for example, the table says 27 weeks payout for 18-20 years, and so on? Does anyone know if they have been rounding up for people who worked say 19.5+ years? (or others on the border for any years on the table).
5 replies (most recent on top)
Agree with @drj. I've never known them to round, hence the ranges they give. In all of the ERP/VSP/ISP actions, redeployments, etc. that I've seen, they have never rounded.
I knew somebody who was 2 months from retirement eligibility. He asked about ERP and was denied, so he took the VSP that he was given and left.
A former colleague ISPd said he received his fixed six-weeks pay soon after leaving. When he received his variable pay, they had included the the six-weeks again. He said the calculation matched to the penny for the 2nd six-weeks pay. He thought this must have been a mistake they made.
I little late to be asking if that little bit was the difference between you deciding to take or not the package, as it is certain the next round of packages are much less and have gone thru multiple rounds of proposals and cuts from BK and they are terrible for the future layoffs.
And to answer the question 19.99 years isn't 20 years, does that answer the question?
Merely from what I've read and heard, no, they're not "rounding up." 19.5 years would, presumably (and factually), fall between 18-20 years.
I can't say for sure (since I don't know) but I'd be surprised if they did. I know I wouldn't if I was running the company. They set the criteria, and if you don't make it, you don't make it.
here's a for instance... I know a guy who was planning on retiring. He had a sabbatical planned that was a few weeks out, then a few weeks vacation added to his sabbatical, then he was coming back to work for TWO WEEKS until the day he became eligible to retire (so basically he was ~14 weeks from being eligible to retire). He was ISPed and they would NOT give him the ERP so he lost all his retirement benefits he was mere months from earning.
And yes, they will give you ERP if you were ISPed (if you were eligible for ERP). I have a friend that happened to. She got the ERP package so was happy, but she was immediately walked out due to the ISP. I thought they were being generous to offer her the ERP. Had it been my decision I'd have just given the normal retirement benefits (since she was eligible and they can't take those away from you, but they for dang sure don't have to give you enhanced anything if you're ISP'ed (my opinion only)).