This goes out to anyone receiving a severance or who has received one and is no longer here. Some of us were told about a month ago that we have to decide if we want to take severance or relocate to another office out of state. We were given a June 30th deadline to make our decision. So as of today we have 5 days to make a decision (really 3 due to the upcoming weekend) and we have yet to see anything in writing as to what our severance package would include (# of weeks pay and how it would be paid (1 payment, split into 2 payments?, bonus amount, health coverage premium amounts). Our last day would be Jan 2 but with the decision required June 30th and no solid numbers to go on, how is one to make an educated decision. Is this normal? Will they just present the numbers the day we have to decide? I find this very odd bordering on illegal but i'm not a lawyer so i don't want to read too much into the legality of it all. Anyone gone thru this who could provide details? We have rec'd piecemeal answers to questions we posed via email but I was expecting some sort of severance statement, kinda like the compensation statements we get at bonus time that spells everything out clearly. Should I have a lawyer on speed-dial?
28 replies (most recent on top)
@OP did you get any responses? You should have full disclosure. We only had one week to decide and there was no severance option available after 19 plus years with the company. I think a lawyer is absolutely a must, but they give you no time to do that. Still I would have a lawyer review. Good luck!
@1zd @zb was me. I am responsible but now that heavy employer drama has just entered my life.
I was recently offered relocation like my peers in Denver or severance. I have about a year to sever and have been here quite some time so the package would be pretty significant especially compared to that tiny relocation offer. That move from SC to NC cost me almost half of what they offered me to go to Frisco. However that was not counting the change of state, doctors, and so many other things that cost me a lot of time and work hours needing PTO or whatnot so was probably close to the same relocation offer I was given to Frisco. Moving is such a pain in the …
I am seriously considering avoiding severance for a contract role with a bank and just keep doing the “bank circuit” in Charlotte versus staying here, waiting for severance when so many will be looking g for jobs at the same time next year.
@zb I think that makes you a responsible person who doesn’t invite employer drama into their life.
@sv “ around a 1,000 associates in corporate, non client facing roles that are remote or in local small branches”
Rumor or confirmed?
I think they overestimated people liking their salary more than the location. The relocation offer was low compared to any other corporate relocation where they actually want you to move. I think moreso for people renting versus owning.
A normal relocation offer tries to get you to be in the same position as you prior to relocation. The lump sum is component of the offer not the offer. It’s not abnormal to cover all moving costs, closing costs and any travel expenses then have a lump sum component in addition.
The logic they are using is truly an only cost matters perspective. There is zero reason Denver employees couldn’t have worked remote until they at least had a replacement hired and trained. Instead we have work starting today that is just being dropped. We haven’t been able backfill for over a year, causing no one to want to pick up the extra work because they’re all overloaded anyways.
Yup. Even if they offered 5 times the amount, I would have declined. Severance and bonus is almost that much so why bother moving?
The funny thing is that this transition is taking so long that TIAA will end up paying new hires more and the savings from the move to Texas is no longer a wash. I bet leadership knows the messed up are gritting their teeth while forcibly push a square peg into any hole but a square one.
@12g same here. The relocation offer once finally made known to associates was too small for most regardless of how good sr leadership made it seem. People don’t uproot their lives for a job anymore like they may have 25-50 years ago. Moving (with all its intangible and things to do on a checklist for one person let alone families) is not worth the headache regardless how much the offer is.
I got nearly 4 times their relocation offer via severance. Honestly if they doubled tripled or quadrupled my severance payment even that wouldn’t have enticed me to move to Frisco, Charlotte or anywhere.
I’m not commenting here to talk about severance estimates specifics. I did want to say that if you read between the lines it’s obvious the company is in a panic.
They did not hit their target for moves from Denver or Jacksonville. Hiring in slow in Frisco and other companies have started to poach all of the good talent with salaries that are actually competitive.
This is the beginning of the end of TIAA. Even with all of the missteps over the past 15 years, this company had a chance to evolve and retain good talent through an excellent culture. Instead we see one of the worst mishandlings in corporate history. It’s hard to mess up this badly. You have to actively make d-mb decisions consistently.
Anyway, I am taking the severance.
Obviously. Even if the relocation benefit quadrupled they can go kick rocks.
@zb clearly a troll
@zb that you’re a cheap and miserable bootlicker; but you do you. Enjoy the continued ride down to mediocrity.
@z9 I lived in a townhome in Fort Mill and commuted to TIAA main campus every day for 10 years until I moved to Concord in 2020 and still make it in my 3 days, usually more. What’s does that say about me according to you?
