VERP CHAT?

Deleted - here is the archive. TheLayoff.com archive: AIG (American Intl Group Inc.), "Voluntary Early Retirement Program (VERP)"

Complete capture of one thread: the original post plus all 94 replies, with
vote counts, reply relationships, and full post text preserved verbatim.

Source: TheLayoff.com, board: Thread regarding AIG (American Intl Group Inc.) layoffs
Thread address: https://www.thelayoff.com/t/1rZK7hCd
Thread ID: 1rZK7hCd (shared suffix of every post ID in the thread)

Original post

Posted April 11, 2024 by Anonymous, post ID @OP+1rZK7hCd.

What do you think of the email from Rose? Does that mean that if they don’t get enough volunteers they will start looking for people to retire or RIF?

Full reply text, oldest first

Reply 1 of 94, post ID @isw+1rZK7hCd

Date: April 11, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@isw+1rZK7hCd

Never say this email. What did it say exactly?

Reply 2 of 94, post ID @oxd+1rZK7hCd

Date: April 11, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@oxd+1rZK7hCd

I meant "never SAW"

Reply 3 of 94, post ID @den+1rZK7hCd

Date: April 11, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@den+1rZK7hCd

better yet, provide a verbatim copy of said email.

Reply 4 of 94, post ID @pxg+1rZK7hCd

Date: April 11, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@pxg+1rZK7hCd

This is a targeted message, intended for U.S. colleagues only.
Please do not forward.
Dear colleagues,
As we continue to position AlG for the future, we are announcing a 2024 U.S. Voluntary Early Retirement Program (VERP) to eligible colleagues.∗
The program will be available to colleagues in the U.S. who meet the combination of age and years of service eligibility criteria - 50 years old and 10 years of continuous service with
AIG or 55 years old and 5 years of continuous service with AIG.
More information about the program will be available on My HR
beginning April 15.
Eligible participants will have the opportunity to accelerate their retirement from AIG to explore new endeavors with an enhanced retirement package that includes enriched severance payments, access to retiree medical benefits and a stipend that can be used to cover future medical insurance costs.
On April 15, eligible participants will receive information about how to apply for the program along with other details. This is a unique one-time opportunity being offered to a select participant pool, and we strongly encourage all those who are eligible to give serious consideration to applying for this generous program. If you have any questions, please reach out to your HR Business Partner.
On behalf of AlG's Executive Leadership Team, I would like to express gratitude to all of our colleagues for their contributions over the past several years.

Reply 5 of 94, post ID @kuo+1rZK7hCd

Date: April 11, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@kuo+1rZK7hCd

Thank you. If only this applied as well to Corebridge....

Reply 6 of 94, post ID @pvt+1rZK7hCd

Date: April 11, 2024
Author: M. Price, K. Driscoll, T. Connolly (self-chosen pseudonym)
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Address: https://www.thelayoff.com/p/@pvt+1rZK7hCd

Take the package and join Dellwood

Reply 7 of 94, post ID @w-g+1rZK7hCd

Date: April 11, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@w-g+1rZK7hCd

Clearly it stated that it was a select group not sure I'd be sharing it

Reply 8 of 94, post ID @lqa+1rZK7hCd

Date: April 11, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@lqa+1rZK7hCd

Google AIG early retirement and it comes up -apparently not too much of a secret

Reply 9 of 94, post ID @lkf+1rZK7hCd

Date: April 11, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@lkf+1rZK7hCd

I'm wondering what the severance portion will be.

Reply 10 of 94, post ID @1jhh+1rZK7hCd

Date: April 11, 2024
Author: Anonymous (site default byline)
In reply to: OP
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Address: https://www.thelayoff.com/p/@1jhh+1rZK7hCd

Post ID: @OP+1rZK7hCd To the OP, apparently yes. If AIG does Not get enough volunteers to retire, AIG will layoff or RIF people. Right now, AIG is in the early stages and wants to see how many people, Svckers will bite and take VERP. If AIG does Not get a minimum percentage (whatever that is, who knows ?) of the targeted employees who received the email, AIG will start Laying off employees.

