Heard rumors about a VERP going around. Does anyone know what the qualification requirements are?
19 replies (most recent on top)
They are offering insurance, but the employee has to pay part of the premium just like when it was deducted from the paycheck. Only difference is the employee will set up an automatic withdrawal to have it paid once a month.
the one main part everyone to not looking at.
You will never work in oil and gas again
Last sentence - premiums paid by employee.....
(b) Extended participation in the Company’s group health plan from the Employee’s
Retirement Date through the earlier of (i) the fifth anniversary of the Employee’s
Retirement Date or (ii) the date on which the Employee attains age sixty-five (65).
Notwithstanding the preceding, extended participation in the Company’s group health
plan shall end immediately upon the occurrence of one of the following events: (i) the
Employee is eligible or becomes eligible to receive comprehensive medical, dental, and
vision coverage under another employer’s group health plan, (ii) the Employee is eligible
or becomes eligible to participate in Medicare, (iii) the Employee engages in a Detrimental
Activity, or (iv) the required premiums are not paid by the Employee in a timely manner.
Not sure what country /dept your husband works in but insurance is included in the VERP here at Tuboscope. Like someone else said here, the insurance will cover you and your husband until you reach age 65 at the same rate you are paying now.
I was concerned about having to pay a lot in taxes but after talking to the guy who does mine, it will make minimal changes for me and will still get a refund.
So, is it a win win situation? In my case yes because i am coming out ahead. I get a years salary, insurance for my wife for 4 more years, i can choose to work elsewhere (not for competition) and i was already in the process of retiring at the end of the year!
@2zqo+1nTTDAs7 are they not offering insurance in the VERP. In the previous VERPs they offer insurance, it doesn't stop until you reach age 65.
My husband just received the severance offer yesterday, one year salary, less "lump sum" taxes and end of year tax and you take that and minus what it what cost for health insurance for the next "5 years" and basically it is a mute point. :*(
Man, we’re already short handed, if a lot of people chose to accept it, many units will come to a standstill. I bet 3/4 of our employees were in the meetings for this today.
I heard it's 1 yrs salary. They are meeting now about it.. basically my whole department went to the meeting
Cost cuts are worldwide, everyone got both Clay and Jose's mails.
Why yes, yes it is.
Is this the part where we cut all of the staff and leave the top heavy VPs in place?
After reading Jose’s email this afternoon, sounds like work from home is about to be a thing of the past at NOV. I don’t understand what savings they’ll see by bringing us back full time. I’m more productive when I work from home without all of the office noise.
Get ready! VERPs are being offered to those that qualify; layoffs will be next. If those that qualify for VERP don’t take the package they are risking getting laid off and losing what their original offer was.
I just read Clays email about cost cutting in the next few quarters .....
Is this going to be worldwide or just United States ?
Age and service has to equal 72.
Needs to be over 55 years of age . Age/service needs to equal 75
They have already started from what I heard.
Verps are coming this week