Anyone care to share the severance package specifics?
22 replies (most recent on top)
Correction To: @4xbn+1ryx9npT
- Corp Cobra bridge until medicare eligible (great place to use RHRP!!!)
- Last ones 12/31/2021 was for nearly 100% of VBO'ers (not all)
2021 VBO from 6 months to over 30+ months full pay, big VBO bonus. Check for all PTO/Vaca. hours. Full medical at employee rates for 24 months then Corporate rate Cobra for at least 24 months. All kinds of free training for next job, retirement. Up to full year of profit sharing depending on departure date, last ones 12/31/2021. 1/2 RHRP contribution. Full 401k match until separation. Not eligible for rehire LOL. If your asking and on this site you may be just terminated in the future good luck!
Fidelity cant plan for retirements when advance notice is given?
There is no vbo schedule or guarantee of a next one thus the number of people hanging around and the annual rumors on this site
When Fidelity isn’t loyal to its employees by asking or telling them to leave, it gives nice parting gifts.
When an employee is loyal and spends their career here, they give you a framed plaque and lesser parting gifts.
What that says to employees is, don’t retire, but instead either wait for a VBO or pray to get laid off.
See the flaw in Fidelity’s logic?
@2hkp+1ryx9npT
That hilarious!
Please tell us more funny stories.
“Fidelity cares about its employees, so they lay them off and send them on their way with some $$”, while at the same time they hire cheaper labor.
Ha ha ha ha ha ha guffaw guffaw.
YUP: "The VBO has a lot more enticements than what’s posted here."
It all makes sense why severance for getting RIF’d is more than retirement bonus. One is planned for and the other isn’t. You guys may not want to accept it but fidelity takes care of its employees and the ones that are let go. Fidelity won’t contest unemployment either. Others not so nice.
The VBO has a lot more enticements than what’s posted here.
I heard the severance will be paid out in cryptocurrency
Retirement eligibility at age 55, with 5 years of service FROM YOUR MOST RECENT DATE OF HIRE.
I used the bold emphasis because it's relevant for anyone who is a boomerang. The Retirement eligibility rule is different from your WorkDay ADOH, which drives Years of Service eligibilty for other benefits such as 401K vesting. For layoffs, I hope they use the YOS eligibility vs. most recent date of hire, to determine severance, but cannot be sure. All this info is on your WorkDay profile. YOS is shown to the day.
Who is eligible for retirement package? Age and service based or certain grades?
@1nsx+1ryx9npT - normal retirement, not VBO
2 paychecks for every 5 years of service for retirement package (I assume this means VBO?) sounds minimal. I know quite a few folks who took the last one. Most of them had been with the company for 10-20 years. Which means they would have gotten only 4 - 8 paychecks or the equivalent of 2 - 4 months pay. I think they got a lot more than that!
For VBO in both 2017 and 2021, requirement was at least 10 years service, so in both instances they were 100% vested. They received 2 years health insurance at employee rate, then COBRA rates until 65.
Does the retirement package also vest all your shares immediately? You don't get that if laid off. For some people, that could be significant, maybe multiples of salary.
Am not sure how share vesting was handled in the 2017 or 2021 VBOs. These VBOs were generous packages. Especially 2021 health insurance.
The 2008 RIF hit 9% of employees...I know at least some levels were had severance of 2 weeks per year
Historically, Fidelity severance has been pretty darn good vs. competitors.
So in summary, if you work hard for many years and retire, you are rewarded less than taking a VBO or getting laid off.
Go figure.
Fidelity retirement package is:
- 2 paychecks for every 5 years of service
- any PTO not used gets cashed out
- COBRA insurance (you pay)
- framed message thanking you
- prorated bonus if you qualify and if you retire after first quarter of the year.
The package in 2017 was one paycheck for every year of service- or 6 months of paychecks if your annual salary is more than 100k (this is a law in RI - can’t speak for other states). The VBO is essentially the same but you get a retirement bonus and other perks.
Wow! If that is indeed the severance package, it is better than the retirement milestone package.
There’s another thread farther down where people asked the same question.
On the one hand it feels generous because people who’ve been here just a few months are getting 6 months severance.
Then I think you get a sum for each year of service on top of that. You may get more if you’re a level 9 vs level 5, not sure.
The person I know who’s level 9 said it was generous.
So what's the package?
Besides landing a better position outside the firm. The VBO is the best exit package. I wonder how many employees who qualified for the last package in 2021 were let go this month RIF?
whether you have been here 2 years or 20 years you get the same. This is worse that in previous RIFs especially for long timers. Fidelity is getting cheap despite record profits. Kind of how the holiday parties got worse over the years. They used to have piles of shrimp in the 80s and 90s and then somewhere around 2018 they started having overcrowded parties in the cafeteria instead of a hotel.