Join Early Retirement Today
Reply
 
Thread Tools Display Modes
VSP (voluntary severance package)
Old 07-04-2016, 04:30 PM   #1
Recycles dryer sheets
 
Join Date: Feb 2013
Location: Boise
Posts: 430
VSP (voluntary severance package)

My company just announced VSP, not a great one, 18 weeks of pay, but being so close to the end it is very tempting. Apparently all requests are not automatically approved. Has anyone here ever been denied when applying?

My wife works for the same company and we think that we will both apply
jcretire77 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-04-2016, 05:01 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,304
Not familiar with that acronym but I think I know generally from context what it means and it sounds it is a less awful variety of a job cut or at least you are prepared.


Sent from my iPhone using Early Retirement Forum
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Old 07-04-2016, 05:07 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Posts: 2,509
voluntary severance package or voluntary separation package

package could be replace with plan
bingybear is offline   Reply With Quote
Old 07-04-2016, 05:26 PM   #4
Recycles dryer sheets
 
Join Date: Feb 2013
Location: San Jose
Posts: 289
My application was denied a few years ago. I left anyway but after a few weeks found I didn't have enough to occupy the time, so I let management talk me back in with a deal that amounted to the buyout premium, payable at the end of the time window used to calculate it (the equivalent in your case would be double pay for 18 weeks). After I collected on that deal we did a major overhaul of my job, and I've been OMY ever since.

I knew several dozen applicants who were accepted but I didn't know anyone else who took a retention deal (I imagine it was quite a few but no one's talking). I was surprised at a couple of the people who were accepted, one openly told all of us that he was retiring anyway (so maybe not a surprise), the other I suspect couldn't agree on terms (he ended up coming back after the blackout expired).

I guess with two of you, you'll have more permutations to work through!
dunkelblau is offline   Reply With Quote
Old 07-04-2016, 07:55 PM   #5
Thinks s/he gets paid by the post
Just_Steve's Avatar
 
Join Date: Apr 2016
Location: Dutchess County
Posts: 1,599
The state agency I worked for offered a buyout and so many people from hourly, supervisors and managers applied that they withdrew the offer to everyone and never offered an early out ever again. It would have effectively shut down the agency.
Just_Steve is offline   Reply With Quote
Old 07-04-2016, 08:20 PM   #6
Recycles dryer sheets
 
Join Date: Feb 2013
Location: Boise
Posts: 430
Thanks for all of the replies. We have one week to make the decision. I wanted to retire by now anyway, but have stayed to help fill two openings in my group. One down, started two weeks ago. Not sure that my offer to take VSP would be approved, but if not then I would just be p*ssed and then have to decide how long I would stay. If approved I would stay as long as the end of the year if they needed me (which I don't think that they really do).
jcretire77 is offline   Reply With Quote
Old 07-04-2016, 08:31 PM   #7
Thinks s/he gets paid by the post
38Chevy454's Avatar
 
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,344
It does kind of suck when they offer it, but then potentially tell you that you are not approved. It leaves a bad taste and the company is just creating bad attitudes with those they disapprove. Since you are already in OMY mode and ready to go, I say apply and hope they select you as one of the approved. I doubt they would want to keep you until year-end, the whole point of most VSPs is to reduce costs, and labor is the biggest of the costs they can cut.
__________________
The problem isn't artificial intelligence, it's natural stupidity.

You can't spend yourself to prosperity.

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
38Chevy454 is offline   Reply With Quote
Old 07-04-2016, 10:32 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
What about healthcare? Are you going to be treated like retired, or are they just throwing you to the dogs and O'Bamacare?

You didn't mention age, but are you really retiring very early?

My MegaCorp retired everyone over the age of 55 in 2008--when they overreacted to the business conditions. And they paid dearly to get rid of us all.
Bamaman is offline   Reply With Quote
Old 07-05-2016, 01:04 PM   #9
Recycles dryer sheets
 
Join Date: Feb 2013
Location: Boise
Posts: 430
Bamaman, I am 57 and my wife is 59. Not too early. No debt. Expenses in line with assets. UnAffordable Healthcare premiums are about $875-$1000 for two in ID. We are both relatively healthy. A years worth of cash at hand. Social Security will be decent for both and no need to file early. An okay mix of tax and tax deferred accounts.

