Preface: I've been there, done that, as I was a casualty in the acquisition of WellCare HP by Centene. I'm doing this to help folks.
From my LinkedIn post.
The benefits are pretty skimpy if you really want 30K employees out of UHG. For starters, the lowest salary grades get the least number of weeks. It is designed to incentivize the highest SGs to leave. It maxes out for everyone at 30 weeks or 7.5 months. It also is clear that they don't want these people to return.
What's not discussed here are other things that can be major money:
** how 401K matching will be treated--will it vest or do you lose it (my bet is that what hasn't vested will be lost). When can you transfer it to an outside IRA?
**how restricted stock units in short term and long term incentive programs will be treated--will they vest or do you lose them?
**bonuses--will they be prorated for 2025 through April 30? Or do you lose them entirely? If they are paid, when?
**incentives such as for sales
**healthcare extension--will it extend at the employee rate with UHG paying their share for the duration of the severance period, or will you be forced to go on COBRA immediately?
**Non-competes--are you prevented from being hired by a health plan or in fact any business that competes with ANY business under UHG? If so, how long?
You could be really stuck if you have a specialized skill that another payer or similar organization uses if you have an enforceable non-compete for a year, and your severance only covers 20 weeks. (If you're retiring out of this, of course, you won't care much about this.)
If you're a low performer, this might be a far better deal than staying and waiting to be fired.
Finally--get a labor lawyer and have him or her review before you sign anything. Local laws differ. BTW, severance packages are taxed in many states at a higher level than your salary! Same for your STI and LTI. You need to plan for that additional taxation so consult with your accountant.
I've found that a general rule is you try to get as much runway as possible before the job and the regular paycheck ends. You may find out that you can negotiate a later date than May 1 and still be packaged out. You will find out how you are regarded by your senior management if you're met with laughter at any suggestion of a later date--especially if your direct report is also being packaged out.