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View Poll Results: Did you receive a retirement "package"
Yes, I negotiated a deal with my employer 12 6.86%
Yes, I received the standard severance everyone got 40 22.86%
No package 123 70.29%
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Poll:Did you receive a "package" from your employer when you retired?
Old 08-12-2022, 11:37 AM   #1
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Poll:Did you receive a "package" from your employer when you retired?

Just wondering how many had their final exits incentivized. I have a couple of friends who were in upper management who both got very lucrative exit deals while most of my other friends got little or nothing.

I personally fell somewhere in between: As a minor cog in a MegaCorp I didn't really have any leverage and so got the standard RIF package - 6 months salary as severance plus 6 months COBRA. (to which I was able to add pay for a few months of unused sick leave and vacation ending up with about a year's worth of pay all told). Way better than nothing, so I'm not complaining, but I'm curious about folks experience on E-R.org.
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Old 08-12-2022, 11:48 AM   #2
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As a fellow minor clog my standard severance was 14 weeks pay (after 19 years) head hunter services (due to my managment position) and the ability to collect unemployment and Cobra.

Simply put, the message was "don't let the door hit you in the a$$"
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Old 08-12-2022, 11:50 AM   #3
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I got a party. A good party, but just a party.
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Old 08-12-2022, 11:51 AM   #4
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I didn't get a package but I did get a cardboard box. Made it easy to pack my stuff and carry it to the parking lot.
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Old 08-12-2022, 12:14 PM   #5
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I retired early on my own terms, surprised the hell out of all my co-workers, my "incentive" was non monetary (sick of monumentally self absorbed Corp types)...
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Old 08-12-2022, 12:15 PM   #6
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I received 8 weeks of pay after I gave notice. I asked why they were still paying me, I'm not coming back. They then clawed all 8 weeks back.
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Old 08-12-2022, 12:29 PM   #7
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I was in an executive position but worked for the government so no incentive to retire other than my pension.
My direct reports had a party for me that was exactly what I wanted. Cupcakes and just a chance to visit with them.

I retired at the end of last year with 12/29 being my last day. Most people were off due to the holiday closure and I had been mostly working from home.
I had no one to turn my laptop/phone and other county property in so I didn’t do that until January 3? I think.
And that was the end of that.
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Old 08-12-2022, 12:31 PM   #8
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The only thing I got when I left my company that I didn't expect was some additional PTO time I didn't know I had. It came to about $1,400, so it wasn't trivial.
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Old 08-12-2022, 12:35 PM   #9
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I didn't but at the time my Megacorp wasn't trying to downsize. I did get a verbal promise that I'd get a pro-rated percentage of my year end bonus but they stiffed me on that. It was probably $5k or so but I decided to let it go because I'm so happy to be retired that I'd prefer to just forget about the place.
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Old 08-12-2022, 12:38 PM   #10
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I got a party that the company was too cheap to pay for so I reimbursed those that fronted the cash for it. It was a great party and it reminded me why I was so glad to be retiring.
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Old 08-12-2022, 12:38 PM   #11
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Quote:
Originally Posted by stepford View Post
Just wondering how many had their final exits incentivized. I have a couple of friends who were in upper management who both got very lucrative exit deals while most of my other friends got little or nothing.

I personally fell somewhere in between: As a minor cog in a MegaCorp I didn't really have any leverage and so got the standard RIF package - 6 months salary as severance plus 6 months COBRA. (to which I was able to add pay for a few months of unused sick leave and vacation ending up with about a year's worth of pay all told). Way better than nothing, so I'm not complaining, but I'm curious about folks experience on E-R.org.


PS. If anyone knows how to edit the poll categories, please let me know. The simple proofreading error in option #2 is embarrassing.
I fixed the wording as requested.

I received the standard package, incentivized with the “80” points system where one could retire with immediate pension plus health insurance when one’s age plus years of service was 80 or higher. I took advantage at age 55 and 25 years of service. A great incentive for me at the time
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Old 08-12-2022, 12:39 PM   #12
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The only "package" I got was a lunch combo at a chain restaurant---and the food was bad.

