I heard that early retirements were being offered to people in Sales. Specifically, I heard if you are over 55 with 5 years of service the early out was being offered.
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Many, many years ago, prior to the merger with GHMSI (DC Plan), BCBSMD finances were so bad that we almost lost our affiliation with the BCBS Association. If it's that bad this time, the organization is ripe for being taken over by another Blues plan. BP's big extravagant vision might be the end of this organization. Very sad to hear what's going on. If you are offered the VSP package, I would talk with a financial advisor and take your pension lump sum, rolling it over into an IRA or some other advised plan so you don't pay an exorbitant amount of taxes. Best of luck to all impacted.
Wish I met the criteria for the VSP. Seems finances are worse than BP leads us to believe. For those of us that “get” to stay, we are…
@33k If they don't achieve the numbers and they decide to lay off people, those people that get laid off will get severance (which is completely different from the VSP lump sum). You can go on the intranet and read the severance plan.
@2th sadly, if they do not achieve the numbers they are looking for, they will most likely reduce the staff w/o the severance.
@2pw Just be careful with the payout. It is taxed like a bonus. Trying to find a job in this job market is not appealing to me. I’m passing.
@qh Roll it over into a Traditional IRA
@16k Currently CF does not offer <65 health benefits to former associates who take early retirement (they say the cost is too high to offer those benefits under a CF group plan. I know someone who was eliminated and took early retirement being <65 who was paying 25K+ a year for family coverage under CF plan, prior to CF discontinuing that plan). Currently you need to go to the Market Place (ACA) for benefits. If you are retired and <65, CF provides some tiny subsidy towards those benefits. It will be interesting to see if CF will offer anything different for those impacted by this downsizing. There is also COBRA, but that is super expensive too.
@16k this is ageism at its best and the market no longer wants the seasoned employee. A lot do not offer benefits either. Maybe check a broker/consultant to see if our expertise might come in handy
That too depends on the buyout agreement and what is wanted for everyone to sign off on i.e can't work for a competitor etc.
Anybody have any idea what the package looks like?
It is a package that will be offered no later than the 7th of July for those +55 and 5 years with the company. There will be 2 waves. Regular will be done approx for Sept 2025 and whatever they are considering as essential will be offered 1/1/26 is what I am hearing. Being that anyone with time in is no longer considered needed because supposively everything we know is in a SOP (not sure what defines essential then). There is also supposed to be an offering for benefits for those under 65 but the 65+ should be funneled into the Med Adv plan and dental and vision should be offered as well.
Yeah, but what happens when you are < 65 and you provide healthcare for your family? Back to job market at a time when the market favors employers over employees. The days of employment stability are gone.
Early retirement is just an inflated and optional severance package. If you’re offered it and don’t take it, your position will be eliminated in the near future and you’ll get a regular severance package.
@OP looks like it's confirmed. I guess I'll keep checking my inbox.
I heard at least 1200 associates will be let go. Just know, if you are one of them, and NOT 65, you will have to go to the market place for your healthcare. CF no longer offers healthcare benefits for those under 65. I'm told CF does offer an allowance towards market place benefits, but not sure how much. If you are lucky to be 65 or older, CF offers a 3 group Medicare Addvantage plans. The premium plan is pricy but there is no deductible for dr-gs. The plus plan has the same health benefits as the premium plan, but there is a $300 deductible for dr-gs. I've never really looked at the basic plan. If you do decide to take your pension lump sum, be sure you talk to a finical advisor before taking it. If you do not roll it over into an IRA or something else, you will have a huge chunk taken out in taxes. Wishing all the best of luck/
@kh Right? Seems awful ageist for a company constantly preaching diversity, equity and inclusion (only when it benefits them, I guess). Tsk Tsk! Hypocrisy at its finest!
@OP I heard similar and not just sales. 55? When they say 'early' they mean it. I thought retirement was 67? I don't know many of us that can afford to stop working that long before benefits kick in. I like to stay positive but early retirement got brought up at the last meeting. I don't want to work at Walmart for the next 10 years. Good luck everyone!