Reply 11 of 94, post ID @1poa+1rZK7hCd

Date: April 11, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@1poa+1rZK7hCd

Is that the first time AIG does this type of program. Wonder if CB will manage it.

Reply 12 of 94, post ID @1lkv+1rZK7hCd

Date: April 12, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@1lkv+1rZK7hCd

If those eligible don’t take it does it mean that person will be laid off later?

Reply 13 of 94, post ID @1zip+1rZK7hCd

Date: April 12, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@1zip+1rZK7hCd

Something big is coming, either they're selling or Accenture is taking everything over. It looks like that there's a big layoff coming .

Reply 14 of 94, post ID @1hzf+1rZK7hCd

Date: April 12, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@1hzf+1rZK7hCd

I’m sure everything will run smoothly after many of the most experienced and knowledgeable FTEs leave technology. P1s galore!
And AIG next’s other tech work, well good luck with that. Plus all the other scope that’s not finished. Decision is an easy one for me. Good referendum on leadership. I bet they get MORE people than fewer.

Reply 15 of 94, post ID @1ewi+1rZK7hCd

Date: April 12, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@1ewi+1rZK7hCd

Why only for US employees ?

Reply 16 of 94, post ID @1vda+1rZK7hCd

Date: April 12, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@1vda+1rZK7hCd

Does anyone know if a regular severance agreement would pay out over time or does it come in lump sum? This early retirement looks to be a lump sum and the tax implications could be huge.

Reply 17 of 94, post ID @1ugw+1rZK7hCd

Date: April 12, 2024
Author: Sign me up (self-chosen pseudonym)
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Address: https://www.thelayoff.com/p/@1ugw+1rZK7hCd

It's lump but, you get some extra things that make it very appealing. Those that are near retirement will jump on this.

Reply 18 of 94, post ID @1okd+1rZK7hCd

Date: April 12, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@1okd+1rZK7hCd

RIF severance package historically offers lump sum or salary continuation.
Tax impact of lump sum with the package is significant.
Still a good package but should look at the net not the gross to determine how good for you.

Reply 19 of 94, post ID @2wtt+1rZK7hCd

Date: April 12, 2024
Author: Anonymous (site default byline)
In reply to: 1zip
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Address: https://www.thelayoff.com/p/@2wtt+1rZK7hCd

@1zip+1rZK7hCd
what is big is the expense reduction commitment PZ made to the street.
What isn't big is the list of things that can deliver that promise.

Reply 20 of 94, post ID @2mrz+1rZK7hCd

Date: April 12, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@2mrz+1rZK7hCd

Why would AIG offer this option vs Rifs if it will cost them more. Do they fear law suits for targeting a specific group if they Rif, so instead they ask people to volunteer.
What is the catch.

Reply 21 of 94, post ID @2kgc+1rZK7hCd

Date: April 12, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@2kgc+1rZK7hCd

If you qualify and you are able…TAKE IT! It’s not going to get better!

Reply 22 of 94, post ID @2msc+1rZK7hCd

Date: April 13, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@2msc+1rZK7hCd

I’m certain managers not eligible are tripping right now. Attention remaining FTEs, you’re about to learn what empowerment means. These people aren’t going to be backfilled, otherwise they won’t save money. Many of these roles are subject matter experts, hence why these people weren’t laid off before. Some will not be missed, but others folks and their knowledge and experience will be very hard to replace. And, the FTE talent pipeline isn’t there as much anymore because we have so few FTEs, at least in most areas of IT. Good luck with using Accenture to fill them.

Reply 23 of 94, post ID @2omu+1rZK7hCd

Date: April 13, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@2omu+1rZK7hCd

It's amazing that the "enriched" severance payments are. They've been on the backs of the older 50 employees for months , I guess hoping they would quit. People have been praying for early retirement packages for months. Some are just a couple of years away from retirement. To all offered the packages best wishes in your decision. The management, well they can ( fill in the blank).

Reply 24 of 94, post ID @2oqs+1rZK7hCd

Date: April 13, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@2oqs+1rZK7hCd

Should I take this deal at age 59? If I don’t and they layoff me, will those severance benefits be better than this? Cons to this package?

