Don't fool yourselves. 20+ years w/the company here. I've seen layoffs every year to year and a half since 2000. This is about one thing and one thing only - money. Wall Street, shareholder value and fat paychecks for officer level execs. The value of electing to leave vs. being involuntarily surplussed, is you get to choose and can plan accordingly whether you plan to retire in the near or far term. I've seen this year, a number of people who's jobs were outsourced to IBM, IBM didn't pick them up in the sale of the BU and they were left w/no package - too bad, so sad, wouldn't wanna be ya. Leave voluntarily, you get something other than a screw on the way out. I don't hit the rule of 75 till next year so no pension payout or retirement benefit for me either way. "Leadership" has stated publicly that 30% of domestic staff will be gone (either through attrition or layoffs) by 2020 (demographics are on their side). If you're new(er), then your vestment is thin. For people like me, the future is inevitable. If it doesn't happen this year, then it will next year, or the year after, none of these jobs will be back filled domestically and if you think you'll get preference for an internal post - guess again. As for the severance, it's changed at least twice in the last 15 years. Now may be the time to take a reasonable offer before it shrinks to nil. Internal jobs are already earmarked, so don't hold your breath. I'm not a poor me kind of person, nor am I angry. I'm a realist and this represents the future for people like me at this company. I'm still young enough (early 50's) where my skills are still relevant and I'm not considered a dinosaur. I have decisions to make, but the days of T's glory (for me that would be AWS and Cingular) are gone.