VSP Package details....
Eligible employees have a combined age + length of service of 60yrs or more. So 45yrs old with 15yrs at the company, you are eligible.
Pay is 2weeks plus 1 week for every year length of service, times 1.5. Been with the company 10yrs, you get 12weeks x 1.5 = 18weeks pay.
Paid COBRA coverage for up to 4mos.
Regarding 19 year cap. The last SEC filing regarding VSP was 2015 as far as I can find. Exhibit 10.8 says 26 weeks is max payout. Are the shareholders aware of a higher payout?
At the end of the day it doesn't really matter why the company is doing this. Each one has to decide whether accepting the VSP package is right for them or not. It's never an easy decision when deciding to give up your job. Cooperate America is brutal
Service time starts July 2001 to now. That is why some of us are getting the email and some aren't. Either way it s---s.
Fact of the matter is, we aren't privileged to know who made these decisions or what the criteria was. I highly doubt it was the HR folks, I suspect senior management. At a time like this, we need to pull together and help each other out any way we can whether we were selected for VSP or not. It's never easy to think about losing your job, let's not make it worse by insulting those that had no say as to their receipt of that email. This is the perfect opportunity to show the world that we are more than just a group of employees, but we are a family and when one hurts, we all hurt. ...and yes, I'm losing my job.
There is no cap and it goes back to triquint and sawtech if you were here.
Heard there was a 19 year cap on service calculation that's not mentioned in the paperwork.
Whatever makes you feel better :) some of our most useless people often think they're the best!
Given that some of our most valuable and dedicated employees got the VSP "offer", It's obvious this had nothing to do with performance.
The difference is that you s--- and they don't ;)
"Eligible employees have a combined age + length of service of 60yrs or more. So 45yrs old with 15yrs at the company, you are eligible."
This is not true, I know some people who should be eligible but did not receive the email, so they are being selective in the process. I hate that my future depends on a HR person who nothing about us and what we do day after day. So why didn't some people get the email? I am 49 and I got it, So what is different between me and them?
Good post OP - thanks
Thanks for the details. Any "paid for" placement services help, like those companies that help people update their resume and train them to interview better and all that? Some companies pay for that, some don't.