I made a mistake. I'm an id--t. That's all I wanted to say.
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I passed on a "promotion" to management.
I made a good move. I'm not an id--t. That's all I wanted to say.
@af I did not have a non-compete clause in mine. Maybe that was dependent on the role you had.
Purely financially, VSP made sense to take. But you have to look at the other factors too.
After VSP, I was re-org'd and picked up new responsibilities. Now if I get RIF'd this week, I have that new set of skills I get to put on my resume. I wouldn't have that if I took VSP.
Also, it gave me another full year of great benefits (insurance/PTO) and flexibility with kid activities. With a different job, I'm not so sure I would have had that.
VSP was sweet and I took it. I have a lot of friends that didn't. I try to make them feeling better by reminding them that they got another year's salary or so out of the company.
We all make a decision based on the information we have at the time. It's not like you sold 1/3 of Apple for $600 like that one guy did.
@ah most logical common sense I’ve heard on this board in a long time! There is basically a few and far between situation where someone didn’t work out better getting Rif’d now verse taking the VSP.
@ah I was just going to say the same thing!
Not really, assuming you’ve been with the company a long time, a rif package is 35 weeks max, while the VSP was 60 weeks max. So if worked 25 weeks longer than the last vsp departure date (March 31, 2025), which you clearly have, you’ve basically broken even. Maybe even gotten a few extras weeks out of the company.
You get sc--wed if you decline the VSP, and then get rif’ed within 25 weeks.
As somebody with 6 years of service there wasn't much benefit in taking the vsp either
Also important to note... with the VSP there was a non compete for 12 months and you can never be hired back into VZ. With the severance there is no non compete and you can reapply to VZ.
The payout for VSP was a max of 60 weeks while standard severance is a max of 35 weeks. Significant difference in both compensation and insurance coverage.
@ac oh ok
@ab no. Standard severance (2 weeks) is 35 weeks max
For someone with 33 years of service it would be the same. 3 weeks would be 60 weeks max and 2 weeks will also be 60 weeks max?
@a1 some states were still unemployment eligible. I know several in MA that got unemployment.
@OP same here
All LTI vested immediately. That one extra week was a significant amount of money for most. The STI was paid out double. It was prorated into your overall payout but also paid out in full/prorated as another payment (not sure if this is the same with RIFs). I honestly don't know how anybody could have turned it down unless you had been with the company for 5 years or less.
@a4 with 20 years of service, that extra week (the cap was 60 weeks or 14 months) per year is a significant chunk of change. Plus the benefit coverage for that same length of time. 20 years service got you over a year of salary (+ STI) and over a year of benefit coverage vs 7 months. 7 months is a big difference if you are job hunting. If you have minimal service, yea, it might not make a huge difference to you.
@a1 unemployment eligibility depends on the state. Where I am you qualify for unemployment if the final decision is made by the employer. With VSP, that is the case.
You made the best decision you could make with the information you had.
@a3 I'm asking, what was the difference? I recall 3 weeks per year vs 2 weeks now. Was there an additional benefit ? I sincerely don't remember
The VSP is not a wash, it's certainly better than what you are about to get from the RIF and there's more RIFs to come. It just doesn't end with this one.
It was a big chuck of money to go for sure. No one expected a rif this quickly after a VSP or more people would have left.
What was the advanatge? One extra week of pay per year of service for not being able to file unemployment and never being able to be a VZ employee again. KInd of a wash , no ?