I did hear it mentioned that some groups may have VSP type offers this year, but it seems we are doing pretty well as is, so not sure if that will happen. Anyone heard anything about a VSP? Please no politics.
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The younger folks want to keep their jobs, and the older folks want to leave. Seems like a no-brainer to offer some kind severance package to those who are ready to retire.
It means just that in Change of Control. Like when Oxy bought APC there was a COC at APC. It is common practice to have one in place these days.
https://oxylink.oxy.com/siteassets/documents/benefits-spd/oxy_change_in_control_severance_plan_spd_final.pdf
What is the change in control severance? Does this mean oxy is being bought?
I bypassed my boss and directly emailed HR, and I received what I needed.
Good point. Being able to take the VSP is not a given. If you really want the VSP make sure you are in a job that is not needed. It sounds wrong but it is so true.
When I took the VSP there were conditions. Oxy reviewed my request and determined if I was eligible. My VP had the ultimate say. Fortunately, I got the OK and retired early.
Think of VSP as a lifeboat and OXY as the Titanic… I’d jump on that the moment it was offered—heck, I’d even fight for it by emailing HR!
I'd be all over some kind of retirement package. Seems like a logical way to go for OXY if head counts need to go down.
@a7+1 Looks like they just updated the same document they had back in 2020 and 2022. It is probably one of those douments that legally need updated. It is a nice COC, but I doubt with a VSP we would get the LTI outstanding, and other parts might not be as generous for a VSP. There use to be a document for basic severance that was around in 2020 and 2022. From what I can the the basic severance plan was last updated in September of 2024.
Doing well? VH did a victory lap after only losing $300 million last quarter... Don't spend your bonus, we are coming into hurricane season ;-)
Haven’t heard of a VSP but there was a document recently published called
“CHANGE IN CONTROL SEVERANCE PLAN”
Dated Feb 2025
If the company suspects a change in control the first item of business is to take care of the older employees using a VSP. A buyout or merger is much more stressful than a VSP so many would take the VSP.