so much legaleze...anyways all the package says as far as monetary compensation is a lump sum. Nothing is broken out to show me how they came up with that number. very sneaky. Of course I will be signing it but it would have been nice if there were some details. Nothing I can do at this point.
14 replies (most recent on top)
Be glad it's a lump.sum, you will be eligible for u employment sooner.I was laid off from a really a while back and they filed out the severance every 2 weeks, during which time I was not eligible for unemployment, back then they assumed you would land another job before you were eligible to collect unemply.
The lump sum is in addition to your last paycheck which is at the end of Oct.
I have called both the HR Business Partner Group and Payroll. No one can seem to answer this question: Are our 2 upcoming paychecks that we are set to be paid on 9/30 and 10/15 included in the lump sum figure? Or is the lump sum completely and entirely separate from our last two pay checks and we will be receiving this entire lump sum figure in its entirety in addition to our last two paychecks?
As most of you I got my severance package showing just a lump sum and no detail. Tried to figure it out but still not sure how they got that number. The amount is somehow a little bit more than what I was expecting but let's see how much is left after taxes and deductions.
One thing is that I am not that young and my plan was to work some years and retire from work and RJ on my own terms. With the Covid-19 and other factors not sure how easy will be to find a job. Let's see what happens but best wishes to everyone!
I have an appointment with an employment practices attorney today. Have all of these same questions. Especially about the profit sharing and bonus. I didn't catch that part about the press release saying "full bonus" and then the package saying "prorated". It's terrible that there is no formula.
Which particular document is it in? I must have missed it.
so buried in the packet of information there is a section that says you qualify for bonus and ESOP if you are employed on September 30th. Does that mean we can expect this to show up in our Principal accounts when everyone else gets theirs. That is of course "IF" there is a profit sharing and ESOP this year.
Post from TheLayoff.com
re-read the package...the 12 months of COBRA being offered is 12 months of company-paid COBRA premiums (not just the offer/availability of COBRA)
I'm pretty sure the bonus is part of the lump sum severance pay
Got mine this morning and seems like a lump sum year of pay but the package also states RJ will be paying the COBRA costs for the year. Does the year start on 10/16 when we are "officially" released? Paul Reilly's memo to the company said "Employees who are being let go will receive their full year’s bonus for this fiscal year, along with up to a year’s severance for those who’ve been there the longest. U.S. employees will also receive 12 months of medical benefits and job placement support."
Do we get our bonus in December?
How do they calculate that "full bonus" Based on an average of what we may have received over the past couple of years or just match what was given last year or some other formula?
I haven't received mine yet but I'm not keeping my hopes up. I've come to learn through the years that these mo–ns do not appreciate good employees. They say they do but they are still the small little shop that promotes people based much they s— to them. Very sad.
Just got mine as well. I wouldn't say its "very generous" as RJ is trying to make it seem but it is at least somewhat fair. I have been reading on line a lot of times you can try to negotiate the severance but in cases of mass reduction like this it hard to do. Just curious if anyone is going to attempt to do that?
Same here...except the RJ press release stated we'd receive our full 2020 bonus but the severance details indicates we're received a pro-rata portion of it. And the full-year COBRA offered is required by law and you will need to pay through the nose for it. Make sure to read all the documentation thoroughly.
There's a really vague "explanation" on one of the FAQ pages, but it's pretty useless