Hello Everyone, I recently noticed that all traces of the severance package details that was previous listed on our internal USAA online portals have been removed. Does anyone know if USAA is still providing Bank and non-Bank severance packages? And, do you know of someone that’s received a severance package in the last 2 months? Thank you
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I was laid off in early October and received 60 days of at home status (no change in salary or benefits and full system access plus career counseling and resume help). If I do not find an internal position, a severance payout equal to a year’s salary is provided. I was designated as “bank affiliated” and this matters because if I had been designated as “enterprise” the payout would have been a lot less. Not sure if everyone gets the same as me. Glad to be moving on from USAA; will miss my team but not the chaos and lack of good management.
I previously worked at a very large bank that was conducting mass layoffs. I noticed that the severance plan was not accessible online. Two weeks later, the new severance plan was released, and the downgraded plan was revealed. The number of weeks for new hires increased a little bit and the remainder had been lowered across the board.
During the employee meeting, if you paid attention to the slide that showed the strategy for the past few years, 2022-2024, and 2025+, you’ll notice that there’s still a significant portion of the 2022-2024 bar graph that has to do with cost cutting. I don’t remember the exact word/words they used on the slide to convey cost cutting, but it’s pretty clear that more layoffs are coming next year.
In fact, because 2025 does not list that cost cutting section at all and budgets are being finalized (if not already finalized), it wouldn’t surprise me if we see the highest number of layoffs in 2024. It’ll be the “last hurrah,” if you will.
“Qualifying Termination” shall mean a Termination for one of the following
reasons, as determined by the Employer in its sole discretion:
(i) Position elimination;
(ii) Reduction in staff or layoff;
(ii) Facility closing;
(iii) Closure of a business unit;
(iv) Organization restructuring;
(v) Significant mismatch in Employee’s skills determined by a change in roles,
responsibilities or Employer needs; or
Additionally, a Termination under such other circumstances as the Plan
Administrator deems appropriate for the payment of severance benefits shall be a
Qualifying Termination.
Notwithstanding any Plan provision to the contrary, the term “Qualifying
Termination” shall not include:
(i) The Employee’s voluntary Termination of Employment;
(ii) Termination of the Employee by the Employer as a result of the Employee’s
engaging in conduct which violates the Employer’s policies and/or is
harmful to the Employer (as determined by the Employer in its sole
discretion);
(iii) Termination due to the Employee’s disability or death while an active
Employee of the Employer;
(iv) Termination due to the failure to meet standards of job performance;
(v) Termination under the Employer’s Time-Off Work or Phased Retirement
Policy (or any subsequent policies addressing such issues);
(vi) Termination as a result of the Employee’s failure to return to work for any
reason at the end of a leave of absence or a period of extended time off; or
(vii) The Employee’s termination of employment with USAA or an affiliate
followed immediately by employment with another affiliate, or if the former
employment was with an affiliate, with USAA.
In the absence of any such action by the Plan Administrator and if the conditions
of Sections 4.5 and 4.6 and any other applicable provisions hereof are met,
severance payments shall be made: (1) to Eligible Employees classified as Full-
time Employees in the amount of the greater of A) two weeks of Salary for each
full Year of Credited Service and a prorated amount for any partial Year of Credited
Service, or B) two weeks of Salary for each full $10,000 in Annualized Salary the Eligible Employee was being paid immediately preceding the Qualifying
Termination and a prorated amount for such Salary less than $10,000; and (2) to
Eligible Employees classified as Part-time Employees in the amount of the greater
of A) one week of Salary for each full Year of Credited Service and a prorated
amount for any partial Year of Credited Service; or B) one week of Salary for each
full $10,000 in Annualized Salary the Eligible Employee was being paid
immediately preceding the Qualifying Termination and a prorated amount for
portions of such Salary less than $10,000. Notwithstanding any provision of the
Plan to the contrary, the Severance Pay payable pursuant to any Employee shall be
reduced to the extent necessary for USAA or any Employer to comply with
applicable regulatory requirements.
(b) Notwithstanding any provision of the Plan to the contrary, in no event shall
Severance Pay payable to any Employee exceed 52 weeks of Salary (i.e.,
Annualized Salary)
I would pucker up because they are definately getting ready for a mass layoff especially with the required new arbitration agreement you had to sign to keep your job.