I’m ready to be bought out, but pretty sure I don’t meet the criteria. A little shy of 60 and almost 15 years in. What were past criteria? Does one wait for the tap on the shoulder or volunteer?
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Open enrollment posted today in InsideSAS. No email yet though.
Much easier, and I assume cheaper, to just lay employees off.
“Are those who took past packages officially classified as retirees (thus retaining access - for now at least - to the gym, pool and cafes)?”
Speaking at least for me, a 2021VRBP participant, the answer is “yes.” I received a retiree badge and it grants me access to gym facilities and to all buildings that house an operating café, the latter apparently just during lunch hours. I tried it once at Bldg R in the midafternoon and it didn’t unlock the doors. But, of course, because I had a SAS badge, someone let me in anyway.
On the face of it that VRBP package sounds pretty generous, but I guess if you were in your late 50s and had planned on working for another 5 years or more, that's a lot of future income you're going to miss out on.
Not easy finding another job at that age, and especially if you've been at SAS a long time and that's all you know. I just hope those folk facing that situation, have been sensible with their money over the years and can afford to retire a few years earlier than they might have planned. Good luck to you.
For those who are younger, the situation is even more precarious. I'd suggest thinking about your working week as 35 hours for SAS, then another 20+ hours retraining into something else, whatever that might be. Best to be proactive now as the clock is ticking.
"And free vaccinations and lab tests at the HCC for life (for the retiree only)."
Are those who took past packages officially classified as retirees (thus retaining access - for now at least - to the gym, pool and cafes)?
“Does anyone know what a VRBP package typically consisted of?”
We’re not supposed to disclose, but this is anonymous, so…in 2021, in my case, with 30+ years tenure, it was a full year of salary, plus (the tenure-independent part) the prior bonus prorated (x11/12), accrued vacation time, and a healthcare reimbursement account of $300 x (months until age 65) or $18,000, whichever was larger. And free vaccinations and lab tests at the HCC for life (for the retiree only). I guess it’s for my life or the life of the HCC, whichever is shorter. 😉
Would hope it would apply to anyone with >30 years service. Regardless of age.
Ditto. In previous offerings, people with 30 years of service were not eligible if they were under 60.
Does anyone know what a VRBP package typically consisted of?
Would hope it would apply to anyone with >30 years service. Regardless of age.
You asked about past criteria. For historical reference ONLY:
The 2021 Voluntary Retirement Benefit Program (VRBP) was offered to employees who would be 60 or older by December 31st, and who had "completed 10 or more years of service." The VRBP was announced via email to eligible employees on August 12th. Those employees were given 1 month to consider the offer; the deadline to accept was September 15th. The last day of employment was October 31st, 2021.
@1mku+1oKvqahq "word is out that buyouts will be offered before the end of 1Q 2024. no idea what age or years of service, probably same as last time around. sas would be smart to do it before bonus checks."
Based on what word?
A Cary RTO mandate, if there is one, would likely happen prior to a buyout.
https://www.cnbc.com/2023/09/12/why-rto-mandates-are-layoffs-in-disguise-according-to-workplace-experts.html
I doubt that there will be any more buyouts before we are "IPO ready". Layoffs, yes.
Open enrollment starts November 1. Fingers crossed for packages!
word is out that buyouts will be offered before the end of 1Q 2024. no idea what age or years of service, probably same as last time around. sas would be smart to do it before bonus checks.
Do not let money drive your retirement decision. Every day you decide to work longer is getting you one more day closer to your death.
SAS will sink or swim without you on aboard. Either way, you are the best person to decide what is best for you. If you truly believe that time is more valuable than money, then you know what decision to make... going down with the ship(if indeed that is gonna happen) has zero potential for bragging rights....
If I recall correctly, the VRBP in 2018 was announced in the yearly Open Enrollment email from HR. The subsequent one (2021?) was announced in an email just to those eligible, and to their manager.
Previous ones have had a minimum age of 60 by December 31st of the year offered. There have been rumors of this changing to an "age + years of service > X", but those are just rumors, and have not materialized as of yet.
If it's not included in this year's Open Enrollment email, I don't think it will be offered this year. No idea if more layoffs are planned before the end of the year.
Assuming SAS offers a “third rapture”, those who qualify will get an email from HR. Their manager will also be notified. In the past managers were told to neither encourage nor discourage qualified employees from taking the package. In one case I’m aware of, a qualified employee was on the fence about taking the offered package. This person had known about it for a few weeks and the deadline to decide was coming up. A few days before the deadline they got a call from HR who recommended they take the package or otherwise they would likely be laid off.
I think you missed the train, buddy.
Good news, though! They must find you important enough to keep you around. Ride that for all it's worth!