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?
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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.
There was a video emailed today that was helpful and answered many of the most common questions.
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?
to Post ID: @dhuc+1rZK7hCd: Can you share any names of CB people laid off or departments affected?
Sadly, layoffs are coming.
The culling has begun at CB.
Layoffs?
@9yss+1rZK7hCd I've heard a few people make the ultimate decision.
You can guess 2 of them from the email and working here.
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.
Me!
Who decides what applications are accepted?
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.
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
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.
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.
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.
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.
Is the stipend just cash that can be used for anything? Or does it have to be used to purchase insurance?
Yes North America only for now, but undoubtedly the rest of the world will also be hit with cuts.
Presuming this is for North America employees only? Or does anyone know if they will roll this out across rest of the world?
Does anyone have details of the offer yet?
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.
anyone know what time today and how specifics will be communicated?
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.
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.
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.
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.
“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.
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.
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.
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?
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).
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.
If you qualify and you are able…TAKE IT! It’s not going to get better!
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.
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.
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.
It's lump but, you get some extra things that make it very appealing. Those that are near retirement will jump on this.
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.
Why only for US employees ?