Poll:Did you receive a "package" from your employer when you retired?

[f35phixer]

Federal employee here.... My package was getting out !!!!!

Also was given a flag flown over NAVAIR HQ for a day by my branch head which is flying now in back yard, Also my F35 MS lead was doing her selected passenger rides in an F18 SH and took another flag on her ride doing a low level training exercise out in VA. that was a big surprise, that one gets swapped out with my other every two months....

 

[braumeister]

My first retirement was typical, since I was in the military. There was a reception of lots of folks who w*rked with me, a 2-star hung a medal on me and gave me a plaque, some nice words were said, and I went home. No guests, since it was a secure area of the Pentagon.

My second, and final retirement was more fun. I had already decided that it was my last year of w*rk forever, and there were rumors that the company was going to be bought out. That made it easy to hang on until it happened. It wasn't too hard to predict when the big RIF would happen, so I used up my remaining vacation days on a trip to Munich for Oktoberfest. A few days after returning home the "sudden and unexpected" day came, I was called in and my boss was practically in tears telling me I was done, along with about a third of the w*rkforce. I don't think she really understood why I was grinning from ear to ear.

 

[MissMolly]

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.

Same for me.

 

[thod]

After many attempts to move our jobs to India (programming), they finally decided to 'burn the ships' and get rid of the last vestiges of the product team in the US.

The severance package for me was 40 weeks of pay based on years of service, but they needed us to stay for 3 months to finish a release and then up to 6 more months to train our replacements (in India).

For each month we stayed, they would add an extra 2 weeks to our severance pay.
In the meantime, working 9 more months allowed more RSUs to vest, another round of participating in the ESPP, etc.

I stayed right up until the last day and walked out with the 4 others left at that point.

Could have easily moved to another team, but I could not walk away from that much, especially when I was so close to being able to retire on my own anyway.

In my mind it was perfect. Early retirement was already mathematically possible, but I was hesitant to pull the trigger. This scenario was just what I needed.

The only thing that could have made it more perfect was if the all the payouts (salary, severance, ESPP, etc.) were split between 2 tax years. But alas, all of it fell into just one.

My wife worked one more year, as they had a refinery project she wanted to see to the end.

 

[gauss]

I voted "no package" because I resigned on my own.

-gauss

 

[Unpaintedhuffhines]

If I work 4-1/2 more years, I’d get about $1M in RSUs that would best over their normal timeframe. I ain’t working until 65, so I guess my early retirement will cost me dearly. However, I’ve determined I’m worth it.

I have dreamed that the day I am to announce (about 12 days), they come up with some sort of early voluntary inventive. Highly doubtful.

 

[Walt34]

No package, except the same bennies everyone else got and I'm happy with that. It's a 100% COLA'd pension and heavily subsidized health insurance (we pay 30%) in the same health insurance plan I was in when working. It also covers prescriptions, those are $5, once in a blue moon $10. This is now secondary to Medicare and it it is for life for both of us. I very rarely see a medical bill and when I do it's in the neighborhood of $10. To date the medical/prescription coverage has been worth a couple hundred thousand I think.

So I'll take that.

 

[Mark1]

No package of any type for me. I only got an $800 REI gift card and a free lunch. For lunch, I didn't take any mangers or engineers only 6 inspectors that I worked with the last 16 years of my career (all hired into Megacorp as welders, unit operators, pipefitters, and boilermakers). They helped me a lot and I wanted to show that I appreciated it.

 

[MC Rider]

No real retirement package here. Got a RIF severance back in 2009, made that year my highest paid. Went self employed. Now things have slowed way down and thinking one day soon I will tell my clients goodbye. House will go on the market soon. Already got myself a package, but not opened yet. A bottle of Trader Joes Belgian style Ale.

 

[jimbee]

I got absolutely nothing.

 

[Dawg52]

No package but I was given a new golf cart.

 

[EarlyandLate]

My exit from a megacorp was a RIF. It was the first ever in their long history. I had been there just shy of 19 years and was well prepared for such an event. Even though it is painful to be told that you are considered to be useless, I can't complain about the way I was treated. As I remember, I got one month's salary for each full year worked, 18 in my case. They wouldn't budge on the fact that I was only two weeks shy of 19 years. We had a bonus system, so I also got a big bonus from the prior year in which I had a high performance rating. Not only that, but the effective date of severance was in June and they told us in March that we didn't have to show up any more. To my great surprise, a check for $40K showed up a year later. It was my partial bonus for the year in which I was laid off!
So, as you can see, I can't complain. They have had subsequent RIFs and folks did not get nearly as good a package. My old department is almost nonexistent now.

 

[Ronstar]

Mine was a weird deal. I was part owner and wanted to sell the remainder of my stock when I retired. The company agreed to buy my stock in 12 monthly payments if I agreed to work 960 hours over the next year.

Wasn’t really a retirement package, but we did negotiate a lot of things to make the deal work.

