For L3 people only: what is the difference between asking for volunteers for a layoff, and offering an "early retirement package"? I am very close to being 60, at which time I will be fully able to pension out, and if the company were to offer to let me have the ability to fully pension out as though I had stayed to 60, I would be willing to volunteer, or take early retirement if needed in order for them to keep younger people in a job. Not that I want the pension at 60, but I don't want to be required to wait til 65 to be able to start it either. So is "early retirement a "bridge in requirements", or just volunteering for a layoff? If you know?
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Does anyone know how many people have taken the package?
The age for early retirement packages will vary. There was a package offered for age 55+ which I guessed was because a 401k can be accessed without penalty after separation from service when older than 55. That package also had generous severance based on years of service, so Harris was making it attractive for older workers to leave.
The ignorance on comments is amazing. When gift tax is due, it is paid by the one giving the gift to avoid having the money subject to estate tax. Corporations do not have estates so gift tax is never applicable to a corporation.
Not informing you of
Packages are being offered at Greenville
The problem is they are only show a dollar amount
Anyone who accepts please take time and do the math on gift tax which is 40 percent
That’s what they are informing you of
First hand experience has shown me one this concerning this company. If you don't take the "voluntary" retirement package, you are on the short list for layoffs. And they are coming soon to a location near you. If they lay off a bunch of people with less seniority before they get to you, they will discretely hire them back after you're gone. There is nothing illegal about that. So, just take the money. If you're not ready to retire yet, take the money anyway and add it to the income from your new job. Think about that and do the math after you calm down. It will make sense. You could wind up making more total income than you've ever made before. Take the money while it is still on the table.
Good luck.
The legacy L3 location where I worked it was just a voluntary package, didn't matter if you retired or not. In the end, however, mostly it was people within a year or two of retirement and already thinking about it who ended up taking the "package."
There may be some reluctance to offer a package only to certain groups for fear of legal challenges.
in the past you must be 65 to get an "early retirement package"