Retired Today - Escorted out with package!

[gauss]

jim584672,

I will play devil's advocate here.

I couldn't help but notice that your employment is ending suddenly as you approach 30 years of service. At many older legacy employers, 30 years was the point where for white collar employees there was a steep jump in retirement benefits (pension step, retirement health care etc.) In our case DW benefits would be valued at hundreds of thousands of dollars different between 29 years and 30 years.

If this is the case for your employer, I suggest that you evaluate the value of these forgone benefits before you legally accept the deal (ie sign the papers).

-gauss

[38Chevy454]

First accept congratulations for getting what sounds like a pretty good deal, even if the timing and methods used by your company are not so good. The shock of the sudden timing, not with any expectation by yourself, is going to take a little while to let you settle. The good thing is you actually wanted this, and now the only shock is to make the adjustment on unexpected schedule.

Quote:

Originally Posted by 2035 Remember severance is not earned income so it doesn't count against unemployment. I learned that in '08.

Quote:

Originally Posted by DFA I don't know about that, I got a year's severance and a bonus and I had to wait until the severance and bonus time had expired to apply for unemployment in CO since they counted it as income.....

Quote:

Originally Posted by Corporateburnout This depends on state unemployment laws. In MA and RI you are not eligible to collect until your severance payments run out.

My suggestion is when they ask you if you have income say "no". Severance is intended to bridge the gap, not replace income. While your state laws may have specifics you should check into, a detail may be whether the severance is paid out over time or lump sum. If lump sum, there is no more income and you are certainly unemployed by any definition. If it is paid out over time, I still would argue it is to supplement the unemployment, since unemployment is not equal toy our previous pay level. Not having an employer and not receiving a paycheck is unemployed.

[jim584672]

Just received the FedEx package with the agreement. I have to have it notarized and sent back in the envelope they provided.

[jim584672]

Quote:

Originally Posted by gauss jim584672, I will play devil's advocate here. I couldn't help but notice that your employment is ending suddenly as you approach 30 years of service. At many older legacy employers, 30 years was the point where for white collar employees there was a steep jump in retirement benefits (pension step, retirement health care etc.) In our case DW benefits would be valued at hundreds of thousands of dollars different between 29 years and 30 years. If this is the case for your employer, I suggest that you evaluate the value of these forgone benefits before you legally accept the deal (ie sign the papers). -gauss

No big jump in my Megcorp for 30 years vs. 29.

[photoguy]

Quote:

Originally Posted by Buckeye The only problem with receiving unemployment is that you are legally obligated to be actively searching for a job.

Quote:

Originally Posted by 2B When asked what your biggest weakness is. Tell them that you are always totally honest. When they tell you that honestly isn't a weakness. Tell them that you don't care what they think.

I think the requirement is not only to be actively seeking a job but doing so in good faith. If the OP has no intention of accepting a job, he shouldn't be applying for UI.

[Jackanory]

In June 2013, our San Diego office downsized from 120 employees to 35; from 15 Engineers to 3 - all the others got a 6 month package. My boss back at HQ, later told me that he'd fought tooth and nail to keep me on board. I assume that he realized I didn't really appreciate that gesture, when I gave my notice 6 months later!

I did have the escorted out experience back in the 80's when a corporate merger winnowed the staff down on both sides. My 2 month severance easily covered the 2 weeks it took me to come back as a contractor, earning much more money. I spent another decade there before I decided to move to San Diego!

[Looking4Ward]

Quote:

Originally Posted by jim584672 Just received the FedEx package with the agreement. I have to have it notarized and sent back in the envelope they provided.

There you go! I'm sure it's the standard riff about how by accepting their offer you won't sue them for age or any other type of discrimination, etc....

As long as it contains the same benefits they told you, you're golden!

[RetireAge50]

Amazing! Congratulations on PERFECT ending. Great job now have great fun in retirement.


Sent from my iPhone using Early Retirement Forum

[nash031]

Quote:

Originally Posted by jim584672 Just received the FedEx package with the agreement. I have to have it notarized and sent back in the envelope they provided.

