Can you only get severance (the 2 weeks pay x years of service + insurance) if you are laid off? or can you get it when you retire, too? And can you ask your manager for a severance (or retirement) package?
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Really there are no grand retirement benefits. You won’t get health insurance like you know it. You can pay cobra but better off finding it elsewhere. You get to volunteer for the bank, you get to keep your employee back account benefits, but don’t expect anything monetary for the true worker bees. It’s not the olden days where uncle DuPont took care of its retired. That’s why it was easier to retire younger but hard to do that now because of health care expense. Put what you can in 401 and hope for best.
If you have a decent relationship with your direct manager and within a few years of your retirement target, let them know if they are forced to make staff reductions you would be willing to take a layoff package. This saves them from cutting someone who does not want to go. The rule of 60 benefits are a joke, so really nothing lost. Worst case, no layoffs and you retire when ready.
severance or retirement but not both
The retirement benefits don’t really have a great deal of value compared to severance. If you get cash in hand today versus free checking and the option to purchase outrageously priced insurance go for the cash.
yes, severarnce is for laid off people. if you are fired you get nothing. you can ask for a severance package, but it's not up to your manager. As for retirement, there is a rule of 60 (your age + years of service) you have to meet in order to qualify for retirement. And if you go that route, you do not get a severance package.
Only if you’re laid off. They don’t give severance if you retire. Asking your manager will not get it either.