Reply 25 of 94, post ID @2vxm+1rZK7hCd

Date: April 13, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@2vxm+1rZK7hCd

Surprisingly senior management over 50 got the same email and is eligible to apply.
Targeted looks to mean all who meet the criteria except ELT and ELT Jr.
Probably some people in really key positions surprised to find the company is waiting to see who submits to decide if they are important to keep.
Seems like this will end well.

Reply 26 of 94, post ID @2bhy+1rZK7hCd

Date: April 13, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@2bhy+1rZK7hCd

No one can make your decision for you.
You need to run your own numbers because of the lump sum mandate for VERP and some parts of the package may not matter to you.
The VERP package is better than standard severance.

Reply 27 of 94, post ID @2cxv+1rZK7hCd

Date: April 13, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@2cxv+1rZK7hCd

“Access to retiree medical benefits and a stipend that can be used to cover future medical insurance costs.” Right now you get a credit per year of service as a discount on the cost for retiree medical. That credit is actually a very minimal % of the cost because the retiree medical benefits which are still expensive through the company. Obama care is a better option I think.
This deal is probably 3 weeks pay per year of service with x-x$ per year of service as the stipend towards your medical cost - which might mean the cost for 3 months of Cobra.

Reply 28 of 94, post ID @2zmo+1rZK7hCd

Date: April 13, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@2zmo+1rZK7hCd

For the stipend that can be used for medical benefits, do you have to use it for medical benefits? Or can you get it and use for whatever you want?
If people are close to retirement age I’m assuming lots of people will take this as it’s very generous and better than just retiring when you wouldn’t get any severance.
For anyone less than 62ish I would think it would matter what the lump sum could do for your taxes and whether you think you can get another job.

Reply 29 of 94, post ID @3fcb+1rZK7hCd

Date: April 14, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@3fcb+1rZK7hCd

Isn’t “generous” in the eye of the beholder? After all, and this is presuming the many, let’s say, are the “over 50 people” with presumably “many years service”. So for a regular rif, they’d get 2 weeks for every year and if not taken in a lump sum, they’d get to keep the medical for that length of time, but then the ties cut. So tomorrow y’all get to see what RMG/AIG considers generous.

Reply 30 of 94, post ID @3ntk+1rZK7hCd

Date: April 14, 2024
Author: Jumpover (self-chosen pseudonym)
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I hope some take the money and come to Corebridge. We need the people. If you don't believe me, look at CB job postings.

Reply 31 of 94, post ID @3ski+1rZK7hCd

Date: April 14, 2024
Author: Anonymous (site default byline)
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It is better than salary contuation severance for most but not by nearly as much as it seems at first glance because of lump sum mandate and heavy tax impact.
Some of those extra weeks are effectively lost to the higher rate of tax.

Reply 32 of 94, post ID @4gez+1rZK7hCd

Date: April 15, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@4gez+1rZK7hCd

anyone know what time today and how specifics will be communicated?

Reply 33 of 94, post ID @4jek+1rZK7hCd

Date: April 15, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@4jek+1rZK7hCd

Can someone confirm if this year will be counted towards the verp since they require at least 6 months to count as a year of service with a last day end of June.

Reply 34 of 94, post ID @4esp+1rZK7hCd

Date: April 15, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@4esp+1rZK7hCd

Does anyone have details of the offer yet?

Reply 35 of 94, post ID @4qiz+1rZK7hCd

Date: April 15, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@4qiz+1rZK7hCd

Presuming this is for North America employees only? Or does anyone know if they will roll this out across rest of the world?

Reply 36 of 94, post ID @4blz+1rZK7hCd

Date: April 15, 2024
Author: Anonymous (site default byline)
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Yes North America only for now, but undoubtedly the rest of the world will also be hit with cuts.

Reply 37 of 94, post ID @5pcs+1rZK7hCd

Date: April 15, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@5pcs+1rZK7hCd

Is the stipend just cash that can be used for anything? Or does it have to be used to purchase insurance?

