Thread regarding Cisco Systems Inc. layoffs

If you missed the check in, then watch the recording! That’s what they are for. Seriously- why post here where you might not get accurate information?

there's only one person that writes diatribes like this. M please do the right thing here

While Cisco's ELT loves to toot their own ho-n about how "transparent" they are, ever since CR took over as CEO, they've quit sharing the details of the LR severance package to those not impacted saying that you don't need to know. The only LR package that they shared publicly was the one for the voluntary separation and early retirement offer that happened in 2020 or was it 2021?

People have shared details after the impacted people were notified, but there's no way to verify the accuracy of those posts.

Disclaimer: This is all based on personal observations of what has historically happened and is in no way guaranteed. This is my best guess based on what's happened in the past.

• How many salaries is the severance package? Unknown at this time

• When is it given to you and how? (gradually or lump sum?) If they remain the same as previous LR's, it will be lump sum. From the date of notification until your separation date, you'll get paid every 2 weeks, same as always and you'll still accrue PTO and can make 401(k) contributions to get the matching funds. Upon your termination date, you'll get a lump sum for the period of time that should have been paid to you "in lieu of notice" as required by CA's WARN law, but in this case being notified in Dec and terminating in Feb or Mar, that may not be anything. You'll get a lump sum check for your accrued, but unused PTO, possibly combined with the "in lieu" check if they give that out. Then you'll get X number of months, 2 or 3?, as a grossed up lump sum for COBRA coverage and 2-4 months of "severance" if you agree to waive your rights to sue Cisco for anything. The amount of COBRA and severance offered is subject to change with every LR.

• What happens with the bonus money -is it paid prorated for the months worked before the mid term bonus? It all depends on what Cisco's ELT decides to do w/ the mid-year Bonus. If they give out the mid-year bonus, and if they fully fund it, because you were an employee at the end of FY23 Q2 and are eligible for the mid-year bonus, you should receive the same amount of the mid-year bonus that you would receive if you were still employed. I've heard, that for those who are impacted by year-end LR's, some managers will adjust their IPF down such that their year-end bonus total basically amounts to what their mid-year bonus payment was so that they get little-to-no bonus check and other's got their usual IPF and got their full bonus. It really depends on the manager, but the mid-year payout is not based on your IPF, but is based on an assumed 100% / 1.0 IPF at the, usually, 50% of the year-end bonus percentage you're entitled to.

• How about the health/dental and vision benefits? You're eligible for COBRA, in the US, for 18 months. As mentioned above, they've usually included several months of grossed up COBRA payments as a separate check. You can elect to enroll in COBRA and use that money, or you can pocket it to cover any healthcare you need until you get a new job or that new job's healthcare benefits kick in. If you're over 55, and have 5 or more years of service with Cisco, you should be eligible for something called the Cisco Retiree Medical Access Plan, or RMAP, where you can remain on Cisco's benefits until you stop electing them. Two things to note about RMAP. First, you pay 100% of the premiums w/o Cisco assistance. I think you can setup auto draft payments. Second, once you stop enrolling in them at any time, you can not re-enroll at a later date. Most people will enroll in just the vision care plan since it's the cheapest to keep it active and then, when their next employer's or spouse's plans were worse than Cisco's, they can add medical, dental, whatever back on at the next open enrollment period. Look into it if you're eligible for it and they don't discontinue it. I think that people being LR'd are considered "retiree's" if they're over 55, and have the requisite 5+ years of service.

Someone is saying that we have till Feb/March to leave the company and the payments will get you through April/May

They said in the Check-In that impacted people will get to choose between terminating the first week of Feb or staying until mid-Mar if they're trying to find an internal role to transfer into. I'm assuming that, if people want to transfer internally, and can find a role they are qualified for, that they don't have to wait until Feb to start the process, but that the extra 5-6 weeks is to allow for interviews and go/no-go decisions are made. They said that, in either case, that being terminated in Feb or in Mar will not affect the total severance package. The later termination date will just subtract the 5-6 weeks of pay you received as an employee from the total amount. They have not said what the severance package amount is, but it's usually 3-4 months, so getting you through April/May is a good bet. I'd say probably until Jun if they don't cut the package from previous years. But, anyone's guess is as good as mine.

As @daz+1k5HKhbp said, go watch the replay of the Check-In. It's available. And there's a FAQ, but it seems to have been taken down a/o this comment. When I looked at it, it wasn't very informative.

You got me I am not an employee si I was curious

If you're an employee, you can go to the CEC homepage and search for the Check-In recordings. It's all there, along with an FAQ section addressing your questions. This site is for rumours- and while it can be informative, you should be getting facts from an actual internal source of truth.

Forgot to ask about the RSUs