I'm an old timer and not expecting any performance based action but will likely be impacted by either retirement, project cancellation, or sight closure. Also not quite ready to retire. So here are my questions. Is "Enhanced Retirement" voluntary of forced, and will it be offered to everyone eligible? Also, If I opt out of enhanced retirement but then my project gets cancelled 2 months later, do I then have the choice to request enhanced retirement instead of ISP or Layoff package?
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I guess the "Sight" closure is decided by god! ;)
To the OP: Retirement by law can never be forced unless you are in a field where bona fied mandatory retirement is approved, this doesn't apply to Intel employees. Bona fied mandatory retirement is warranted in cases such as public safety, or jobs where physical limitations due to the the person's age could gravely injure other people if they are not able to perform their duties. Retirement at Intel is never forced, it is always voluntary and counted as attrition. Though, there are times when high level managers get told they are being termed for performance and due to their grade level (Gr 10+) they are given the option to retire out or resign in lieu of termination - 100% of the time they will choose one of these options instead of being termed by Intel. This is not a forced retirement either - hope that helps explain part of your question...
And speaking of not making sense @bgj... Since when does everything Intel does make sense?? Did the ISP with no chance of rehire for SSL4/5 make sense? Nope, sure didn't and was a huge game changer.
It makes perfect sense to me @bgj. They are sweetening the pot to entice more people ALREADY eligible to retire, yet still there, to get out. They are giving you more than you'd get if you retired without this package. IT did a pilot years ago and offered a retirement package to those already eligible. Turns out not everyone eligible realizes they are eligible!! I've talked to a LOT of people that have never heard of the Rule of 55 for instance. Everyone knows The Rule of 75 and a lot of people think that's the only rule. It's not. (A) This could open the eyes of some with a "I'm eligible? Huh. I didn't know that", or (B) people like me eligible under the Rule of 55 patiently waiting for a package. :)
But to your point, I can see them doing that too (loosening the rules so more are eligible). But I'm putting my money on my scenario, not yours. Betcha a buck! lol :)
@bgj: This is why-- They vastly enhance the package with 1 year salary + 1 ABP target, 2 years of medical, and some other fringe benefits so that people who don't even consider the regular retirement would now take a closer look at that option.
@ccb -- That doesn't seem to make sense--why offer enhanced retirement only to people who are ALREADY eligible for retirement under current rules? If they want to hit their numbers, they would have to expand the target group. I'm assuming something like 55 and 10 years of service, and pulling rule of 75 down to rule of 70...
Retirement, VSP, ISP, and site closure are all run by corporate HR using a set formula. And yes, retirement will be offered to anyone who qualifies for any of the following rules:
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age + # of years of service >= 75,
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At least 55 AND at least 15 years of service, and
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You are over 65
6/24/2016 is the date to determine your age and # of years of service.
I'm assuming that they will have to offer Enhanced Retirement to ALL who qualify; otherwise it would look like age discrimination if they offered it to some older workers and not others.
Everything they have relayed to us says the enhanced retire is voluntary. They are also lumping it together (different benefits though) with VSP which is voluntary.
No clue if it will be offered to everyone eligible. I sure hope it is with no exclusions. My guess is that it will be since they have a mighty big number to hit (12K).
I'm also guessing that if you decline the enhanced retirement, and the date to opt in has passed, you're going to be SOL if you get hit with one of the project or site closures since the timeline for that is late June and I think after we have the option to take the ER or not. I'm hearing end of June for both. Guessing when ER ends, then the other starts.
You have 60 days to decide whether to take the retirement package, and the clock starts on 4/25. Meanwhile, project cancellation packages should be offered several days before that clock runs out (at the latest, some may be notified way sooner). That way, you can still choose the retirement package if your project gets cancelled. Bottom line-- If you don't plan to retire during this round, wait til the last day (6/24) to make the decision so that you have all the options in front of you.
Note: Depending on the length of your service, you may actually get more cash from project cancellation than the retirement. I believe the break-even point is around 32 years for most people (assuming your ABP target is about 4-weeks of your salary). That said, retirement offers longer medical benefits (2 years). So, if you can use the medical from your spouse or other source, then you may actually want to take the project cancellation package in this situation.
*Proj cancellation..
I would/will take what I can get as soon as I can get it.
BK never made his stand clear on prom cancellation. It was very vague. It could be redeployment.