about half of what was offered in 2011:
9 months base salary plus 1 week of Weekly Base Pay for each completed Year of Service from the 10th Year of Service to the 19th Year of Service; and
(ii) 2 weeks of Weekly Base Pay for each completed Year of Service from the 20th Year of Service and beyond.
Health Care Benefits Payment: A lump sum payment (grossed up to cover taxes) equal to 9 months of COBRA premiums
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No Bonus this year mentioned, so back that gross amount out of the separation pay? Perhaps if you volunteer for the 9/21 date (prior to PL&I) you wont get that, but normal 10/5 you would (payout is 9/30 unless taking this blocks that)?
Many obvious questions will come up - this is not very well articulated plan at all. Was surprising to see leadership completely caught off-guard by the H1B implications on 20% cut options - they were deer in the headlights.
No mention of any RMAP or the like, so that would mean its not there.
This is a similar offer to last round of LR's (I had to read the script to many of my people leaving).
Isn't COBRA normally an 18-month offering? Still no email received here in CA, so maybe the 7,000 emails are being sent in a staggered fashion by time zone...
The package s—s badly.
Does anyone know what happens with the ESPP when a package is accepted? Do you have to exercise all when leaving the company?
I assume after the 9-month paid COBRA ends, you are eligible to pick up the Cisco RMAP and continue medical coverage on your own dime, correct? Retirement is retirement after all.
No bonus? Pathetic
None of the sales folks will take it. I guess it leaves off their 50% commission component?
For those who received it, are you in US?
1 week per year and 9 months COBRA? That's a joke. Guess the LR is going to be bigger than they think. Only folks eager to find the door are going to take that.
some of us that expected the email didn't get it and have no idea why we were excluded. Oh well, what a disappointing package for those that did get it. Looks very similar to an LR
Makes me so angry I want leave out of spite now.
Can you guys confirm if this is insider info or if you actually received the email? thx.
confirmed via received email
Confirmed 2020 ER package as stated. Just received it this morning.
9 months base salary plus 1 week of Weekly Base Pay for each completed Year of Service from the 10th Year of Service to the 19th Year of Service; and
(ii) 2 weeks of Weekly Base Pay for each completed Year of Service from the 20th Year of Service and beyond.
Health Care:
A lump sum payment (grossed up to cover taxes) equal to 9 months of COBRA premiums, based on your group health benefit elections as of August 1, 2020, will be provided so you may continue health care benefits, or use the funds for anything you choose. (Amount shown reflects amount before gross up for taxes is applied.)
RSU Details:
RSUs scheduled to vest between termination and February 10, 2021 will accelerate and vest. For more information please see the CEP Plan Document and CEP Employee Notification Letter, Separation Agreement and General Release
Outplacement Services:
Randstad RiseSmart
6 month of career support services from Randstad RiseSmart.
Can you guys confirm if this is insider info or if you actually received the email? thx.
I have not been notified - what geo/BU are you in if you don’t mind sharing? Fran mentioned RSU acceleration too...
Also bragging rights for being a retired big shot
Ability to accelerate and cash-in RSUs included?
WTF! That’s hardly better than LR!
What about bonus target?
$30b in the bank and shorting many old enough to have made cisco what it was!
Typical Cisco. Disappointing to the very end!!
how sad