@z9 you are an ignorant fool. lots of people live in townhomes. In Denver and Charlotte, Frisco, New Jersey, NY, Connecticut Chicago suburbs…. Not sure what you mean by that but yeah if I’m a EVP I’m not planting my foot in a house in Charlotte or Frisco especially in this economy/housing market. Plus higher ups get offered bigger better jobs all the time so no point todo a 30 year mortgage in a city you don’t want to live in for the rest of your life.
I was offered Frisco and would have probably opted for an apartment if the relocation amount was better at least triple if not quadruple what the tiny amount was. But that would be because within 12 months I’d be expendable but after 12 months I can apply and go anywhere else in Frisco or the US for my next job.
@yt he bought a townhome in south Charlotte at the end of 2024. Doesn't seem like a “long time”, nor permanent.
@yc Sastry is in the Charlotte office moved there some time back. He does travel a lot so maybe you don’t see him there all the time.
Bottom line is they want people in the larger offices that are remaining open for a full 5 day RTO, which sounds like the plan by next summer or as late as 1/1/27.
“ around a 1,000 associates in corporate, non client facing roles that are remote or in local small branches”
@sv does that mean Sastry, Jessica B. and the other EC and/or L3 “leaders” or above that sit in a branch office were notified?!?!?!
Rules for thee, not for me….
@dh around a 1,000 associates in corporate, non client facing roles that are remote or in local small branches were advised last week, specifics are not final but supposedly relocate by summer 2026 or offered severance.
Curious, what other locations are people being asked to relocate from ( other than Denver and Jacksonville)?
@a9 to clarify I meant all the info was in the Severance Policy
@ch yeah I was pretty disappointed with my relocation offer too.. It was very small compared to what I’d get from severance. It wouldn’t cover much of anything by comparison.
I was actually considering moving until I finally saw that number after 7 months. Pathetic. Like, make it worth our while with the time cost and effort to uproot our lives. At least try and match someone’s severance or something.
Again no one gets an actual severance package document until after the relocation decision was made and the period is closed, pending timeframe around bonus. So you may get something next week or some time after whenever the last day was to accept/decline.
Also if you were offered relocation. You could possibly have the ability to run a severance estimator in workday and would have received an email saying you have access to that tool.
But any document is not final until closer to end date.
Are you confusing the moving package information with severance package. I don’t recall a specific severance package file, I just calculated from the document like others have mentioned. We did get a moving package value, which was no where near enough but that was available before the decision.
Be grateful you get to leave this shithole, and are being paid off to do it.
@ae not necessarily. Depends where you are located and what batch. Some states have different rules TIAA has to follow. For example Colorado has a right to bonus law that TIAA has to comply with. Probably one reason they are closing Denver.
So you don’t get it in writing until after you decline relocation. Most in Denver won’t get it until after next bonus payout because of the complexity around that. Only ones to get in writing were folks whose last day is those with end dates from July through to December 2025.
If yours is January 2nd 2026 may not get it for a couple of months as they have hundreds of people to process first from. Jacksonville and Denver.
My date is March 2025 and I won’t know my severance or have it in writing until closer to that after bonus pools and things are completed and finalized as I would technically be entitled to 3 months of the 2026 bonus.
TLDR: it depends on your end date and nothing will be available until after relocation decisions deadline is passed pending 800+ folks before you in Jax and Denver.
@a9. my point when making the post was that I never received a severance document/statement. I pretty much understand what I will be getting, but I want to see it on a piece of paper. Don’t you think I should’ve received that by now. ??
I believe Workday has a severance estimator tool you can use especially for anyone told to relocate or receive severance. Check there as well as the Severance Policy on the intranet…
Wow that is crazy… didn’t know more than just Denver/Jacksonville being asked to relocate or take severance before either office officially closes.
I’m curious where you are located being asked to move. Guessing Charlotte or NYC (or a smaller office location / non-hub) to Frisco?
All the info is in the severance package document. It’s not rocket science the hardest part to calculate is your bonus side of the payment.
Anyway HR or the document should have told you this… The two payments is depending o. Your severance date and how much you are entitled to receive.
For example if your date is July 1 2025 and have been with TIAA for 15 years and are under $100k you’re entitled to 30 weeks of severance (2 weeks for every year of service) however there would only be 26 weeks left in 2025 so you’d get 4 weeks paid in January. Whereas if you have only been with TIAA for 5 years you’d get 10 weeks severance paid via one payment.
Basically boils down to your years of service with TIAA, annual salary (various multipliers for amounts over $100K), and your end date. For tax purposes and other reasons TIAA can’t pay you 30 weeks when there are only 26 weeks left in year. Or 52 weeks when there are 26 weeks left if you are maxed out for the current severance policy.
It will most likely follow the company’s severance policy which can be found on the intranet.