So it appears that with a severance package, any stock vesting that happens during the severance time frame will vest (Sept, 2019).
I have two questions however- has anyone seen an extension of this vesting to a second/ third year in the past and has anyone seen/ heard examples of ADP covering benefits/ COBRA on behalf of the severed employee for a portion of the severance period?
To @Z6TIVkf-cvla , I am not paying a dime for my medical Retiree Aetna Choice POS II CDHP - 200. (I did have to change the plan I was on) this will continue for 2 years. I am paying only $16 for my vision.
Letter grade VP’s get health care until 65.
The recent VP’s were given addional perks, not the VERP but I believe 1 year. Decide umongst yourselves whether that’s warranted or not.
To @Z6TIVkf-6mbj: The VERP employees did not receive any free benefits. We were allowed to pay the employee rate for two years from the termination date. After that, we are on our own.
To the original poster: You should consider yourself lucky that they would allow any additional vesting time during your severance period. It is not customary nor have I ever heard of a company doing that. I agree that you should take what you can get upon exiting but do not expect ADP to be generous. As has been stated in multiple previous posts on this site, companies do not have to give you ANYTHING when they ask you to leave.
Part of the VERP offering was continued medical coverage for 2 years at no cost to employee. This is the only time I believe ADP extended benefits.
Most employees pay a portion of the benefits cost. To my knowledge, ADP doesn't cover medical, dental, vision, insurance, etc. for most employees and definitely not under COBRA. However, they will allow former employees to purchase similar coverage, if they choose, for a given period of time at rates close to what they had been paying as employees. However, you can also purchase from the open market, should you choose to.