What is the max weeks they paid out? I heard conflicting info. Was it 2 weeks for each year maxed at 40 weeks?
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Pay: 2 weeks for each year, capped at 35 weeks, prorated STI: Target is multiplied by 75%, then prorated. Vacation will be paid out, personal and sick will not. ALL unvested RSU will vest.
Benefits: 2 weeks for each year, capped at 35 weeks, medical/dental/vision included at no premium, post-tax benefits like life insurance will be direct billed.
Outstanding 401k loans will need to be set up as recurring payments from a checking account.
Employee Phone Plan will continue for 52 weeks.
@ef Except for the VSPs, 35 weeks has been the max severance period for at least the last 20 years. There are no plans to reduce it. There have been more than 50 people laid off by state. NJ recently had a WARN of 121 in BR, off payroll in August. And the federal law is 50 people per work site, not state. Some states have stricter requirements.
I got my package on May 7th. Dan the Man reduced severance pay to max out at 35 weeks, soon to be reduced to 26 weeks to match the Fed’s unemployment benefits.
Plus he’s skirting the WARN law by limiting layoffs to less than 50 per state per layoff.
Look it up too, it's all right there on the internal HR site....
@OP 2 weeks per year. Capped at 35 if I remember correctly for standard severance