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Old 01-21-2012, 03:49 PM   #21
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Congratulations, BigNick.
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Old 02-07-2012, 04:14 AM   #22
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I got some more news today. Apparently I'm at the "98% certain" stage. I have to go through two formal "Do. You. Understand. What. This. Means." meetings next week, one with our benefits people and the other with legal. Then, the rubber stamp committee meets mid-March, the head honcho signs on the dotted line before the end of March, and I'm out of here on June 30. (Actually, I have some vacation time saved up: I calculate that my last day will be Friday May 25.)

Two nice bonus pieces of news:
- The payoff is proportional to length of service; that includes temporary service, and I was a temp for 33 months becoming tenured. That adds another 14% or so to the gross total payout.
- Related to the above, the period for which I can buy extra pension credit includes the entire period covered by the payoff. This means another 5.6% on my pension compared to what I thought I was going to get. It does, however, mean that the net total of the lump sum part of the payout is "only" up by 9%, but I can handle that. (I just recalculated the return on my pension buyback, which I said was 8% in the OP; in fact it's more like 15%!)
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Age 56, retired July 1, 2012; DW is 60 and working for 2 more years. Current portfolio is 2000K split 50 stocks/20 bonds/30 cash. Renting house, no debts.
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Old 02-07-2012, 05:14 AM   #23
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Congratulations, BigNick. Enjoy ER.
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I got some more news today.
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Old 02-07-2012, 05:27 AM   #24
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I got some more news today. Apparently I'm at the "98% certain" stage. I have to go through two formal "Do. You. Understand. What. This. Means." meetings next week, one with our benefits people and the other with legal. Then, the rubber stamp committee meets mid-March, the head honcho signs on the dotted line before the end of March, and I'm out of here on June 30. (Actually, I have some vacation time saved up: I calculate that my last day will be Friday May 25.)

Two nice bonus pieces of news:
- The payoff is proportional to length of service; that includes temporary service, and I was a temp for 33 months becoming tenured. That adds another 14% or so to the gross total payout.
- Related to the above, the period for which I can buy extra pension credit includes the entire period covered by the payoff. This means another 5.6% on my pension compared to what I thought I was going to get. It does, however, mean that the net total of the lump sum part of the payout is "only" up by 9%, but I can handle that. (I just recalculated the return on my pension buyback, which I said was 8% in the OP; in fact it's more like 15%!)
Well, 98% means there still is a chance things will end differently so I will hold off with the congrats. Thanks for keeping us updated.
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Old 02-07-2012, 07:00 AM   #25
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But how are they going to keep you down on the farm once you've seen gay Paree (Paris)?
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Old 02-07-2012, 09:48 AM   #26
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But how are they going to keep you down on the farm once you've seen gay Paree (Paris)?
That's not the area of Paris I tend to hang around in.
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Old 02-07-2012, 09:53 AM   #27
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May 25th will be here faster than you know it. Congratulations and enjoy!!!
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Old 02-14-2012, 08:46 AM   #28
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I have to go through two formal "Do. You. Understand. What. This. Means." meetings next week
These meetings took place today. I signed a piece of paper saying that I'd been appropriately informed. The legal guy, who's 8 years younger than me with an ex-wife, two kids, and a new (male) partner to support, looked wistful...
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Old 03-28-2012, 04:40 AM   #29
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Then, the rubber stamp committee meets mid-March, the head honcho signs on the dotted line before the end of March, and I'm out of here on June 30.
The rubber stamp committee met last week, and apparently nothing untoward happened. I just got a meeting request, summoning me to meet the head of F&A on Friday, where I will be handed an envelope.

With any luck, my next post on this matter will be in the "Class of 2012" thread.
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Old 03-28-2012, 06:03 PM   #30
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Congrats. I have always heard that French and German's had very generous severance policies, it appears that is the case.

Could you explain exactly what you get in terms of week salary or something like that.
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Old 06-22-2012, 06:22 PM   #31
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Bumping this thread because my layoff money hit my bank account today. I went straight to the bank to move it to a deposit account, which only pays 1.8%, but it's still a few bucks a day until I allocate it to the portfolio.

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Could you explain exactly what you get in terms of week salary or something like that.
I got one month's pay for every year of service. That maxes out at 24, and I have 21.9 years of service. Included is base salary and some benefits. I w*rk (still present tense, for a week more!) for an international organisation, so our staff are "extraterritorial" and we get paid certain benefits by the organisation which regular European citizens might get from their governments.

The nice thing is, DW works at the same place and will now get some of those benefits - up to now she was prevented from having them by "no double dipping" rules. So for the next 22 months, we will get those benefits twice: once in her salary and once in my payoff.

In other good news, it's DS's 23rd birthday, his new semi-job is going great and has prospects for a real job, and he's home at the same time as DD for the first time since Christmas.
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Old 06-22-2012, 06:26 PM   #32
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Hey BigNick, sounds like payday for you. Congratulations!
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Old 06-22-2012, 06:48 PM   #33
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Definitely. Congratulations!
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Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
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Old 06-22-2012, 07:16 PM   #34
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Congratulations, BigNick, and welcome to the club! May your retirement exceed your greatest expectations.
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Old 06-22-2012, 08:19 PM   #35
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Congradulations!!!!!
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Old 06-22-2012, 09:07 PM   #36
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Congratulations.
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Old 06-22-2012, 10:44 PM   #37
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Enjoy Nick, sounds like all good news!
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Old 06-23-2012, 05:18 AM   #38
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Congrats BigNick!

Will you remain in Paris?
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Old 06-23-2012, 06:36 AM   #39
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Will you remain in Paris?
I will remain in Strasbourg.
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Old 06-23-2012, 06:40 AM   #40
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Congrats!!! Ka-ching!
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