Sounds like you will get your chance! I heard rumors of voluntary retirement packages coming soon. Anyone know if this is true? Would it pay out severance too if I was planning on retiring this year anyway?
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@11m Email received. The clock is ticking…..
@11e thanks for sharing your information!
Can’t wait … July 1st can’t come soon enough!!
@10h - I’m on the Express Scripts/Evernorth side and received the VRP email. This is great timing for me. I have been applying and interviewing internally for months. It has been difficult since I’m remote. I’ve had really good interviews, but they don’t want to hire remote. Another problem is it’s hard for ESI people to move to the Cigna side. This early retirement package is a pretty good deal imo.
@10p they will try AI first. I guess the transformation time means AI transformation!
@10n Most likely they will check on case by case basis. If team can still handle the work, then no backfill is needed, otherwise they will shuffle people around, or hire HIH or jurors.
Well are they going to back fill those positions or just make others pick up the slack?
55+ is described below
Has anyone in evernorth got the VRP email? Is it just for Cigna people this time?
@pm I thought our plan stated 59 1/2.
They picked 55 because that’s the age you can get your Cigna 401K without penalty.
I suppose they figured people may decide to retire if they can get their savings.
Isn't this illegal? They are specific on the age group, that within itself is discrimination. I understand they are saying this is voluntary, but either you take it out you're fired later with no benefits. Any attorneys out there? I see a class action lawsuit in the making. Especially since you sign the waiver or you get nothing. Read all the lawsuits already on this company, they paid a 172 MILLION DOLLAR lawsuit for doing fraudulent Medicare acts... Why do you think they sold it?
@zh Add AI and HIH into the mix as well. Definitely scary times.
I think you’re correct that corporate isn’t no longer a place for us ancient 50 year olds.
Us older folks are also being shunned for any internal roles. Even when the move is lateral. I had hoped to work at Cigna until I turn 60. I now have almost no hope of that happening.
Better save while you can and find a job to pay the bills until retirement when you’re pushed out.
@x1 good luck. There's a reason they're cutting our age group this aggressively. I've been job hunting for 10 months now and hearing nothing back. No one wants to hire someone on the verge of retirement when there are thousands of desperate graduates begging for jobs. Not sure corporate is the place for us anymore.
@wr no, you don’t lose anything you ever put in.
There’s no restriction on employment with other companies.
Are there any restrictions on how long you have to wait before taking another job in the healthcare industry (especially with a competitor)? I’m turning 57 this month and there’s no way I can afford to fully retire yet. I’ll need to work another 7 years or so. If I could take another job within 3-4 months I would do this.
@ts If you’re trying to say that you would no longer be contributing to your 401k so you would no longer receive matching contributions you would be correct.
@ts where did you hear this? As in, you lose anything they ever put into your 401k?
@OP Copied from the FAQ Page in regards to the VRP:
• If I elect to participate in the VRP, can I apply for unemployment benefits?
Yes, you may apply for unemployment benefits. However, eligibility for benefits is determined by the state.
@vm Copied directly from the VRP FAQ page:
• If I elect to participate in the VRP, can I apply for unemployment benefits?
Yes, you may apply for unemployment benefits. However, eligibility for benefits is determined by the state.
@v6 I saw that page and I think they linked to it in error. It looks like the page for the “normal” JEs they’ve been doing.
Usually when it’s your choice to leave you can’t claim unemployment benefits but the rules are different state to state. The CT site lists some conditions where you can, like healthcare reasons for example where you would need to provide documentation….
https://portal.ct.gov/dol/knowledge-base/articles/ui-claims-and-eligibility/can-i-receive-unemployment-if-i-quit-my-job
In looking at the FAQ's in regards to accepting the VRP, it says you are eligible to apply for unemployment. benefits. To clarify - if after severance runs out I have not found a new position, would I be able to collect unemployment benefits? They indicate yes but will they fight it when they receive the request saying that it was a voluntary resignation?
@pm
One detail to add.
To use the 55+ rule, your 401k must remain with the employer you had a “separation of service” from.
If you choose to take the offer, be aware that you will also lose your 401k match that is 5% of your salary and bonuses I believe.
Here someone asked for the early retirement plan. Here we go. Some people are happy now.
https://www.thelayoff.com/t/1v7OsE7F
@ac faq sheet says subsidized COBRA through the duration of the severance period
@pm Do you get a prorated bonus if you get laid off? Do you get all of your earned PTO when you get laid off? Do you get subsidized COBRA when you get laid off?
I’m honestly asking because I don’t know
@pm that’s assuming they don’t change how they are doing severance now. Better or worse. They haven’t exactly shown to be trustworthy.
If the incentives are nothing more than the standard severance, why not just let them fire you?
The "Rule of 55" allows for penalty-free withdrawals from an employer-sponsored retirement plan, like a 401(k) or 403(b), when an individual leaves their job in or after the year they turn 55. This means those who retire or otherwise leave their job at age 55 or older can access their retirement funds without incurring the usual 10% early withdrawal penalty from the IRS.
All to make way for younger people at less money and HIH. Take it and get out of there. If you don’t then they will more than likely just JE-Job Eliminate your role and at that point you may not make out as well as you would in taking the offer now.
My role was JE’d this year and once the shock of it all wears off, you see how better off you are without this toxic place. It’s only getting worse and worse every day there. Leave it while you can.
Effective date is dates during fall 2025
@dy believe me this is no deal. I have known for 22 years changing jobs once you hit 50 is hard. Just like this company targeting the 55 and over to grow younger talent other companies are doing the same. I have friends in your age range and younger that are currently struggling to get a decent paying job.
@g4 consider the unlucky lot of us who gave years to this company and don't want this. We had enough trouble trying to get ahead here. Just like this company most companies don't want older yet experienced employees. Believe me after 50 years of working and two graduate degrees I gave tried. Once the severance runs out we still rent and bills to pay. People are upset and in a panic with just a month to make a life changing decision and figure out finances going forward. I had no plans of retiring after 19 years but backed into a corner knowing future eliminations are coming without the incentives I have no choice.
@eq if you received the email that you are eligible make sure you take time to read everything and use all resources available. Your individual offers will come out from Docu sign on July 1st. Pay close attention. According to the questions answered, there will not be another offer like this. If enough of us don't take it there will be future job eliminations. Think and plan carefully.
Any IT folks got this offer？ Make more rooms for HIH to grow?
Are the medical directors getting the letters?
Marketing impacted this time, not sure of other areas/departments offered the VRP
We’re barely getting the work done as is and they’re obviously not planning on backfilling all who take it. More bad news for customer care and the unlucky lot us left to do the work for the 55+ aged employees that will undoubtedly take the offer and run.