Reply 38 of 94, post ID @5vno+1rZK7hCd

Date: April 16, 2024
Author: Anonymous (site default byline)
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I keep thinking "what if everyone takes up the offer?". AIG will hemorrhage staff. The distribution of staff affected by this won't be evenly distributed across AIG. There would be no easy way to restaff the vacant positions.
This feels like a very careless stragtegy. It almost feels like vandalism.

Reply 39 of 94, post ID @5foo+1rZK7hCd

Date: April 16, 2024
Author: Anonymous (site default byline)
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The company reserves the right to not approve the VERP application. So I assume if there are too many people taking them up on the offer in one area they can reject some of the applications and make sure that there are enough people to get the work done.

Reply 40 of 94, post ID @5fwh+1rZK7hCd

Date: April 16, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@5fwh+1rZK7hCd

They can say no and probably will in some cases.
Great for morale for those who stay.
More likely some they want to keep leave anyway on their own.

Reply 41 of 94, post ID @5wxd+1rZK7hCd

Date: April 16, 2024
Author: Anonymous (site default byline)
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Work the numbers if you collect Social security early you lose out on a nice sum say at 65 or 67. It has to work for you. Your manager should know about Rifs in your area. They will cut senior salaries first.

Reply 42 of 94, post ID @6att+1rZK7hCd

Date: April 16, 2024
Author: Anonymous (site default byline)
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Deeply saddened that this wasn't offered to the orphaned stepchild Private Client Select. Despite the separation PZ and his reports/board members still have their fingerprints all over the organization

Reply 43 of 94, post ID @8vmd+1rZK7hCd

Date: April 19, 2024
Author: Anonymous (site default byline)
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Unlikely they can reguse anyone now, they need to make everune who ho-s thinks it was a gteat desl and those who stay yhat it was a good choice. FAFO too much and the reality starts coming out. Over 50 and over 55 make it pretty clear this is an age related criteria and the cover noyes are clear that it is cost driven. Get rid of tbe old, highly skilled but well paid old fa-t. Hire some kids to push paper and off you go. If you are the highest paid CEO in the biz you understamd things.

Reply 44 of 94, post ID @9yss+1rZK7hCd

Date: April 19, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@9yss+1rZK7hCd

Who decides what applications are accepted?

Reply 45 of 94, post ID @9njd+1rZK7hCd

Date: April 19, 2024
Author: Anonymous (site default byline)
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Me!

Reply 46 of 94, post ID @9cty+1rZK7hCd

Date: April 20, 2024
Author: Anonymous (site default byline)
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I got a nice raise and bonus this year but I’m taking the deal. If they say no I’ll be pi---d because I’m gone mentally now.

Reply 47 of 94, post ID @9kao+1rZK7hCd

Date: April 20, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@9kao+1rZK7hCd

@9yss+1rZK7hCd I've heard a few people make the ultimate decision.
You can guess 2 of them from the email and working here.

Reply 48 of 94, post ID @anbe+1rZK7hCd

Date: April 20, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@anbe+1rZK7hCd

Layoffs?

Reply 49 of 94, post ID @dhuc+1rZK7hCd

Date: April 23, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@dhuc+1rZK7hCd

The culling has begun at CB.

Reply 50 of 94, post ID @dubs+1rZK7hCd

Date: April 24, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@dubs+1rZK7hCd

Sadly, layoffs are coming.

Reply 51 of 94, post ID @doqg+1rZK7hCd

Date: April 24, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@doqg+1rZK7hCd

to Post ID: @dhuc+1rZK7hCd: Can you share any names of CB people laid off or departments affected?

Reply 52 of 94, post ID @ermo+1rZK7hCd

Date: April 24, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@ermo+1rZK7hCd

For the VERP, has anyone found out anything interesting regarding details of the program or is it pretty much all as stated in the documentation?
Also, can someone confirm that the payout is a lump sum is there is absolutely no way to get payment/salary continuation? Also I’m pretty sure the answer is yes but are carry over & accumulated PTO paid for or you lose it?

