10am CT my boss contacted me to a phone call. Said I'm laid off. Early out is 2/18 or I can take 60 days to find another job. My boss and AVP said if you are within 24 months of Mod Rule Of 75 you can somehow get into the Retirement. I'm shivering I'm so p-ss-d.
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@Xlld2wT-etq, you are so right. Having gone through this process Oct '18, I believed surplussed employees were somehow flagged and hiring managers were instructed not to consider/ hire these employees.
To the originator of the post, sorry you are having to go through this. I was in the last batch in oct'18 and was in Bus Sol Sales, Digital & Svc Delivery. The two months will full of downs. Posting for jobs was fake news. Post and post and post...actually had a manager tell me that he was instructed by HR to not hire me regardless of how qualified I was. After that, I knew it was over for good.
My husband had 29 years with the company. Has been a fiber and copper splicer, engineer, ran a construction crew, and has been an instructor as the subject matter expert in over 50 courses for the last 18 years. After his boss called him this morning to ask a question that as the person who is supposed to heading up that group, should have already known, he hung up and scheduled a call with the third line and in less then 4 minutes told him he was out. 29 years and you get a call that takes less then 4 minutes? Guess he is a slow reader since he read straight from the email that is being sent out. No worries though, he’s there to help with anything my husband may need. Puhleez!
remember all that workforce 2020 baloney? meant absolutely nothing
remember all that workforce 2020 baloney? menat absolutely nothing
You get whatever you have in the pension based on age and years and when you choose to take it. MTP is only about BENEFITS (insurance, discounts). It is not worth doing the MTP if you don't get the insurance. Now call the benefits hotline and don't believe all the comments you see (management, not union)
It's not going to be a good day for many and its unfortunate. But, we all knew a layoff was very possible. Hopefully most looked at there finances and adjusted accordingly. I for one adjusted my lifestyle. It did require me to sell my beloved harley and chevy truck. Two less payments and more alotted for savings. Life will continue if the news is bad. For those that buried there heads in the sand, and kept things status quo, I feel no pity for them. Not to be negative, just realistic. Heck, I might be the next one to get the call??
I have no idea about retirement, but in my state, the highest unemployment you can get equals about 1/3 of my weekly check. You can get a part time job to supplement that, however you are only allowed a VERY small amount of supplemental money before they start reducing, dollar for dollar, the amount in the weekly Unemployment check. Therefore the total amount of money I could get for unemployment is still less than half my salary now. (Also it doesn’t start until your severance is gone) Unless you have money saved, low bills, or a spouse with an income, don’t depend on unemployment.
So if you take the retirement you lose out on 6 months of unemployment... is that correct????
Don’t forget severance is based on salary at time off payroll. Any raise you might have had in the works doesn’t take effect until March. Anything helps. Also, you will still get a bonus next year based on this year - prorated. So the longer you stay, better bonus. If you don’t have another job lined up already, I would lean towards taking the 60 days.
OP, steady and collect your thoughts. When you get home tonight, sit back and start writing questions you have, then fine tune them. If you have a few years in the company, and you wish to stay with T, you might have a few contacts that will act as your Headhunters.....contacts are very important, put them to work.
Record your talks with HR, seems a lot of people are getting conflicting statements and there is a fair chance that you may forget a few answers if you’re angry, or distracted....perfectly understandable.
You will be informed of Live conference calls, usually up to 90 minutes long with perhaps two hosts, explaining what your ‘Next Steps’ could be, as you transition out, with choices to consider.....record these calls, even though they will be accessible in that format later. They will hold live sessions over several weeks, be early as there might be a crowd to phone in and space is limited.
You will have the opportunity to get ‘in line’ to ask questions but the host(s) will give a 30-40 minute prepared one way dialogue to answer a lot of questions, then accept questions for perhaps another equal time. They will explain the Severance Pkg but it will also be mailed out to you....read long and care, write down any questions no matter ho small, chances are that these conferences will get many answered for you.
One last thing, never leave the answer to your question...unanswered in its entirety. That’s why I suggest recording all calls. The smallest details from Pension, lump sum, the Annuity, accessibility, Medical, Cobra, job ops inside the company, even bonus payout for the prior year worked. They should have answers before they enter that conference room.
If your within 24 months of the Rule of 75 here are your options; walk away with nothing and in exchange for your 6 months of severance
You will receive a discount on your lifetime health Benifits. You will not get the top benefit plan. That will cost you extra
I'm the originator of this: I'm in Tech Dev Business Unit. Dept: Bus Sol Sales, Digital & Svc Delivery.
Both I and my co-worker are impacted. Not sure about others.
Hang in there man.
Take the 60 and beat the bushes. I’m sure with your tenure it’s a tough pill. I’m younger and been through quite a few of these. It’s normal at most places. Surprised I’ve been here as long as I have really. Most places I’ve worked, you’re lucky to get 2-3 years. Anyone over that is an old timer.
Sorry to hear. What organization/department?
I know someone that violated the COBC and survived the cuts!