Sounds like you will get your chance! I heard rumors of voluntary retirement packages coming soon. Anyone know if this is true? Would it pay out severance too if I was planning on retiring this year anyway?
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@eq thank you for the clarification. COBRA is not cheap.
@ac definitely not a low rate on health insurance. It's COBRA and that is never cheap
@ew The update from IRIS is there will be another round for other divisions in 2016
I got the email today and couldn’t be happier!! I’m so thankful for the opportunity to get a retirement severance package. I don’t like how the manager selects the termination date but am hoping for a conversation after I opt in. Good luck to those who want this but have to wait for the next offering.
@dy I’m 62. I’d gladly volunteer. My group wasn’t part of it.
I would take it in a second but didn’t get an email. 😢
“COBRA benefits offered as healthcare will terminate on the Sunday after you are terminated.”
Not true. Your Cigna healthcare benefits will terminate on that Sunday. COBRA coverage starts at termination date
@dy probably, I've seen other requests of this nature granted recently.
So if voluntary retirement is 2 weeks for each Year of Service, that is the same as being laid-off (maybe a little bit better with Cobra benefits), right?
Question is that if offered to someone and they do not volunteer, it might be more difficult to then lay them off as it can look like Cigna is liable for age discrimination? Thoughts?
@ac COBRA benefits offered as healthcare will terminate on the Sunday after you are terminated.
If they don't get enough folks accepting to meet their termination goal, layoffs will be brutal. They aren't going to stop until they hit their number.
thanks!
Basically, it’s 2 weeks severance for each YoS, up to 52 weeks. Subsidized cobra rates, prorated bonus payment (if eligible). Earned pto will be paid.
There are 6 predetermined termination dates: 9/13, 9/17, 10/11, 10/25, 11/8, 12/6. Managers will select date based on business needs
Can anyone who got the email share general information about the terms?
I wonder if a 50yo could make a request to get this deal.
@dv what did it say ??
What areas are you in?
I got the email as well. More personalized info to come next week.
I just got the email but I can’t retire, can’t afford it. Kinda nervous. Not sure what’s going to happen.
Tech and Ops out of scope this time but may be eligible for another iteration in early 2026.
Eligible employees will receive an email later today informing them of their eligibility and providing additional information
Voluntary retirement program on the heels of mid year review. Q4 is going to be a blood bath.
This sounds good if it’s true. I’d take it.
@ac Is unused vacation paid out, bonus paid, and 2weeks per year of service? I would love to get out.
Here it comes! Out with the old, in with the new.
@a4 If you have been on leave less than 12 months, you are eligible.
Any idea when notifications should be going out?
Any idea of what is being offered in the package? 1 week for each year? 2 weeks? What have people gotten recently if they just retired. I had heard others who retired recently still were offered a package.
55 y.o plus, 5+ years of service. Some positions may not qualify. There may be restrictions on jobs you could do externally. Benefits get all your stocks mature, withdraw from 401 without penalty, hopefully low rate on health insurance. 3,500 people will qualify. Decide by Aug 1. Effective early 2026. Better than the layoff that may come after.
Any clue what’s in this package?
@OP yes it is. 3500 people getting the offer I hear the age target is 55+
I've got 20 years in and currently on a medical leave. Wonder if medical leave would disqualify a person? Things are not good for me healthwise, and I'd be one of those that wouldn't mind the voluntary retirement....I could find other health coverage and I'm getting close to Medicare age anyway. Since I'm out, I haven't seen the emails that are being spoken of...