TV
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I know, I know, ripping people off and then getting sued is just part of doing business.
I'm not an attorney but it seems they'll have to remove the age requirement around the rule of 70. If it stays in place one could argue age discrimination either way... You either received the offer because of your age or you were denied it because of your age.
Let's be realistic all. Very few VSPs will be denied.
The VSP is open to 3,000 people. Do we really think more than several hundred will accept it? Unless entire department's or business area's leadership volunteers, a denial will be rare, especially since they're staggering departure dates based on business needs.
You can’t sue over VSP. They are only held accountable for involuntary severance.
Offering it to those who meet the rule of 70 is a wild way to tell the world you're going after older employees. A class action could be on the horizon.
The firm is not obligated to accept every vsp application. The firm retains the right to deny some volunteers based on business need, job function, location, etc. Once, they accept a person's application into the vsp, the employee and firm both sign a formal agreement, they can’t rescind the vsp at that point without cause. While it's being offered to a lot they can't have everyone accept. It would be nice to see what that looked like or if they have a huge number taking this offer.
If they reserve veto power for VSPs, and people who don't get them can still get RIF'd isn't it just a layoff with extra steps?
Is it legal for them to extend a VSP offer only to later reject your acceptance, or does that open the door for a class action lawsuit, especially considering Penny's intent to phase out older employees; if they can selectively choose applicants, won't they lose the safeguards that come with a standard VSP offer?
VSP will be offered to all HO leaders (non GP) and associates who meet the rule of 70. Will have 3 weeks to decide. LP retention if you meet the rule of 70. Insurance for 6 months then Cobra, 2 weeks pay per years of service with a max of 70 weeks.
No, but I suspect before the end of May Home Office associates will receive an email detailing the upcoming VSP.
Last year when it was offered, associates had a month to decide if they wanted to participate in the VSP. And just because someone wants to participate does not mean they would be allowed to.
The first set of people who accepted (last year) I believe their last day is July 1st 2025, with others given a final day of October 1st 2025.
If you are interested in the upcoming VSP be sure to read over the details carefully to understand what you are agreeing to, such as: if the company can push back your severance date (may be important if you are planning on finding other employment and want to give them a definite start date) and if you’ll be extended insurance/what that looks like/ if it’s only COBRA.