I haven't heard about any incoming layoffs, I'm asking just to stay informed. What is in the severance package? How many weeks per year are offered? How is medical coverage handled? Do they immediately cut you off or do they provide you with coverage for an extra month or two until you can figure out a replacement? Anything else?
7 replies (most recent on top)
The 3 weeks pay per year and 3 months of premium are related to the voluntary package, not the standard severance plan for involuntary RIFs.
I have taken the package and it is 3 weeks for every year. 3 months (paid in cash) of your insurance premium. I’m taking cobra too. Also I’m getting my bonus for the rest of the year ( 3 quarters) not bad deal to escape of course you still get your pension snd 401k
@xhe Thank you!
There's actually a severance page with all the information within the truist benefit site. If you are RIFd between the first and the 15th of the month your medical benefits end on the 15th, between the 15th and the end of the month, medical ends at the end of the month. In either case you have the option to extend medical through the government's COBRA program, but the cost will increase to include the amount the company used to pay on your behalf. Also the number of weeks severance pay is not only dependent on how long you've been with the company but also whether or not you have an officer title. Non-officer = 1 week pay per year of service; officer= 2weeks. Things like your HSA, vested 401k, vested pension, all remain yours. If you participate in a short-term incentive program I believe that's paid out on a prorated basis (as long as your performance is in line with requirements); if you participate in long-term incentive on the 4-year vesting schedule, You are immediately 100% vested at the time of the RIF. I'm sure there's other details I'm missing, but those are the big hitter items. Again, just go to the truist benefits website and you can find the severance plan summary.
From below comment: and I don’t know about medical or other benefits.
It was 2 weeks pay for every year of service, with a minimum payout of 8 weeks or something like that at hBBT. There may be have been a cap too. Who knows with TFC, but I bet something similar.
Thanks for asking. If anyone has info., it will help many people.