This latest offer on 11/15/19 states elections should be made by 12/5/19 with an off payroll date of 12/30/19. Does anyone know what the timeframe is from when they determine how many will take the offer until they announce how many (or who) will be given an involuntary offer?
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Unfortunately, it's not just age plus service. You need to meet certain breakpoints:
10 years service, age 65
20 years service, age 55
25 years service, age 50
30 years service, any age
You'll want to read through the management severance plan at hronestop.
The second issue is healthcare access vs. healthcare subsidy. In the AT&T former employee medical plan doc, it shows when they phased out retiree subsidies by company. For Pacific Bell, you had to be hired before 8/1/1997. Each company is different.
Lots of people were told they are eligible when it means access only - they get to buy health insurance at the full company price, which is pretty similar to what you see on the affordable health care act marketplaces.
When you talk to Hewitt, make sure you ask about subsidies and not just eligibility.
Does MTP participants receive medical benefits till they die with the company subsidized plan (or as long as Company is in business!)?... It is my understanding you can receive medical until you are Medicare eligible
Anyone assuming that they get the subsidized health insurance needs to confirm with Fidelity. My hiring company is Cingular and I can tell you that I don’t qualify for the subsidy. In fact, there is a rule that you had to have been hired in 1995 before Cingular was in existence to qualify. Of course, this information was never communicated when we were forced from starting out as a SBC employee and then forced to Cingular in 2000. We also get no bump in pension for qualifying for the rule of 75.
MTP is offered with this MVO, if you are within the 2 years of rule of 75. So, any one with 73 (number of years service + age) will qualify if they hit 73 or higher. So my question was, Does MTP participants receive medical benefits till they die with the company subsidized plan (or as long as Company is in business!)?
When I was still with the company, end of year was absolutely the worst time of the year in my group. There was intense pressure to wrap things up, whether the various systems/process were working properly or not. Sometimes there was literally not enough time in the day.
I cannot imagine trying to balance those pressures with folks looking to leave the company by the end of the month, using up PTO, the holidays, all that. This is insane. I feel for the people still working there, trying to get things done. You have my sympathy.
As one mentioned being at the 74 mark, you have to see what benefits you would be entitled to when you reach that 75 mark. The only real benefit for retired is health insurance, which is twice the cost as working. All the other benefits are quickly becoming not worth it as others have the same for less.
What does this all say about the people who are 20+ year, 50+ years of age, already Rule 75, and didn't get the MVO and are in ATO? I'd like to think that they will also not see a Surplus or Outsource throughout the 2020 year. Happy Thoughts?
My director is doing head count evaluation meetings this week. So, they'll probably be ready to grab the axe the day after MVO responses are due.
Does any one what is the Management Transition offer (for age + service >= 73). I understand you only get 50% of the severance which would be 3 months instead of 6 months if one takes the MTO? What are the benefits of the MTO. I fall under 74 (service + age). Thanks!
I strongly suspect the lists have already been created and will be tweaked based on who puts in for the MVO. I believe involuntary will be announced in January; a repeat of 2019.
For those leaving on Dec 30, most have vacation plans the last 2 weeks of the year. They will have to return their laptops, keys, badge and do the exit paperwork during their last week. It's going to be difficult to do this easily during the holidays. Most managers will be on vacation or taking the offer themselves. December is going to be very hard on those who remain and those who were outsourced. People will literally disappear mid-Dec and drop their work on the floor with no time to train their replacements. Feb 2020 release will be toast.
I seriously doubt anyone taking MVO in a group helps someone else in the group getting their jobs saved.
Seriously, you have to ask ????
Like clockwork, 60 days to end of 1st Q 2020 to make the numbers for The Street. BAU. Expect the same for 2nd Q, 3rd Q, and 4th Q.
My guess is that they want a 20% take but won’t get it. So if there are 10 people in your group at least two need to go.
this will play out just as it did a year ago. Scroll back in your email to see the dates
Based on needs of the business I can see the company announcing a surplus by EOM Jan 2020 off payroll by EOM Mar 2019 before heading in to the second quarter.
Early 2019 ATO Surplus was announced end of January and off payroll end of March. I’ve got to believe it’ll be similar timelines