How to get the most $ when leaving the co.?

[dex]

I haven't posted in awhile (still reading the boards) as I'm working my plan to retire this year. I've done the following:
1. Got health checks
2. Got Finances in order
3. Found health insurance
Next Steps:
A. Sell the house
B. Give notice - this is the question area

I want to give a 2 weeks notice and be out the door Aug.1 of this year.
Question? Do you have any ideas how I can maximize the amount of money I get out of the company. I can not think of any. Don't mention consulting or being available etc - I won't be.

My manager may want me around until he finds a replacement and possibly a training period. I can see using that as a period of lighter work but, I can not see how to get more $ out of the situation.

 

[Marshac]

Hoard the ball point pens and paperclips

Seriously though... see if your employer has a cafeteria plan, or anything like that. My last employer had a plan that would give you 20% free money if you put at least $500 on your card... since they only keep track of the cash value of the card, you can "cash out" when you leave employment.

 

[sgeeeee]

Hoard the ball point pens and paperclips . . .

If you start now you should be able to collect enough tablets, pens, pencils and paper clips to last through retirement. But if you really want to get ahead, go for the staplers and tape dispensers.

 

[wabmester]

Question?  Do you have any ideas how I can maximize the amount of money I get out of the company.

Take pictures of the CEO doing his secretary?

Nobody is going to pay you to leave unless:

1) You've got a golden parachute clause in your contract.

2) Your company offers a voluntary early retirement program.

You can try becoming really obnoxious and see if they'll fire you. That way you may get severance and be elligible for unemployment insurance.

 

[BigMoneyJim]

Take pictures of the CEO doing his secretary?

I'm sure I have those on my hard drive somewhere...I'll email those to him.

 

[polloloco]

Is there an ending date of the fiscal year through which you must work in order to be eligible for a bonus or profit sharing? This will definitely play a major role in deciding the date I give my employer notice of leaving.

 

[dex]

"If you start now you should be able to collect enough tablets, pens, pencils and paper clips to last through retirement. But if you really want to get ahead, go for the staplers and tape dispensers. "
I'm going to have to stock up

I didn't hold out much hope for an answer to my question. I guess I wanted to get that little extra some folks always get - you know an offer to retire early, a consulting contract where you don't have to show up.
I've been working since I was 15 and never even collected unemployment insurance - I know that is a good thing.

Working does provide some benefits I will have to pay for after stopping besides pens and paper;
free internet access
discounts on cell phone plans
discounts on various stores

 

[John Galt]

Don't forget to take the toilet paper

I don't agree about no unemployment comp. being a
good thing. I had several periods of unemployment and
enjoyed every one. I always felt like it was a vacation,
and getting that comp. check..........priceless!

JG

 

[FunGoals]

I haven't posted in awhile (still reading the boards) as I'm working my plan to retire this year.  I've done the following:
1. Got health checks
2. Got Finances in order
3. Found health insurance
Next Steps:
A. Sell the house
B. Give notice - this is the question area

C. Read all company policies - preferably on company time.
D. Check vacation policy - is it better to use all vacation before retiring or get lump sum after. Does lump sum count in pension. It didn't when I retired.
E. Call auto insurance company - ask about difference in cost for pleasure use only.

 

[malakito]

F. (May not apply to you, I dunno.) Exercise all remaining stock options within the required time period. All the stock options I have been granted have accelerated expiration provisions if I leave the company -- after all, the point is to make sure you're staying around for a while longer.

malakito.

 

[LEX]

One thing that you may wish to do is check out what your employer has done with other ER's. Since they are now free on parole, they would be able to tell you what to expect. I would never suggest that you attempt to lift a heavy box the last month of your employment and file a workers compensation claim. That would be wrong.

 

[dex]

Thanks for all the replies - I've most of them in mind - maybe not the workers comp angel.

I guess I was just thinking that I've worked since I was 15 and I never was one of those people who got money handed to them. I wanted to be one of those people who when they left the company they were given something to leave. Fortunately the company is doing well so no such offers exist.
No free lunch I guee.

John Galt,
Re: unemployment - my comment ment that I was never out of work so I didn't need to collect it.

 

[John Galt]

Hello dex. Yes, I understood and my comment only meant
that I enjoyed unemployment and especially getting the comp. checks. I only posted that as I suspect this is
a somewhat unusual reaction to losing your job.

JG

 

[fln]

I want to give a 2 weeks notice and be out the door Aug.1 of this year.
Question? Do you have any ideas how I can maximize the amount of money I get out of the company. I can not think of any. Don't mention consulting or being available etc - I won't be.

My manager may want me around until he finds a replacement and possibly a training period. I can see using that as a period of lighter work but, I can not see how to get more $ out of the situation.

I did not check your previous posts so I don't know your exact circumstances but usually if you're near retirement age, most companies have customized early exit plans. They do realize that most employees in these situations are not motivated to maximize their contributions so to prolong the situation is not good for both the company and the employees involved. If you're resolved to retire then make an appointment with your HR representative and negotiate a early retirement package.

Most of the time, if you're an average to above average employee, the company will not take the initiative to offer you an early retirement package; you're simply under the radar. So if you fit the above criteria, you can either stay under the radar until you give notice or you can take the initiative and start your negotiation process. Most of the times, from the company's perspective, if you're going to leave, the company would prefer that you leave now than x months later. Use that leverage to negotiate for:
- immediate departure (two weeks notice or less)
- cash for unused vacation times
- paid salary for rest of the year
- bonus for the year (if applicable)
- all unvested options vested (if you have options start there and work backward to the most recent unvested options. Then start negotiate for extending the most time for exercising these options..)
- health benefits
- LOA until planned date of retirement; this will entitle you to an 'employed' status for any kind of financial applications in the mean time ie. CC, HELOC, Mortgage refinance etc.

