Can anyone who has been ISP'd tell me the severance differences between the VSP and being ISP'd? My position is about to be terminated. I was offered the VSP but didn't take it because Im nowhere near retirement. I know the VSP offered 2 weeks per each year worked. Does the ISP work the same, or am I going to be shorted severance because I didn't take the VSP? Trying to figure out my life after giving 18 years to a place I thought I was going to retire that has turned into a complete dumpster fire.
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@ef I have a horrible feeling that the next round of layoffs will be way more brutal and cut throat than last years or the previous years (23'-24', OPS had 100s of layoffs but it was kept quiet). ELT hates 85% of the people that work in home office. They need 60% of our offshored and they need it done as quickly as possible to hit the magic numbers. Can't go public with ugly numbers, otherwise you won't have the big guys with money buying in. That's what this whole "transformation" is about if you have been paying attention to not what they say, but what they do.
The responses below are outlining the packages based on last year. I was told that if your role is being eliminated you’ll have 60 days notice to find another job in the firm. However, at the end of that time if you haven’t found a new job you’ll just be fired with no severance.
@d1 great summary
Cap - yes ISP was 52 weeks, VSP was 70 weeks
Health Insurance - ISP - No supplemental insurance premiums, VSP - Jones pays for the first six months of whatever insurance you have starting the following month.
LP - If you met rule of 70, you were able to keep your LP (regardless of ISP or VSP).
LSP - Long Service Plan, if you met the rule of 70 you were eligible for the continued items available to them (regardless of VSP or ISP) .
Those are/were the main differences for the VSP offered in 2025. Anything new, YMMV.
I believe another difference is that VSP gets to keep their LP shares and ISP associates must liquidate.
I believe the VSP and ISP comparison was same severance package except for the amount of insurance coverage. But generally I believe it was 2 weeks per year. Also ISP had a cap of about 52 weeks where VSP was higher. Of course that was 2025. Things could be different based on your unique situation or if the firm changes how they handle separation plans.