Been with the company almost 20 years and this is like hitting the lottery. My 401k is already enough to fund an early retirement, but the severance package was amazing! I'm not complaining! Plus we are getting full payout of vacation and STI.
I might look for another job, one that isn't stressful, or just call it quits after this.
@c3 LOL the company only offers severance so you can’t turn around and sue them. That’s what you agree to when you sign.
VZ is dangling a pitiful amount of money in front of people that no longer have income. It’s sick, but we’re not millionaires so we need to take it if we want to even try and stay afloat.
@a5 Nothing to blame but the parents.
@bj The company does not have to offer severance, period. All employees should be grateful that there is a severance package, even if the purpose is only to shield against lawsuits.
LOL I am so glad you're happy with the standard severance package rather than an actual job.
You're capped at 35 weeks so 17.5 years of service unless you're Band 5+ in which case you were probably part of the reason VZ is where it is today.
Not everyone is close to retirement age or eligible for Medicare. ACA premiums are shooting up and you have people about to lose health care coverage for families. This "wonderful package" will barely cover the cap for a family COBRA plan.
Never thought I would see someone praise their executioner. Pathetic.
@aq well yeah
@ae "...I didn't really do anything, it was just set it and forget it. Over 20 years of compounded returns..."
Like a savings account?
@OP Is this Hatchett Man Dan? Fu-k Verizon.
@aj Depends how you are invested and how big your 401k is? Market goes up and down, but as long as you have a plan to cover down years, it doesn't matter. As you won't sell at a loss. If you have saved even a minimum amount every year since youth you should have at least 1M. If you have saved like you should you should have several million.
40 weeks pay is a nice little bonus if you were planning to leave anyway. It isn't life-changing or lottery money lol Maybe like three numbers and the Powerball.
401k will be worth nothing soon with the pathetic stock market
OP, happy to hear you took your boss’s big package
Troll post.
@ac I avoided the Target Date Funds and put everything in the Large Cap fund. I maxed out every year. I didn't really do anything, it was just set it and forget it. Over 20 years of compounded returns.
Let me guess, you were ridiculously overpaid (and most likely underskilled). Unfortunately this is the reason why you and many undeserving people are unemployed tonight.
@a3 $5Mil in VZ 401k is amazing returns, what was your buy/hold strategy?
@OP whelp, we found Han's burner account.
The STI payout during a Verizon RIF is still the same as it always was (66% of the payout). It is only higher during a VSP offer. Read the severance pdf.
@a5 You can take out without penalty before 59 1/2 or 55 if you do Substantially Equal Periodic Payments (SEPP), a series of roughly equal payments taken over your life expectancy (must continue for at least five years or until you turn 59½, whichever is longer).
OP, happy you were able to take such a large package..
The STI can be treated.
There are people who are jobless tonight and might be the primary breadwinners in the homes or have medical debt, etc. What a tone deaf post.
Severance THread: https://www.thelayoff.com/t/1kah69dqb
@OP+1kah69dqb
I thought the severance package su-ked. I make a little over 150k and will only see about 60k out of the 100k package after taxes per my accountant. Can’t touch that 401k without penalty until you are either 59 1/2 or if you are 55 or older right now when layed off.
Op what was the package?
@a1 Mid 7 figures. I just maxed it out every year. The last 10 years or so the market returns have been very high.
@a1 he has $401k lol
hey humble bragger @op - how much do you have in ur 401K?