 

[MJ]

They do realize that most employees in these situations are not motivated to maximize their contributions so to prolong the situation is not good for both the company and the employees involved. If you're resolved to retire then make an appointment with your HR representative and negotiate a early retirement package.

I planning to leave in about 3 1/2 months. My important responsibilites over the last several years have slowly diminished. I would be concerned that they might come up with an excuse to cut me loose before I am ready to leave with minimum severance compensation.

MJ

 

[dex]

fln,
Good advise. I'll ask the question. It wasn't on my agenda to do so. The company I work for is a new one. Only been around since '85. I'm one of the older employees at 50.

 

[fln]

I planning to leave in about 3 1/2 months. My important responsibilites over the last several years have slowly diminished. I would be concerned that they might come up with an excuse to cut me loose before I am ready to leave with minimum severance compensation.

MJ

Disclaimer: my comments only apply to general situations and not individual circumstances. That said, in general, if you're near retirement age, most companies would avoid cutting you loose with reduced compensation ie. compensation that you would have been entitled to if you stay until the official date. This is due in some part to skirting any flavor of age discrimination, morale impacts ie. grapevine talks and ultimately, it's just not worth the trouble to them.
From the company's perspective if you're in a certain age braket, they would do exactly what you describe with you and avoid the trouble unless you bail them out by initiating the early retirement discussion in which case, most companies would prefer to give you what you are entitled to and get on with life sooner rather than later (ie. filling the job, phasing out the job etc.).

 

[MJ]

Thanks fln.

 

[Spanky]

in general, if you're near retirement age, most companies would avoid cutting you loose with reduced compensation ie. compensation that you would have been entitled to if you stay until the official date. This is due in some part to skirting any flavor of age discrimination, morale impacts ie. grapevine talks and ultimately, it's just not worth the trouble to them.

I know an engineer, 3 months from qualifying for medical benefits, was laid off from Nortel. She begged to stay on for 3 additional months even without pay, but Nortel refused it. She had been working for Nortel for almost 20 years. Apparently, they must have a program that flags anyone who is near retirement age eligible for pension or benefits. In an attempt to avoid getting sued from age descrimination, they would put older workers into a project scheduled for termination. When they terminate the project, they would claim "project/portfolio re-alignment" and lay off the older or undesirable workers.

Spanky

 

[John Galt]

Hi Spanky! Assuming your Nortel story is accurate
(I have no reason to doubt it), I think this is perfectly
acceptable. It may be unfair, immoral, discourteous,
mean, deliberately cruel, etc. All of that is preferable
to having a law preventing Nortel from doing it.
I believe employment "at will" should cover all employers/employees in all situations.
BTW, I feel just the same about romance .

JG

 

[MJ]

Hi Spanky! Assuming your Nortel story is accurate
(I have no reason to doubt it), I think this is perfectly
acceptable. It may be unfair, immoral, discourteous,
mean, deliberately cruel, etc. All of that is preferable
to having a law preventing Nortel from doing it.

I wouldn't worry about her, if she can't afford the insurance , she can always go on medicaid and have the government (you and I) pick up her medical care. That is of course for those of us that pay a decent amount of tax.

Of course, if there was no medicaid, then I guess she would be is out of luck and would have to depend on good will of her follow (wo)man.

MJ :-/

 

[John Galt]

Nothing wrong with being helpful, kind, courteous, etc.
It's when it is forced by law that I must take exception.

JG

 

[Bob_Smith]

I wouldn't worry about her, if she can't afford the insurance , she can always go on medicaid and have the government (you and I) pick up her medical care.

There is no way this woman would qualify for Medicaid! The idea that there's a big safety net out there that would help someone like this is a myth propagated by the likes of Rush Limbaugh, Armstrong Williams, and their ilk.

Based on the info Spanky provided, it appears this employer is a consummate sleaze-bag who held out the promise of access to health care for retirees who reach a certain age, in order to keep valuable employees. Rather than be honest and above board, they resort to dishonesty, manipulation, and subterfuge in an effort to screw their employees. It's lying, sneaky, weasels like these who create the Enrons and Tycos of the world. I hope Spanky's friend finds a very good trial lawyer, and I hope that lawyer finds a way to bury Nortel. I'd love to be on that jury. In other words, I don't see Nortel's behavior as "perfectly acceptable". Lying, cheating, and stealing is never acceptable. A complete lack of ethical standards leads to chaos.

 

[John Galt]

I am with Nortel, probably because I almost always prefer corporate interests over the government, or whining employees (Oh, poor me!). Also, I never
worked for a big corp. in my life. Spent the whole time in
small business or very small business. I do agree that
"a complete lack of ethical standards leads to chaos".
Ethical standards are pretty much gone everywhere
and chaos will result eventually. There was a time when duels were fought over nothing more than
someone's honor.
Anyway..................I have great sympathy for the Enrons,
Tycos and Martha Stewarts of this world. They played
the same game as uncounted others and were
singled out for retribution. These examples are not even the tip of the tip of an enourmous iceberg.

JG

 

[Martha]

I wouldn't worry about her, if she can't afford the insurance , she can always go on medicaid and have the government (you and I) pick up her medical care. That is of course for those of us that pay a decent amount of tax.

Of course, if there was no medicaid, then I guess she would be is out of luck and would have to depend on good will of her follow (wo)man.

MJ :-/

As Bob said, there is no medicaid for this woman. This is an example of the kind of mis-information that always seems to be floating around out there on healthcare. For goodness sake, can't we spend some of our country's wealth on basic healthcare for all? I am already paying high taxes, but would be willing to pay more for basic healthcare for all.