For the VSP they offered STI and the RSU.
For the standard RIF packages this year were those included as well? Is the extra week per service year the only enhancement in the VSP?
Why you ask? Because I did not take the VSP because the only difference is the extra year per service . But found out two of my colleagues took the VSP and they said RSU and STI are not part of the standard RIF package. So we are back and forth calling each other d-mb a##es.
My same payout only we need to add in unused vacation. A happy day indeed!
RSU in the VSP scenario is 30K, made a typo. Substract $5000 from total.
Standard RIF is 35 weeks max + 100% STI. For current year, prorated STI based on separation date at 75%. Prorated RSU based on separation date.
VSP 60 weeks max + 100% STI + 100% RSU.
Scenario: 20 years of service, separation date 12/31/2024. Band 6 20% STI, 15K RSU, 150K Base, non-retirement eligible.
RIF: 121153(base+sti)+22500(sti*.75)+15000(RSU) = 158653
VSP: 207692(base+sti)+30000(sti)+35000(RSU) = 272692
$114039 in favor of the VSP
That's the truth about the medical. Retiree medical through the company is expensive, even with a subsidy (if you are eligible for one). So if you aren't close to Medicare age, be prepared for that expense if you don't plan to re-enter the job market. The ACA exchange isn't much better.
As far as unemployment, it all depends on your state. Many will pay unemployment after a volunteer surplus due to it's "encouraged" nature. My state does. Vz will not contest it. Check your state's unemployment website. It's the only way you will know for sure.
correction (60 vs 35)
Also 60 weeks of paid medical. Because the pension and medical were frozen around 2006, I paid $750 a month just for me for 3 years after the 60 weeks vsp was up so factor medical into your decision.
Florida unemployment is only 12 weeks $300 week max, not worth $3,600 the hassle of even filing.
But you can collect unemployment with a RIF not a VSP, so isn't almost a wash?
Thank you all for the commentary. I believe I am the d-mb ##s in the conversation with my buddy. And evidently I did not look over the detail comparing and contrasting the RIF alternative .
Good luck to all
The differences are the extra week per year and the overall cap, (60 vs 25) PLUS the STI payout at 100% vs 75%.
See Q2 of the facts about STI: for purposes of calculating weekly compensation, your pay includes your target STI. In addition, if you signed the Severance Agreement and Release, you are eligible for a prorated STI for the year you were separated, based on a threshold factor of 75%. I think the current enhanced package threshold factor is 100%
Try searching severance information on inside verizon to get the actual answers in the SPD and FAQ there.
They have a wealth of information on inside VZ but is it funny to see all the conflicting info here sometimes.
A standard RIF is limited to 35 weeks max depending on your length of service x 2 weeks. VSP max is 60 weeks. A standard RIF includes the target STI as part of your weekly equivalent salary calculation. VSP also includes the target STI as part of your weekly equivalent salary calculation. A standard RIF does not include a 2024 STI payout or a partial 2025 STI payout. VSP includes a 2024 STI payout and a partial 2025 STI payout if the last day is March 2025. A standard RIF includes a partial payout of your outstanding RSUs to vest if you are not retirement eligible and a full payout of your outstanding RSUs to vest if you are retirement eligible (rule of 73 would apply for RIF). VSP includes a full payout of your outstanding RSUs to vest regardless of your retirement eligibility.
Read the Severance Program and Stock Together brochure, its all there.
no one reading in between the lines - the fact that they're giving us the VSP and then telling us what the RIFs would look like is like saying "hey here's what we'll give you if you choose to leave on your own, otherwise when we fire you down the line we won't give you as much"
good luck to everyone staying, the RIFs are imminent
VSP pkg is better than standard RIF
std RIF pkg included prorated STI but not RSU(stock together).
I’m assuming STI isn’t apart of the RIF package. Whats RSU?