Voluntary Seperation

[Trav]

So the company I have been at for 21.5 years just sent out a email asking for a “voluntary separation”. For me it would basically work out to about 70 weeks of pay and 60 weeks of paid health & dental care.

I have until 11/10 to decide but I am leaning towards not taking it. That being said I am a little afraid about what the job will be like afterwards.

Lots to think about.

[Thumper]

Maybe I'm a bit dense today (no comment needed from the peanut gallery), but I have no clue what you're talking about. "Voluntary Separation"?? What does that mean persactly? Early retirement?

[Trav]

Thump,

It’s basically volunteering to be laid off to get a much longer than normal severance package. I am only 47 so I am not quite ready financially. If this were 4 or 5 years from now I probably could.

[Thumper]

Got'cha. What's to keep them from making it an INVOLUNTARY lay-off if you don't volunteer? Was the email just sent to you? Or was it a company wide email simply asking for volunteers?

I had one'a those once. It basically boiled down to: "Do you wanna resign, or do you want us to fire you?" I made 'em fire me so I could collect unemployment. ;)

Long story, but I couldn't grab my shit fast enough to get out'ta there! (it was a change of upper-management sort'a thing and they cleaned house when they came in ... I knew it was coming as I already knew who my replacement was).

[Trav]

It went out to a lot of folks as far as lay offs in the future I am actually pretty secure in my position but I understand anything can happen.

Of course it depends on the state but here in Oklahoma if you accepted this “voluntary separation” that would exclude you from being able to get unemployment benefits.

[Chicken Dinner]

Well, 70 weeks of full pay and almost as much in benefits is way more than you’d get in unemployment benefits. What are your prospects for finding another job during that time?


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[Trav]

I am pretty sure I can get a job before that pay runs out. Ideally I could get a job before November 10, this would be a nice parting gift.

[Arty]

I’d strongly consider the package if it were me. I’m 41, and I’d do it. You could find comparable work in that amount of time.

[Thumper]

I agree with Arty, but what sucks is your vacation clock starts all over again ... work a full year before you're eligible for ONE week off, etc. etc. Bummer.

[Chicken Dinner]

I agree with Arty, but what sucks is your vacation clock starts all over again ... work a full year before you're eligible for ONE week off, etc. etc. Bummer.

That really varies from company to company. I’ve typically seen it be negotiated.


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[Thumper]

Yeah, I'm just referring to the basic job change scenario. I guess it all depends on how badly the new company would want the dufe. Personally, I can't see him being worth much more than 1-week/year after the first 12-mos. ;)

[airbud7]

Well, 70 weeks of full pay and almost as much in benefits is way more than you’d get in unemployment benefits. What are your prospects for finding another job during that time?


This^...over a year's worth of paid vacation....if you landed another job quick that's double pay for over a year.

[Hombre]

Here would be my considerations

1. When are you paying me out. A payout in December would kick you into a whole new tax bracket and you should at the least take into consideration the net amount.
2. How mobile am I. Getting a job quick IMO is relative to your situation. Being mobile improves that a lot.
3. I would look at sever good and sever bad.
a. Sever good - What if I can land a job immediate, and I bank this in retirement, how much does this improve my plan.
b. Sever bad - What if I am without a job for an extended period 2 years. How long can I make this money last (I'd include some temporary job $$)
4. Risk of getting a worse deal later. VZ is likely looking at a big # which is why they went the buyout vs RIF.
? What is the risk they don't get enough volunteers and they RIF later, how much worse is that deal. You should be able to come up with a comparable
Note: As the time gets closer you'll have a better idea on how many are volunteering and will likely get whisper numbers on target voluntary seperation
5. I would start now looking at Zayo, L3, and others in the area.....again willing to go outside the area?

Financially I would look at a lot of things

1. Can this pay off my house or better make me debt free
a. What is my minimum budget after that....you may not need the exact same job immediately to get by
2. Do I have enough to put this money to work making $$ then how much do I need to make ends meet

I would likely be building a few spreadsheets to answer ?s

[quercus alba]

Take the money, move to Mexico and find a fat senorita and lay on the beach fishing and sipping tequila

[Thumper]

Sounds good, but .... does she REALLY have to be fat? :huh

[Hombre]

Sounds good, but .... does she REALLY have to be fat? :huh


She does if you're a baller on a budget

[quercus alba]

sign of a good cook....or access to good cooking. At my age that's top of the list

[Thumper]

Well, I'm already at 300 lbs, there needs to be room for TWO of us in the bed! ;)