I have a question over the benefits that Citigroup offers staff being laid off due to a Reduction In Force (RIF). I have heard that everyone keeps two weeks pay for each year that worked at Citigroup, but are there any other benefits offered as part of their package? What healthcare (medical) benefits are being made available? Only COBRA, or is does medical benefits continue for some time as part of the Garden Leave requirement? How about the bank annual 401K contribution, if I was to be RIF between November 2025 to February 2026, would Citigroup make any kind of contribution into my 401K in March 2026? Thanks in advance,
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Read the employee handbook as some of those things are covered. Standard sev for 2 weeks for every year of service up to max of 52 weeks (full year salary.)
=> Non-working work period of 60 days where you will receive a regular pay check and full benefits (i.e. medical if you opt into medical)
=> Citi will continue to match your contributions during this period. In the following year when Citi makes their matching contribution - you will receive the match for the period you are eligible for (i.e. your time working and contributing in the year of the match.)
=> Pension (if you have it) will be paid out
=> Vacation time (if you have unused PTO)
=> At or around the end of the 'non-working' work period - the severance package will be paid out in a lump sum:
Retirement contributions are NOT removed from the lump payout as that lump sum payout represents severange and NOT salary which is not eligible for 401K contributions (i.e. it is not regular salary.) Your 401K contributions will only come out of a regular pay check up to the end of your 60 day non-working period.
This formula applies to C grades up to MD as MD has a completely different compensation package which are typically negotiated.
Nope, nope, nope
F