Very cool! I am glad it worked out!

[Sue J]

DH knew it was coming for a while, he just didn't know when. On the day it happened he was not included in a meeting so he had a feeling it was about to happen.

They called him to HR and then let him go to his office on his own and pack up and say goodbye. I told him that when it happened he should go out to his car, take a deep breath and SMILE because we'd be ok.

We were as prepared as we could be, I had been logging our expenses and saving like crazy. His pension plan website gave very accurate estimates and I knew we'd be good to go if it came to that.

His public agency bosses knew he had 21 years of service at that job, what they didn't know is that he also had another 5+ years from another agency. He was able to retire early with 26 years and a reduced pension.

He also had 15 weeks of paid vacation and some sick time. His contract ran for another 4 months with full pay while he was at home.

The way it happened stung for a while but I always reassure him that in the big picture he WON!

[MRG]

Congratulations, sounds like a good deal. I regard to being walked out, that was SOP at Megacorp, I retired on good terms, HR walked me to the door. I couldn't get in to use a bathroom if I needed to.

Worst was one poor gal during the first RIF. She didn't know, taken to an unsecue area, left her coat, keys, purse, wallet and cell at her desk. Wasn't allowed to retrieve them, HR wouldn't tell anybody. She was pushed out the door middle of winter. Finally she found someone walking in to give a friend the message, please bring me my stuff outside. I think some policies changed after the fact.

Sent from my SAMSUNG-SGH-I337 using Early Retirement Forum mobile app

[Brat]

Quote:

Originally Posted by jim584672 Just received the FedEx package with the agreement. I have to have it notarized and sent back in the envelope they provided.

If there are any wavers as a part of your settlement you should meet with an attorney conversant with employment law before signing. In the State of Oregon the offer must include a paragraph to that effect and good employers provide $ for just that purpose. While it may seem like a generous offer it prevents any subsequent claim that the agreement was signed under duress and thus is invalid.

[nuke_diver]

Wow lucky you. I wish I could get laid off. I've tried to volunteer several times no luck for me. It sure sounds like a generous package and something that is rare these day. The last layoff here I lost one of my guys and he was walked out (along with a few dozen other folks). The package wasn't good but was better than the big layoff in 09 when it was nothing.

Since you wanted to leave anyways and got a great (IMO) package that isn't typical these days (least not around here) unless they are taking you out to avoid giving you a pension I'm not sure why you would want to bother with lawyers and the additional hassle.

[Totoro]

I'm in semi-ER mode right now, would be nice to get an unemployment check. Right now have zero income from employment.

Anyway: congratz!

[Meadbh]

Quote:

Originally Posted by MRG Worst was one poor gal during the first RIF. She didn't know, taken to an unsecue area, left her coat, keys, purse, wallet and cell at her desk. Wasn't allowed to retrieve them, HR wouldn't tell anybody. She was pushed out the door middle of winter. Finally she found someone walking in to give a friend the message, please bring me my stuff outside. I think some policies changed after the fact.

Now that is really mean.

[jim584672]

Quote:

Originally Posted by Brat If there are any wavers as a part of your settlement you should meet with an attorney conversant with employment law before signing. In the State of Oregon the offer must include a paragraph to that effect and good employers provide $ for just that purpose. While it may seem like a generous offer it prevents any subsequent claim that the agreement was signed under duress and thus is invalid.

I am not sure what you mean by wavers? Could you give an example?

[Brat]

Example: Your severance is predicated on waiving your right to sue them for age discrimination.

[jim584672]

I just want to get it done while they are willing to do this, so I am not going to rock the boat. The agreement is basically I won't sue, use confidential information, disparage them.

[Chuckanut]

Severance pay? What the heck is severance pay

Congratulations. I hope your retired years are happy, long and prosperous.

[GravitySucks]

Congrats! Sounds like a mighty good package.
So did you hum "Pomp and Circumstance" or "Fanfare for the Common Man" while being marched out?

Sent from my Nexus 7 using Early Retirement Forum mobile app