Reply 53 of 94, post ID @edoq+1rZK7hCd

Date: April 24, 2024
Author: Anonymous (site default byline)
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There was a video emailed today that was helpful and answered many of the most common questions.

Reply 54 of 94, post ID @fzdh+1rZK7hCd

Date: April 25, 2024
Author: Anonymous (site default byline)
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Address: https://www.thelayoff.com/p/@fzdh+1rZK7hCd

As for CB layoffs, I can't say names but, I am one of the ones that was axed. I do know there was many.

Reply 55 of 94, post ID @fkyw+1rZK7hCd

Date: April 26, 2024
Author: Anonymous (site default byline)
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What will happen after these applications get approved? Will additional layoffs happen for the people that did not take the package?
Are they looking at these applications based on business needs? There are departments that the entire group might be applying to the verpa.
Also looks like the company will be rebranding itself.

Reply 56 of 94, post ID @fwnb+1rZK7hCd

Date: April 26, 2024
Author: Anonymous (site default byline)
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Rebrand?
That would be very AIG.
Rebrand is not inexpensive.

Reply 57 of 94, post ID @gznw+1rZK7hCd

Date: April 27, 2024
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The company doesn't care about business needs, it's all about 'saving' money short term so those at the top can make money from their LTI's. We are all just a number.

Reply 58 of 94, post ID @htqi+1rZK7hCd

Date: April 27, 2024
Author: Anonymous (site default byline)
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Post ID: @fwnb+1rZK7hCd How many times has AIG rebranded itself ??? Try at least 7 times in the past 15 years. It was AIG on or before the 2008 Recession AIG caused. Then is was Chartis Insurance in order to distance itself from its bad reputation as AIG-Madoff, then back to AIG. Then Pinebridge, then Corebridge, then AIG 200, then AIG Next, ad infinitum. I know I missed a few other name changes. Just keep it as AIG=Adventures in Greed according to Jay Leno, the late night TV Show host or AIG=Asylum for the Insane and Greedy. ROTFLMFAO!!! At least this way, AIG will forever be Unforgettable, like in Nat King Cole's song. ROTFLMFAO!!!

Reply 59 of 94, post ID @knbj+1rZK7hCd

Date: May 1, 2024
Author: Anonymous (site default byline)
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The amount of knowledge that will be leaving is staggering. Several areas will be gutted. The Accenture people do not know the complexities of our business and our customers will suffer for it

Reply 60 of 94, post ID @kiih+1rZK7hCd

Date: May 1, 2024
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Post ID: @knbj+1rZK7hCd When NOT if the Customers suffer for AIG's outsourcing to Accenture or other vendors, the Customers WILL Leave AIG. And then AIG will finally go Bankrupt. LOL!!!

Reply 61 of 94, post ID @kmvw+1rZK7hCd

Date: May 1, 2024
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to Post ID: @knbj+1rZK7hCd... I agree with you 100% re: knowledge leaving and Accenture's inadequacy. AIG has never cared about its customers. It only cares about the bottom line.

Reply 62 of 94, post ID @lwwg+1rZK7hCd

Date: May 1, 2024
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When reading some of these posts, one cannot help by question the poster’s experience with AIG. My experiences differ.
Peter Zaffino is by far the best CEO AIG has had since Hank Greenberg. Peter is a true Insurance CEO – he knows the business, he knows the industry and he has demonstrated to AIG’s clients that AIG is a trusted partner.
Peter assumed the leadership of a post-2008 company that had not yet sized it’s ‘overhead’ functions in proportion to its post-2008 profit generating businesses. His efforts throughout the past several years have been focused on adjusting that balance, that Combined Ratio. And, equally important, improving our underwriting through the adoption of improved risk assessment and associated pricing.
Reducing expense is rarely without some degree of pain and some degree of impact to an organization. Yes, AIG did cede a good amount of engineering and operations to a 3rd party. In observing that transition of responsibility, I would offer that the 3rd party has brought to AIG a depth of expertise to which AIG IT in the past aspired, but was unable to achieve.

Thread regarding AIG (American Intl Group Inc.) layoffs

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