 

[marko]

As I mentioned before, I had a "platinum" employment contract. I ended up with a seven figure pay out, which came after they let me 'languish' in Paris with a fully paid apartment for two years.

They were hoping I'd quit so they wouldn't have to pay me and the actual story behind that is quite funny.

 

[Jerry1]

I did alright. I had been working part time for two years when they announced budget cuts. My superiors knew I was going to retire. I told them I’d be happy to go and save a job for someone who needed it. They agreed. I got a years salary and a years healthcare. After the year was up, I officially retired. I took the pension versus the lump sum and I get a highly subsidized retiree health insurance plan.

The only thing that was sad was that since I was RIF’d, I was basically walked out. I mean me and my boss were laughing and wishing each other all the best, but technically, I was fired. That meant no retirement party. That meant I didn’t get a chance to publicly thank everyone who worked for me for all they did. I had a great team of about 20 people and most of them had worked for me at least 10 years. It’s no stretch to say that I couldn’t have got where I did without them. It would have been nice to say it. I’ve called and am friends with some of them, but others weren’t as easy to get hold of once I left.

 

[RobbieB]

No rif here either, just gave notice and quit. Got a free lunch and a $200 gift cert at Bass Pro Shops.

 

[rk911]

i retired from a 9-1-1 PSAP (public safety answering point) which was classified as a quasi unit of local govt. the difference between us and a city or village being we could not float bonds or levy a tax. that was left to our municipal members.

being a govt. employee i had a pension (no lump sum option but my wife will get 50% of my then monthly benefit when I pass) and since i retired prior to age 65 i was able to stay on my agency's health plan until my 65th birthday but I had to pay the premiums. but i also had to take a 2.5% reduction in my pension (.5% for every year i retired before i turned 60). that was always a part of my calculations. all of that was standard for all municipal employees within the state.

the only additional "package" was, thanks to my boss's cooperation, was being able to maximize my monthly pension by paying out my accumulated vacation time to me in three monthly installments prior to my separation date rather than in a lump sum.

 

[jim584672]

Standard where I worked is what I got, 2 weeks a year (up to 52), $10K medical stipend, and they advised to apply for Unemployment.

 

[Mr._Graybeard]

I got a buyout package negotiated by my union local, two weeks' pay for every year of my employment, stretched out over 40 weeks. I also got 6 months free COBRA, which carried me until the time ACA coverage became available. I also started collecting a non-COLA pension of a few hundred dollars when I turned 60.

 

[racy]

I chose when to retire after 37 years at megacorp. The only package I received was money for my 4 weeks of unused vacation. Normally, vacation was 'use it or lose it'.

 

[Montecfo]

I chose to retire so no "package". Also no pension, no 401k match, no bonus.

I did get a dinner with colleagues at a way too expensive steak place, a nice lunch with my exec team, and a very cool watch.

No regrets to retiring on my own terms.

Sent from my Pixel 3a using Early Retirement Forum mobile app

 

[kyzymurgist]

I had long planned to retire at 55 which was the earliest possible to claim a slightly reduced (91%) pension from megacorp. Unfortunately the market was unkind and my firecalc numbers said "work a few more years"

I was overjoyed when the company announced an early retirement incentive of lump sum 1.67x normal severance plus 1 year of free Cobra. With my 34 years and accrued vacation, that amounted to well over a years pay. The government subsidized healthcare under the ACA clinched the deal. Thanks Obama.

I was surprised how many older coworkers agonized over this decision. Many declined the buyout taking the huge risk that they could be terminated anyway with only standard severance and no free year of healthcare. Unfortunately, some were let go within weeks of the offer deadline.

10 years later and my megacorp is essentially defunct.

 

[sengsational]

I voted "no package" because I resigned on my own.

-gauss

Same here, on the last gig, anyway. They'd been pushing me to go to India to train replacements for the US team. I kept making excuses and putting it off. I said I'd do it if I got a month off every year, but got a "no" on that, and no counter offer, so I walked.

There were previous gigs where I got paid for 2 weeks or some such. Nothing to write home about.

 

[brett]

I was offered a package.

I subsequently hired an employment lawyer to negotiate an enhanced severance package.

I was in a position to be familiar with these settlements. I engaged a lawyer who was recommended by others who had been in a similar situation.

My employer, megacorp, was very fair. Great employer.

Final settlement value almost doubled in dollar value of the first offer. Slightly under 2 years based on the average total of my last three years of salary, benefits, and performance bonus payments. All time credited to my company pension and supplementary pension plans


....forgot to mention. On my lawyer's advice I immediately registered for unemployment insurance. I became eligible to receive it after a 22 month waiting period. or so. I collected it for 44 weeks. It was the first time in 40 years of working that I had ever collected!

 

[pacergal]

Nope.
But I do have a pension!
My office co workers had a nice luncheon for me (it was a surprise, as I had told my boss I didn't want anything). My direct boss wanted to do another party with all of the others from my management group, but I declined. I really wanted to go out quietly, without fuss, introvert that I am.