So I am eligible and buyout as per About You page it is about 190K for 19 years of service. I am 45 and not manager.
Do not have any offers lined up from other companies either. Not sure what to do, if I can find comparable job around here.
Not sure what to do. Buyout money are good and VZ benefits are too, but there is risk of future RIFs w/o this generous offer. Kind of scared to go w/o a job.
Any serious thoughts?
A principal engineer IV might get you there.
$115,000 + (I think a 25% bonus?) $28,750 = ($143,750 / 52) * 57 = $157,572 + $28,750 = $186,322
BS on the 190k and not a manager or director. But if it’s true I would take the money and run because you are way to expensive to be an Engineer or Tech these days.
I have 38 years, I am a manager in engineering, And my numbers are far from 190, I would also like to know how you have a number like $190 for 19 years and not a manager? What department are you in?
gue, you are correct. there is an FAQ attached to your numbers page and they say it will take at least 4 weeks to process your $$ from your off payroll date so if you are off payroll 12/28 probably won't get your money until 2/2019.
I’d be careful with the idea that there are a lot of opportunities. Look at what’s out there in your field. Of course shop rite and Dublin Donuts is hiring but be sure that you that your industry/profession is hiring. For example, Verizon isn’t really hiring.
For the person who replied that if you are risk averse, then you could wait till June next year and be eligible for the same package...that might not be accurate. The FAQ states that if you volunteered now, your request to separate was not granted, and if you were rifed before July 2019, you'd still qualify for the enhanced package. It doesn't state that you can sit on the fence till then and will get the same enhanced package if you are laid off before then.
I'm in the same boat as you are in...I'm basically getting 4 extra months of salary as opposed to a normal layoff. I'm not sure if that sweetens the pot enough for me to take this offer. I'm not under any delusion that I'll be kept here very long, but it's always easier to find a job when you already have one. Now if they came out and said T&C would change as far as even a normal layoff (2 weeks per year of svc), then I'd seriously think about this offer.
Come on...Take the Money and Run....
FROM RIF CLASS OF DEC 2015: TAKE THE MONEY AND RUN. ...especially If you are in IT ,your job IS going to India No matter WHAT you are working on...Don't drink the Kool-Aid....
Take the money and run!!!!
You will be cut if you stay. This simplifies things...
Or you can stay just to learn that “you will be cut” was a calid prediction all along...
I hope this guy didn't read the sample package and think it was specific to him.
Maybe he meant his 401k is at 190k?
I am in a slightly lower but generally same position on all numbers.
I’m torn as I figure this may be my last chance to get out and start over this late in life.
VZ will likely rif me (may not be 35 weeks then) at any point, run me into the grinder till I quit, relocate me to I quit (they dint have to rif me if I won’t move although usually they do now)
Plus how bad does it look if I stay with such an offer and I that poorly skilled I can’t find a job with that buyout. Sure VZ overpays me but I gotta be worth something reasonable.
The more I think about it the more i feel bullied to stay and to go.
@qdt. Thanks the 2019 payout info. This makes it a slightly easier decision, but I guess if we end up getting a new high paying job then the tax issue still applies.
Yes, I think allot of ppl will be on the fence, I just can't see for the life of me how they are going to gut teams that support customer facing NOC's and such and there will be allot of folks that get rejected and then that will cause all sorts of other concerns.
I would really like to know who will make the go/ no go decision.
Lots of people hiring right now. If VZW is willing to pay you over a year's worth of salary not to work I'd take the money.
$190,000? Non manager? What’s your base salary to be getting that offer?
Someone posted if you wait, you would still get the standard rif of 35 weeks we've seen in the past. I don"t think that is a guarantee.
$190,000 package non management? What do you do to get an 18 yr total like that???
IMO, even if you're off the books in, say, December, my guess is your check would not be cut until January. However, this is pure speculation.
Check for yourself before making a decision based on tax implication.
I'd take the money and run. In fact I am. It's a once in a lifetime offer and the working conditions here next year in the aftermath of this exodus and what is to come will be unbearable in my opinion. There comes a point where it just ain't worth it. Also I speak from experience when I way it will be much easier for you to secure a new job while you are under 50 than it will be once you pass it.
Also for the previous poster, read the FAQ doc. Even if you are off the books on 12/28, the payouts are being processed 4 weeks after your last day and will show as 2019 income.
Same boat here...the biggest challenge is going to be the tax liability. If you are off the books in 2018 ( this part is also a troubling since they don't tell you when), remember the salary they already gave you. So you can go into some uncharted tax brackets and in turn have a hugh CHUNCK of good money taken out. Makes it even worse if the other half has a good salary.
My wife told me ( ex Verizon as well) that with this kind of widely offered package you can assume you'll get laid off anyway before long so take the cash and move on.
If you are risk-averse: Per the buyout terms, If you don't take the buyout and they RIF you before 6/28/19, you still get the same severance (190K), plus you have an extra 6 months of salary from working. If they RIF you after 6/28, you receive a salary until that RIF, and then you get the standard severance of 35 weeks, etc - still adds up to about 190K (or more if you work way beyond 6/28). Then you can take your time to look for another job while still employed. If they don't RIF you for years, you have steady income. If you can handle the risk, take the buyout. Don't let the 190K sway you too much - because the other options get you there too, you'd just have to work here a little longer to get to that point - but it would be guaranteed employment over the next 6-12 months while you look for another job if you want to eventually leave here.
In my opinion, take the offer. If you are ever going to leave then doing so with that strong of a buy out will be the best terms you will ever get. The current buyout is 50% better than previous involuntary ones as well with 3 weeks pay per year with the company. That's a lot of paid time to find work elsewhere, and hopefully stop looking over your shoulder for the next RIF. 15 year employee here.
Leave. This is the best deal you will get.