Just have that sinking feeling in my gut this time. I heard last time was 3 weeks severance plus 4 weeks per year of service. Is that still true or has it been lowered?
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My package hangs to my knees...gotta roll it up every morning after mark "weiner lover" is finished. You know who we are talking about....
Most companies limit your total payout of severence to 60 weeks
My package is 9" x 4"...that's what Ryan's mom said anyways.
Don't count on much this time. A "friend" in HR says you'll be sorry you were not laid off in the earlier releases. The Vanguard transfer decision was the best thing I did. I was able to maintain my balance while tracking where it would have gone. I saved myself thousands.
Remember you are the only person who cares about your finances Make copies of everything before you get the call. You will have no way to get copies of what you need once the call come. Suggestion's
last year of pay stubs, ALL MEDICAL/DENTAL coverages (you will need to know what coverages you had), and any retirement statements. Someday you will thank me. Let Conoco pay for your copies .
Good luck.
Chevron paid out two months/year of service. Shell pays out three weeks/year of service. However, during the restructure in 2010, they paid out 1-2 years of salary. Being laid off s---s, don't get me wrong. the package is not good for those with less than five years at COP. However, for those with 10-20 years, it is a good package.
Absolutely full of crap to call this severance package awesome, especially when compared to other majors
The severance package is pretty awesome and a lot better than most companies. I was able to live off my severance until I found a new job. However, the real bonus was the retention stock and pension. I was able to cash out the retention stock before it plummeted, and able to get a much better rate of return on my pension. From my experience, if you are laid off transfer your pension ASASP. The HR people at COP are fu**ing morons. It will be easiest to roll it over to a Vanguard IRA. Then if you want to transfer it out of Vanguard it is trivial. Also, cash out your retention stock - regardless of your feelings about COP, there are way better investments out there. Being laid off is not fun and the company does not give much guidance on what to do with your pension, 401K, and IRA.
Last time it was 3 weeks per year as it is this time as well....
it was definitely 4 weeks + 3 weeks/year of severence last time.
3 wks per year of service, plus 4 weeks, prorated VCIP. Whammy!!! Thanks Champ!
My package looks great... That's what my wife tells me.
You've got it backwards. The severance as of the last cycle was 4 weeks severance plus 3 weeks per year of service.