How’s the severance package looking? I’m ready.
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looking good, sign here, we will be in touch
It was great. I got 99 days notice and then 6 months pay. Insurance was existing rate for 6 months than cobra for 12 more months. Stock was 34.oo a share. Color me gone and couldn't be happier.
Everyone is worried about six months of severance while the four former CEO’s plundered the company and are getting millions each year in compensation, benefits and perks!!
" No medical is offered unless you retired by December 31, 2021."
You're confused, but correct in the sense that, yes, there is no subsidized pre Medicare medical insurance for non -bargained retirees since that date. There MAY be short term coverage as someone described... where your medical coverage remains intact at your employee rate for 6 months after your surplus date. After that, you'd be on your own.
No medical is offered unless you retired by December 31, 2021.
I hope you don't mind. I am going to continue to call "it" a "package."
If by “package” you mean severance, then that’s what we get. Basically 2 weeks per year of service up to 6 months. Same as it’s been for a long long time.
Package meaning cash offer, plus severance, etc… then as has been stated by many including someone from HR, those days are gone and will never return. Some of you waiting on a “package” are going to be dead before that happens. Maybe under new bosses, but the current ones are absolute no’s on packages.
Standard Severance per the policy: 4% of your base per year of service (rounded where 3 years 6 mo 1 day is 4 years service and 3 years 5 months 1 day is rounded to 3 years service ). So at 12 years you get 48% of your base and at 13 years or more you max at 50%
There IS a package for management. It matches the normal severance package.
If you truly want to be surplussed, let your manager know. I would guess by now all ranking are completed or about to be. In management, everyone gets ranked, lowest to highest. You will probably never see this ranking, but when they start to surplus it is a large component of who goes and who stays.
If you manger knows you want to go, there is a good chance they will rank you low.
It's a pretty generous package with severance plus medical. Hence, the "package". Many companies give you 2 weeks of severance only.
Mangement here. Got surplussed September 22 for last day on Payroll Oct. 6. The package is severance plus medical only. For example, a lot of employees got 6 months of severance plus 6 months of medical at whatever cost they were paying for medical when they were an active employee. Also the active medical lasts the entire month your last day on payroll is. If your last day on payroll was October 6th, your medical lasts till October 31, then COBRA kicks in. Hope this helps.
If people would simply stop using the word “package”, it would alleviate a lot of confusion. There are no “packages”. There IS severance. Severance plan details are on HR One Stop for both management and bargained for. They are not arbitrary. The last revision to the plan was 2015. Severance currently caps out at 6 months salary for management.
Standard package details on HR Onestop
No packages for Mangement.