Does anyone know how early retirement works? I’ve heard it’s if your age plus years of service is over 70. Can you ask for it or do you just get selected? What’s the exit package usually like?
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In the company portal, search for “Ready to Retire Guide”. Specifically, check out page 10. It describes 2 tiers of early retirement based on age/tenure (50+5 years, and 57+10 years).
My understanding (someone correct me if I’m wrong) is that just because you technically qualify, there may be no guarantee that such a package will be offered.
@OP COBRA subsidy is available during the severance payout period, so that you pay the same employee portion of the insurance premium, once severance payout ends you will end up paying the full cost plus some overhead which is standard for COBRA coverage. Aptia365 and XPE (Courtesy Service) are said to be retiree benefits, available to those who have reached 56 years of age at the time of termination or their age plus length of service is equal to or greater than 70 years at the time of termination. As a "retiree" XPE is available for three years after termination.
They already have early retirement at 55. I'd look at that and go from there. I'd be surprised if you had to get to 70 with a regular retirement option at 55.
One thing people don’t take into acct.
voluntary = no unemployment benefits
Laid off with severance = severance + unemployment
They have different retirement benefits based on age + service years. Cobra discount, Aptia365 med reimbursements, stock options can have different age/service time rules.
A layoff forced retirement severance pkg. could be 4 weeks + 2 weeks for every year as a Mgr. But it's based on level. A VP will get more than a Director and so on. You could get 3 years of free internet and phone. If you're close or ready to retire, a layoff could be worth waiting for vs. just retiring.