After thinking about it and comparing my state unemployment I’d get about 8k more with severance.
It should be a no brainer but I do really love my job. I think I’m leaning 80% towards leaving but will wait for the info calls to solidify my decision.
From everything I’m reading, it seems like they will probably lay off people at the end any ways.
United healthcare made it attrition goal. Actually they will have to restructure due to more people leaving than expected
I opted for it and was asked to extend my term date out to 6 months rather than the two months that was part of the VRSP. Not sure why? I agreed, but should I have?? Seems odd to me that I’m valuable?!
Are any of the subject matter experts being laid off? In what states?
As someone that was RIF’d by UHC last year, here’s some things I experienced. I was just shy of 30 years at the time.
I received 6 months severance & 40 hours of PTO. It’s a lump sum payment & the taxes are so insanely high. $25k of my severance payout went to taxes.
I had the United Low deductible plan with my deductible already met for the year. My first cobra payment for individual coverage was $790. I don’t know how families pay for family coverage.
Your life insurance can convert to self pay however the premiums are ridiculously high, look outside the UHC plans if you can because it was ridiculous to pay those premiums amounts for the coverage I had.
If you have the HSA, you will have to pay admin fees for your account once you leave.
There are so many things that you get as an employee that you don’t realize until they are gone. Do your research!!
You will be required to sign a severance agreement before you can get your severance. Read the agreement very carefully!! Have your attorney look it over. You’d be surprised on what rights you have to give up to get your money.
The whole layoff process is a horrible experience to go through. Just understand what you are agreeing too.
Are they removing/lifting the noncompete too? Make sure to negotiate that if you take it.
I feel the same way.
COBRA Coverage is available if you resign for up to 18 months (Federal law), but you pay the full premium. Cobra $ may less $ than ACA open marketplace plans or more.
Sparq benefits website lists the $ premium Cobra coverage.
I hope everyone educates themselves of their individual state laws (PTO treated as compensation or not) & benefits (unemployment $ & rules).
Please do not rely on generalized statements made on this forum.
Each person's situation is unique to that person. This is a very stressful & personal decision.
Please avoid judging others.
Do what works for you & don't ask for validation of your decision from strangers.
Wait until you hear about the next move. No tax on overtime, which to be honest is a way to get rid of overtime. Outsourcing. Over seas. New people won't get full time, not jobs will be part time. So no more insurance thru employers. More money for the government by private insurance.
I’m for sure not taking it. I’ll ride it out til the wheels fall off then collect unemployment if need be. Not signing anything to get just weeks of pay. Issue is everyone most likely has this mentality & that’s what that Eric guy said in the meeting. If enough people don’t take the package “more intense deductions” will occur. Aka lay offs.
Keep in mind that if you take this voluntary separation you will not be eligible for unemployment or employer sponsored benefits (cobra) as it’s a voluntary separation.
Just something to consider. The small bump in income may not make much of a difference compared to unemployment benefits. The job market is completely saturated right now and if you’re not of retirement age, finding work is really difficult right now and takes a lot of time and hard work, so from someone that’s been through it, consider the long option. Particularly if you’re looking for remote work which seems like a dying breed.
I was determined that i would take the payout but now i am not sure. Voluntary pay would be 20 weeks for me and regular severance pay if terminated, is only 4 weeks less than what i would get if i took the payout. I mean what if i stay and then I don't get laid off. My 18 years is coming in July, if i get laid off after that i would get 18 weeks paid. I might stick it out and see what happens.
Don't forget to consider what Uncle Sam will take out of the companies offer, the fact that benefits were not included and the fact by quitting voluntarily as they are not calling it a lay off prevents from unemployment benefits if you should not be able to secure a new job. If you have a new job ready or are close to retirement anyway then it's a great offer. Can't believe what they are doing to us.
What type of jobs were you seeing
I would only get $384-3300 from unemployment benefits in my state vs $22,000 via the VRSP. I was also quite shocked when I started job hunting last night and found that many comparable positions are now actually paying more than what UHC is currently paying me. It's an easy choice for me.