It never ceases to amaze me how sleazy this company is. They sent out a "special incentive " retirement option to 3500 employees 55 and older. It was sold as a special opportunity for years of service a d dedication. It's the same thing as if you got layed off. 2 week pay for every year's service. And you cannot collect unemployment.
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Sign me up.
@bj I called and got someone with an accent so thick I couldn't understand any of what they were saying and had to call back. I called back until I got someone who spoke enough English that I could understand it and was explained the thing and yeah...you guessed it right.
@10h 100%. I'm in same situation and my health is suffering for all my "years of dedication". I'm outie and if they try to sc--w me out of the package I wouldn't be surprised.
Agree that penalizing older employees by reducing the bonus payout is pretty cr-ppy on their part, yet not surprising given that this ELT has shown that's exactly who they are. Exiting this year, with paid unused PTO vs. losing it all next year is also something to consider. For me, that calculation of getting paid for unused PTO would pretty much make up the difference and equal a full bonus payout, so I'm leaning towards opting in and enjoying some serenity now! I have zero interest is contributing to the success of this ELT/unrecognizable company. Staying borders on being complicit to me. No judgement on others of course, but I'd rather move on to something more beneficial to my well-being and the planet than bust my hump doing the work of 3 people while not being appreciated or valued by my employer. But that's me. It's not a prize to be the last one standing - handling an unhealthy work load. We have suffered enough.
I think the 50% prorated bonus is pretty poor. If memory serves me correctly, the “standard” severance package provided a prorated bonus - it did not reduce it by 50%. Everything else about the package is the same as a forced layoff. I will probably be offered the package next year, but unless it is better than the forced layoff option, I have zero incentive to take it.
Severance pay is limited to 52 weeks regardless of your years of service.
I went on the company intranet page. They are certain people are going to jump at this offer. I don't see why anyone would. May as well wait until you get laid off
@es and in NY state you cannot collect unemployment until your severance is exhausted
Correct! The unemployment benefits is different state by state. In NY, the maximum amount is $504 per week for 26 weeks.
Severance is worth WAAAYYY more than unemployment.
@c5 thank you for your input. I am thinking if we don't take the deal but get laid off anyway they could offer no sererance at but we could get unemployment. It's a catch 22 for sure.
For the VRP, if your stock fully vests it’s better than the layoff deal. With the layoff, depending on the timing you could lose a year or two of vesting stock (if you have it).
@c9 52 weeks is the max
@OP For the severance of 2 weeks for every 1 year employed - is there a maximum? For instance, if someone has 30 years of service do they get 60 weeks of severance? Thanks!
Anyone who received the VRP email clearly knows exactly the way the company values them (very little). Given that severance benefits historically worsen as time passes, getting paid out for your unused PTO this year vs. losing it all next year has it's appeal. Who knows if they'll pay people any bonus in the continuing lay offs. Also, getting out now vs. being one of the last ones still standing (while doing the work of several people since they are not back-filling spots) means side-stepping a lot of aggravation. Every person I know who has ever been in a similar situation and accepted the get out of jail free offer of a VRP from their employment situation says they do not regret it at all, as it ultimately lifted a huge weight off their shoulders.
When people show you who they are, believe them. See this ELT for who they are.
They want to drive up the stock and then exit with so much.
@bg please spill the tea and tell us all how bad the call was. Bet Cigna has HIH trying to handle these calls LOL
Embarrassing?
Go on…
I had questions. Called. And an embarrassing experience. I’ll take my chances and wait for the actual lay off.
@ac the phone number probably connects to someone over HIH. Not surprised nobody answered.
@ah yep and if you take your chances in staying, the next round probably wont be any better. That and it won’t be a choice. They want people gone and gone they will be, one way or another. There’s no loyalty with any companies anymore. Get your ducks in a row and get out of there.
@af The good thing about this offer is that it’s voluntary, if it’s not right for your situation don’t accept it. But, don’t expect future offers (if there are any) to be better. History has shown that corporate golden handshakes degrade as time goes by.
The docu sign gave basic information only, this is the amount and this is how many weeks. That's it. The rest you have to go on a hunt to find anything, app secretive. Found cobra rates, they are saying it's subsidized.... Really? Over $300 a month for just employee, thousands for a family. Of course they put the "normal" cobra rates above showing $800 up, like they are doing us a favor, this is not special benefits, it's a rip off, cost should be what we are paying now. This whole thing stinks.
@ac The bonus was mentioned, it’s just that the calculation they list is very confusing. Why “multiplied by 50%” if you work all or most of the year?
For COBRA, do a search in Iris for “2025 COBRA Rates”. In that pdf on page 3 you’ll see the retiree rates are generally about 1/3 of the standard rates.
Paid earned PTO is a standard benefit through 12/31/2025 for all collecting a severance.
@OP I so agree. Received the DocuSign today. No mention of bonus, unused PTO and what they will subsidize for Cobra. All of which were supposed to entice us to accept. I called the number they provided if we had any questions and was on hold fir 33-minutes. Nobody ever picked up. What an awful frustrating experience.
It makes me a little concerned that they may be about to make cuts to our severance.
Which means they would be fine with and/or want another 3500 people gone!