Has anyone heard if there will be a voluntary offer to retirement eligible managers before any actual surplus announcements ? Our org was offered an offer to leave last year with the standard
FMP ( uo to 6 months ) pay.
9 replies (most recent on top)
@hyq Stop making uninformed posts. Just because you are retirement eligible from the 75 metric does not mean you are not entitled to severance if you are involuntarily surplussed. You are. Educate yourself. Read the policy. Stop being a dummy.
People keep talking about "packages". There have been no "packages" for years. All they did last year is a VMO (Voluntary Management Offer), where they ask for managers to volunteer to leave. If you volunteered and were approved, they gave you the severance you were entitled to per the Management Severance Plan when you left (15 plus tears of service, capped at 6 months). So the incentive there was mostly for managers that were planning on leaving/ retiring voluntarily that year anyway. Why not volunteer and receive the severance instead of not volunteering, and then leaving anyway and getting no severance. For those that still need to work, there was not much incentive there, better to wait to be laid off. Years ago they also offered a pension kicker where they added a percentage to it on your way out. Those days are long gone. And I also heard not seeking volunteers this year either.
50% annual pay is the severance max. Folks are being told Monday, I’ve got that on good authority. There is no separate retirement package. Severance of up to 50 and the door. That’s it.
FMP only. Emails are supposed to go out this Monday the 28th.
This prompts the question
If they make cuts on Monday as expected
Those people that are not retirement eligible will get the well documented severance pkg.
If one is eligible for retirement what do they get besides a boot in the a--? No severance like they have in the past. If they get the severance there is no incentive for them to leave early as Jeff suggested they should in his email because of the pension interest rate (it does not apply to everyone, depends on plan and if you want lump sum) just wait and pick up the severance payout.
Involuntary only. Rate me low...I want to go!
what is the 50 % you are referring to ?
Nope. Those package days are done. Better take the 50% and run.
No FMP being offered in 2019.