A little birdie says a VERP is coming our way in Aug 2026. Hopefully this is true!
18 replies (most recent on top)
The last verp was for those who would be 55 in the year it was offered. I was 54 at the time, soon to be 55. It was 3 months salary put into your 401k if you weren't part of older retirement plans mdt used to offer, which I wasn't. That's it. I tried to wait it out for rif but I couldn't do it. Retired without any extra benefit. Oh well, at least I'm FREE.
@sd in the past both voluntary RIF and early retirement had to get management approval. If they needed you as a contractor, they’d just decline your RIF/ERP request which really leaves you up s-creek since they know you want out.
@sd That’s assuming you wanted/ needed to work (for Medtronic) after the RIF/ VERP.
I’m grateful for a career with Medtronic that treated me very well, but on to new adventures.
The best possible RIF/VERP case would be 64+ and able to work a deal with management, to be retained as a contractor after the agreement with HR is signed.
I heard the RIF package is much better than VERP (if you are lucky enough to be near retirement age and get RIFd).
I was 2 years from retirement when I was RIFd in May after 15 years of service. The package got me ‘close enough’ to call it quits.
Does anyone know what the VERP package entails?
In 2023, about 30% of the VERP eligible population took the buyout. However most of them were the legacy minnesota/Santa Rosa types with real pension and insurance benefits. Many eligible who were recent hires or acquisition employees turned it down. I’d estimate the uptake from the legacy MN employees exit pension was almost 60% yes on VErP and some who said no regretted it quickly
A fun fact to think about, 90% of MN employees offered the VERP would decline, Why give up a great paying job and WFH and DEI benefits. Anyone ever seen the RTO % in MN ?
@mr Generous, I disagree but it is better to do it on your terms.
The VERP could happen if your BU is about to restructure or being downsized. My guess it would impact 59+ year old's. MDT has been very generous to folks close to retirement age. Sorry but MFG won't be impacted as the bottom line would be impacted. IMHO based on 20 years with MDT.
VERP me baby!!!
@ds The age qualifier has come down over the years, I think the last time it was 55?
Please be true!
at what age am i qualify for VERP? I'm 53 and will like to retire
I couldn’t be that lucky
Except Operations, just like last time ..... UGH I'm betting.
@ab voluntary early retirement program
D-mb question, what’s a verp?
I believe it!