Thread regarding Freddie Mac layoffs

Freddie Mac Layoffs

Early retirement offered today for 50 yrs of age and older, and adding years of service equal to or greater than 60. Details to come by mail to home of employees that meet the criteria

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Post ID: @OP+11UZFLcM

28 replies (most recent on top)

Seriously confused. Spouse was let go in fall. Just got "Enhanced Separation Benefits" offer. My basic question: Can someone who still works there post their (Redacted) "Enhanced Separateion Benefits" offer so we can see difference? And also, if there is a different "Voluntary BUyout" offer can someone post that? Maybe they are so widespread there are generic ones and/or on homefront? Please any help apprecited i am sure others would benefit as well.

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Post ID: @Ocad+11UZFLcM

Freddie Mac lacks honest leadership! Passive aggression is their modus operandi. DO NOT TRUST them. Take the VERP if eligible. If not eligible. do yourself a favor and start looking for another job. Your turn to be screwed is coming soon.

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Post ID: @vrzs+11UZFLcM

Ever wonder why the Release agreements with the VERP program at Freddie Mac are being sent to employees via their personal email address?
Hmmmm........My husband didn’t opt into the program but was still put on administrative leave until the separation date. What a crock!
Freddie Mac leadership is full of cowards without any scruples or sense of integrity. Get out while you can. Freddie Mac NEVER how’s your back!

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Post ID: @vexq+11UZFLcM

HR states 1600 employees of 6800 were offered the early retirement package. If 25% plus attrition is the goal, layoffs for at least the other numbers are expected early next year but after march exodus of early retirement takers. trick part is layoffs cannot focus heavily on age or gender or litigation is guaranteed - so look for across the board cuts . capital hill experts dont see fannie or freddie out of conservatorship until at least 2021 so 2020 could be interesting...

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Post ID: @dwao+11UZFLcM

Is Fannie or CSS doing anything similar?

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Post ID: @ahdg+11UZFLcM

As usual at Freddie, the rumor mill was true and the enhanced severance packages are out. I am jumping at the chance but I'm retirement age. I,have been surprised at how many co-workers under 60 yrs old have told me they are going to pass on it because the fear of expensive,health insurance until they reach 65. A legitimate,fear since even finding a new job doesn't guarantee you affordable healthcare. Staying is a risk also since the rumors about layoffs to follow are also rampant so most likely true. Bottom line, IMO don't pass up the package of you can make the numbers work. Good luck in making your decision but take of from someone who,has been there for many years, Freddie does not have your back.

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Post ID: @9gsz+11UZFLcM

It will be interesting to see what happens in January 2020 if enough people do not take the package.

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Post ID: @8pds+11UZFLcM

Straight from the policy on Homefront.... "A Severance Eligible Employee under the Program is eligible to receive Severance Pay for a period equal to 1.5 times the length of the applicable Severance Period..." This does not appear to be 1.5 weeks per year of service as some people have stated, but a 1.5 increase on base severance. Based on the table in the Appendix, someone who worked 10-11 years would receive a regular severance of 24 weeks, but an enhanced severance of 36 weeks, which is 1.5 times the regular severance. It maxes out at 78 weeks, or 1.5 years, after you've worked greater than 24 years.

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Post ID: @7zxw+11UZFLcM

Thank god freddie separated our pensions years ago, lord knows that would have been all wrapped up in this early retirement package and cut in half

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Post ID: @6jrj+11UZFLcM

Are most people taking the package? I ‘m taking it and then immediately looking for a new job and make over $300K in one year with new salary. Shouldn’t have a hard time finding a job in this economy.

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Post ID: @6sza+11UZFLcM

Enhanced severance(Early retirement ) is in home front, amount is 1.5 times of default severance. i.e. 50% more. I would take it if given chance.

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Post ID: @6xfm+11UZFLcM

What are the other benefits in early retirement package? By default, severance package is 2 weeks per year... i see 1.5 week is worse than default one.

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Post ID: @5sjw+11UZFLcM

Yep, letters are out....it's 1.5 weeks per year

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Post ID: @5mus+11UZFLcM

Average employee will get 17 months severance

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Post ID: @5eyk+11UZFLcM

The Enhanced Separation Program indicates 1.5 weeks per year of service. Max is 78 weeks for 24 or more years of service.

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Post ID: @5egr+11UZFLcM

I’ve heard from a friend in legal that it will be 24 months

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Post ID: @4tps+11UZFLcM

Law requires employees must be given at least 21 days to sign a severance agreement and seven days to reconsider or revoke the signature. People will be pleasantly surprised....

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Post ID: @4pcy+11UZFLcM

Enhanced separation same as early retirement?

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Post ID: @4dsd+11UZFLcM

Plus you have to decide to accept the Enhanced Severance by the week before Christmas......great thinking Freddie Mac!

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Post ID: @4mof+11UZFLcM

Freddie Mac has a new Severance Policy which includes an Enhanced Severance Policy.....It's nothing to write home about. Surprisingly cheap

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Post ID: @4wge+11UZFLcM

search the tile 'Freddie Mac hires McKinsey to review capital with government overhaul looming'. this news just came out today. I think it is a strategic move

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Post ID: @3wgl+11UZFLcM

How many employees do you reckon are over 50? How many of these are in managerial/executive positions? Just trying to figure out if this is a strategic move (getting a lean company with minimum number of employees) or a political one (remove entrenched appointees of the previous Management).

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Post ID: @2vfe+11UZFLcM

I agree ! Take the offer if you can swing it!
Especially if you are over 60, it's a no brainer!
Next will be not so generous layoffs!

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Post ID: @1iev+11UZFLcM

Take the offer!!!! This company will be dramatically smaller once it’s taken out of conservatorship

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Post ID: @1kjo+11UZFLcM

NO, the criteria is not 60 years of service! Come on people!! The minimum age is 50 so in that situation someone would need 10 years of service to qualify. If someone is 55, they only need five years of service to qualify.

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Post ID: @1szx+11UZFLcM
  • heard the same. Minimum age is 50. Add years of service. Both numbers, age Plus years of service, added together needs to equal at least 60 in order to qualify.
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Post ID: @1jjw+11UZFLcM

I’m disappointed with the offer. Do any one know when non eligible employees layoff are planned? Is there a way to volunteer for layoff ?

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Post ID: @1glf+11UZFLcM

60 years of service???!!

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Post ID: @lwo+11UZFLcM

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