At home this week just pretending to be retired.
jcretire77 is offline   Reply With Quote
Old 07-05-2016, 01:06 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: Les Bois
Posts: 5,761
Quote:
Originally Posted by jcretire77 View Post
At home this week just pretending to be retired.
how many rounds you going to get in with this gorgeous weather?
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
Big_Hitter is offline   Reply With Quote
Old 07-05-2016, 01:23 PM   #11
Recycles dryer sheets
 
Join Date: Feb 2013
Location: Boise
Posts: 430
I was hoping for two more, tomorrow and Thursday and then the weekend. I have some kind of sinus/tooth issue going on. The pain comes and goes. Did play Saturday (90) and yesterday (89), but up until 2:00am last night unable to sleep from the pain that came back every 30 minutes regardless of what I did. Antibiotics are on the way home now. Probably going to cancel tomorrow and keep my fingers crossed for Thursday.
jcretire77 is offline   Reply With Quote
Old 07-05-2016, 01:31 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: Les Bois
Posts: 5,761
Quote:
Originally Posted by jcretire77 View Post
I was hoping for two more, tomorrow and Thursday and then the weekend. I have some kind of sinus/tooth issue going on. The pain comes and goes. Did play Saturday (90) and yesterday (89), but up until 2:00am last night unable to sleep from the pain that came back every 30 minutes regardless of what I did. Antibiotics are on the way home now. Probably going to cancel tomorrow and keep my fingers crossed for Thursday.
hope you get to feeling better - Sr. club championship coming up!
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
Big_Hitter is offline   Reply With Quote
Old 07-05-2016, 03:24 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 6,002
Quote:
Originally Posted by jcretire77 View Post
Bamaman, I am 57 and my wife is 59. Not too early. No debt. Expenses in line with assets. UnAffordable Healthcare premiums are about $875-$1000 for two in ID. We are both relatively healthy. A years worth of cash at hand. Social Security will be decent for both and no need to file early. An okay mix of tax and tax deferred accounts.
At home this week just pretending to be retired.
Why don't you just continue doing what it sounds you're going to be good at--being retired? Not all of those that retire do a good job at it. It takes a peace of mind, and that often requires letting your past life go. I got good retirement training from my father--and never intended to work to retirement age anyway.
Bamaman is offline   Reply With Quote
Old 07-05-2016, 03:46 PM   #14
Thinks s/he gets paid by the post
 
Join Date: Jan 2008
Posts: 1,644
Quote:
Originally Posted by 38Chevy454 View Post
It does kind of suck when they offer it, but then potentially tell you that you are not approved. It leaves a bad taste and the company is just creating bad attitudes with those they disapprove. Since you are already in OMY mode and ready to go, I say apply and hope they select you as one of the approved. I doubt they would want to keep you until year-end, the whole point of most VSPs is to reduce costs, and labor is the biggest of the costs they can cut.
This is one of many reasons why these plans represent poor management. It is the lazy way out for management.
jebmke is offline   Reply With Quote
Old 07-07-2016, 04:45 PM   #15
Recycles dryer sheets
 
Join Date: Feb 2013
Location: Boise
Posts: 430
I have been on vacation this week. I had to sign the VSP before Monday at noon. I decided to log into work, 807 emails later I signed the VSP and sent it to my boss and his boss and to HR. So regardless whether they accept it or not, they certainly know that I am not a long term employee.
jcretire77 is offline   Reply With Quote
Old 07-08-2016, 07:48 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: Les Bois
Posts: 5,761
hey congrats! Let's try and play a round in the near future - course will be tied up next week with the member/guest
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
Big_Hitter is offline   Reply With Quote
Old 07-08-2016, 01:52 PM   #17
Recycles dryer sheets
 
Join Date: Feb 2013
Location: Boise
Posts: 430
Absolutely.

Management still needs to sign off. If they don't then I will need to decide enthused I am going to be and how long I will stay. I had pretty much settled with next spring, maybe March. Not sure that I want to do that any longer. Have a great weekend.
jcretire77 is offline   Reply With Quote
Old 07-08-2016, 05:25 PM   #18
Recycles dryer sheets
 
Join Date: Jun 2011
Location: Saint Joseph
Posts: 91
I got a voluntary separation letter late last fall and they said they would take the first 200 applicants. I got the email at 7:45 am and had my paperwork signed and back by 8 am! I heard they ended up with 250 applicants and took them all. It would suck to volunteer and be turned down.


Sent from my iPhone using Early Retirement Forum
Jeff
jeffmete is offline   Reply With Quote
Old 07-13-2016, 12:34 PM   #19
Recycles dryer sheets
 
Join Date: Feb 2013
Location: Boise
Posts: 430
It's all working out. Both myself and DW's last w*rk day is Sept 2nd, 2016. Wheee!
jcretire77 is offline   Reply With Quote
Old 07-13-2016, 01:53 PM   #20
Moderator
MBAustin's Avatar
 
Join Date: Jul 2010
Posts: 7,913
Congratulations!!!
__________________
"One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute." William Feather
----------------------------------
ER'd Oct. 2010 at 53. Life is good.
MBAustin is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What would you do? Military VSP trixs Young Dreamers 13 03-16-2014 10:37 AM
What is a decent severance package in 2012? almost there FIRE and Money 21 08-28-2012 06:12 AM
Severance boont FIRE and Money 20 06-14-2006 09:41 AM
Take Severance Pay and Run? BigMoneyJim Other topics 10 08-18-2003 07:31 PM

» Quick Links

 
All times are GMT -6. The time now is 11:30 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.