BS.That is the game they play to keep you attached like a toxic abusive relationshiop. Even market standards for my role pays 20-30k more than what I am receiving in a salary. I am drowning in work and providing service at 2010 wages when I was hired. No I will not allow them to continue to take advantage of my premium service. Let me take my chances and get even the bare minimum market rate. If you are happy with your salary you can stay. But for me, I will exit and not look back. I am underpaid, undervalued and not appreciated.

The VERP only makes sense if you have another job waiting or were planning on retiring. Once you factor the taxes on the lump sum, the cost of insurance, you are better off with a layoff. And hey we can always file a class action suit. We are a protected class. Do what is right for you, don't let fear or the supposed extra money sway you.

Ok, so after a lot of flip flopping around, I've decided to take the package. I've already pushed the button yesterday. I feel very confident now in my decision. Interestingly, today, a random recruiter reached out to me to discuss a job that I used to do years ago. He saw my LinkedIn profile and I had it on there. He was impressed, after I sent him my resume, he sent it to others who were equally impressed with my previous experience regardless if it was a LONG time ago and I do hope to continue the process further. The salary I was quoted was off....the.....chain! WAY more than I currently make. I say this to say, that not everyone practices ageism. I have to always keep that close to my heart and if a company does, then I don't want to work there anyway and God saved me from that place. I really hope they give our retirement date soon. I told him what the situation was because he asked when I could start if I was given the job. I can't commit yet to a day when I could leave. I hate this unknown. Is it the first of May/June or is it the last day of May/June? How was it done with the AIG folks?

Do we know how many took the VERP so far?

Only a few more days! Choose wisely.

Change is inevitable, and nothing is certain. No one is going to come and rescue you—you need to make your decision based on your unique situation. Yes, the job market is tough, but opportunities are still out there. While the company may feel unstable, it's also evolving, and you have the choice to ride the wave of fear or be intentional about your career, no matter your age. Ageism is real, just like racism; however, people facing both still secure jobs every day—and some even land better positions with higher pay.

The future is unknown, but remember, you’ve weathered tough times before—like the pandemic—and came out the other side stronger. Whatever you choose, you will survive, and hopefully thrive.

Take a moment to reflect. What do you want to do? What’s best for you right now? Are you happy with your current career here? Do you feel fairly compensated, appreciated, and fulfilled? Do the pros outweigh the cons? Is the company ethical and transparent in its dealings with employees and customers?

Assess how taking the package will impact you personally. What if you don’t find a new job for 2 years? Will you be okay? What if you land something within 6 months? Walk through both scenarios and plan accordingly, then make your decision with clarity and confidence.

After reading all of this, I'm so conflicted again. I hate this so much. At first, when I got the email, I cried and cried. It just pi---s me off. They're culling the old people. That's what I thought and that's what I still think. I've talked to uppers and lowers just trying to get a sense of things over all and I'm not getting much. I've heard numbers but who knows if they are correct or not. I haven't heard of hardly anyone that's taking it. Of course I'm only in my little area and not sure if people are just being quiet about it or what. If I knew I could get a job within a few months, I'd do it in a heart beat because I need that money so bad. But because I'm upper 50s and I've experienced and seen ageism all throughout the hiring process, I scares the $hit out of me. If I buckle down, I could make it last for a year and a half but that year and a half will go by so fast. What's the point of taking it if you're just going to blow through the money and maybe end up with a $hitty job because now you're desperate. So then I think take my chances. Then sure enough, I'll get RIFed and I don't get hardly get anything and I'm in the same boat. I talked to managers about this feeling of having a target on my back if I didn't take it. I was told numerous times that the company can't do that because it's against the law. Well, who knows if that's really true. I'd love to hear more thoughts people have. We still have a week to think more. Does anyone know what company they use for the outplacement service? Is it like a LLH where they help you with your resume/LinkedIn profile and things like that? Do you know if you have to go into their office weekly to meet? Do they have recruiters that you can connect with? Tag me if you can so I can see it.

Is anyone taking the VERP?

Not that I have any idea, but seems to me that if they don't get the body count they are after, they will simply loosen the restrictions and try another round instead of going for layoffs. For instance, 50+10yrs and 55+5yrs could be expanded to 51+9yrs, 52+8yrs, etc. In fact, to be fair, they should have done that from the beginning. How is a 54yr old with 9 years of service less deserving than a 55yr old with 5 years of service?

If you don't take the VERP, how long after will you be RIF'ed?

Yes...there's people taking it. I heard they were expecting 30% offered to take it.

Does anyone know what percentage they're targeting for the VERP?

Thanks for the advice but they offered it to ALL people who are in a certain age/time bracket It is not personally pointed - so I suggest you do what is best for you. They don’t want EVERYONE who was offered to take it Yes you can take a risk and get RIF’d or you might be fine. Everyone’s situations are different AND try not to listen to “helpful” coworkers who are secretly hoping you will go so they feel maybe their job will then be safe

I took the AIG VERP this time last year and it was very similar to this one. I AM SO THANKFUL I took the package. The poster before me who wrote: "they are telling you they don't want you anymore" is so true. And if you don't take the VERP I know first-hand my AIG colleagues who didn't take it and then the following month they were let go with next to nothing. Take the package! I know I worked with many of you at AIG. When this is offered, it's TIME TO GO. If you're in my age bracket 59-60 it will be terrifying. Too young to officially retire but too old to get hired. Don't let that stop you. I found a new job in 2 months' time. There are companies out there just waiting to scoop up good, experienced people like us. Some of us decided to try other things, new careers, etc. If you can do it great! Also, with this much money your taxes will be affected to involve a Finance person and tax person as to what to do with it. BUT TAKE IT. TRUST ME. Best to all of you. I know it su-ks. I was here this time last year. But you got this and you are still worth so much to corporate world that is not the same as it was when we entered it. But employers are out there. You have to keep applying and try to get a name. Referral from the inside. All it took was one person to call me and not pay attention to the logarithms on the job sites. Don't let the age discrimination fire wall defeat you. Upgrade LinkedIn to the level where you can see recruiter names. Find someone you know at that company. Getting your resume in the hands of the recruiter and have them actually read it is the key! Take the cash, roll your 401k over into an IRA and when you get hired, start a new 401k at the new job for the remaining years you plan to work until you officially retire. Sorry so long but this was my life a year ago and how it played out for me. I'm being paid so much more than I was after 18 years at AIG and it's important to remember you still provide value and worth!

The ‘American’ Workforce Verp window to participate is this month 3/3 to 3/31.

There are 3 waves schedule for:
May,
June,
Oct
(specific day not yet revealed).

April 7th was released as the notification day for program acceptance and wave assignment.

company is unstable. continue to look towards other companies to sell ownership to.
If you were already unhappy, feeling undervalued, and not seeing a clear path for growth, this might be your best exit strategy while you still have control.
Before making a final decision, run the numbers with a financial advisor to make sure it makes sense tax-wise. But if you’re looking for a sign, this might be it.

Is pay for PTO capped? i.e. rolled over 10 days from last year, plus what's accumulated in 2025. Also, use the stock market alternate day and floating holiday before you go.

PTO can be cashed out

Will they cash out your unused PTO or should you Burn it before taking the offer?

Not offered to financial advisors