Other than that, the best "package" was the fresh air outside when I walked out for the last time.
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Old 08-12-2022, 12:41 PM   #13
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The only "package" I got was a lunch combo at a chain restaurant---and the food was bad.
I never liked going to those group luncheons. So, I told everyone not to have one for me. Two good things happened as a result: My best friend at the office took me out to lunch to our favorite diner, and they group gave me the money they would have spent on the luncheon, about $160. Not bad, huh?
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Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

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Old 08-12-2022, 12:45 PM   #14
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Quote:
Originally Posted by scrabbler1 View Post
I never liked going to those group luncheons. So, I told everyone not to have one for me. Two good things happened as a result: My best friend at the office took me out to lunch to our favorite diner, and they group gave me the money they would have spent on the luncheon, about $160. Not bad, huh?
That's a great deal!

I think the price for the lunch combo I got was $9.99. I would have happily taken that money, gone off to Del Taco on my own and enjoyed 4 fish tacos + a big root beer with spare change leftover to give to the homeless dude outside the front door.
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Old 08-12-2022, 12:45 PM   #15
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I got a cake and a clock with a plaque attesting to my years there. For a number of years I kept the clock going, until one day I realized I did not care what time it was, I did the same thing when my watch battery died.
I packed up the clock and the leftover cake, and took the last train ride home.
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Old 08-12-2022, 12:50 PM   #16
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They had a lunch at a Thai restaurant that was nice. I did have to drive three hours to attend, but I was paid my salary and mileage. It was nice to see them one last time. I left on my own terms, so no severance.
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Old 08-12-2022, 12:51 PM   #17
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I was ready to retire and waiting on a RIF... but it never happened. After 2 years of hoping/praying/telling my boss that I wouldn't mind being at the top of the 'list' if a RIF came along.. I gave up and gave notice. So the only 'package' I got was PTO time that I had on the books (about 8 weeks worth). The big RIF that decimated my corporate campus came a full year later and was a 1 year salary/benefits package.

I could have been sad about missing out - but by then I was so happy to not be working, that it was all good. I had many friends that got the 1 year package and turned it into a year paid sabbatical before looking for work. Only 2 had enough savings to actually retire when they got the package.
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Old 08-12-2022, 12:53 PM   #18
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I applied for and was accepted into my company's early retirement offer. I was 64 when they offered it so the timing was really good. I calculated out the benefits to about two years salary. I had worked a long term there and maxed out the one-time supplemental payment based on years worked there.

I was grateful for the opportunity to leave. My plan was to work longer until my wife was closer to medicare. The package included subsidized company medical insurance. That clinched it for me.

I know it was luck of the draw. I worked in IT and older workers in larger companies usually see early retirement packages followed by a RIF. I was very lucky and have not looked back.
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Old 08-12-2022, 01:00 PM   #19
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My company, as an incentive, loosened the criteria for retirement from age 55 with 30 years service to 50 with 25 years of service. Of course, the pension calculations had a penalty for being under age 55.

Left at age 50 with 29 years of service. I have been collecting the pension for 22 years and 6 months to date.
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Old 08-12-2022, 01:00 PM   #20
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Not exactly. My retirement was my idea, not theirs.

Management wanted to have a traditional retirement dinner for me, in a fancy restaurant, but I declined because I know the attendees had to pay for that themselves and most really couldn't afford it. Instead I persuaded them to stage a potluck in one of the conference rooms. That was a great idea! Everyone had fun and no sad faces over the expense. They called in middle management to give a speech and present me with a couple of unexpected awards.

My supervisor gave me more cash than I expected from my unused leave, about the same amount extra as Scrabbler got. I didn't know about it until several weeks after I retired, and I never got an explanation.

As was customary they sent an envelope around to everybody for cash donations. I got several hundred from that. That was a nice surprise, too.
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