Say you work at Pershing. You want to retire. Instead of just letting you retire there is ‘known thing’ they do. they waste the companies money on severance and “lay you off”. It’s embarrassing, everyone hears you were laid off, and whispers what was wrong with them. then you make a post on LinkedIn “I’m retired” major shenanigans. It happens all the time here in Pershing. Hey Pershing, these folks were leaving anyway, you are giving them more of a golden parachute. Also, Pershing has the longest tenure in the business. You frequently hear of people working 20, 30, 40 + years. What? unhealthy and why they are a joke in the industry. They promote people to authority without licenses, so called pershing executives can’t even go to another FS company because they have no skills and no one wants them. So they bounce around different departments for years and push virtual paper around.
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I got a bonus after I was canned. I assume the bonus was already decided by the time I was axed the beginning of Jan.
No. Your bonus was scavenged by managers within hours.
@26jdb. A co-worker of mine was let go last January (2023). Bonus at Pershing was paid end of February. I kept in touch with her for a while and she told me she received a bonus, which she said was a total surprise. She said the amount was about half of what she had received the year before. But she didn’t care because she wasn’t expecting anything at all.
My position was eliminated in November and receiving SUB for next few months. Could someone with past experience advise if bonus are still paid when separated due to reduction in work force.
Pershing and retired are redundant.
Yes but age discrimination is easy to hide and virtually never prosecuted.
@4bsb, except it's illegal to fire someone because you think they're close to retirement. Not that it would stop BK from doing it.
It does happen but it's one offs. The other thing is, when they layoff an older person, that person may just decide they might as well retire. I know of several people that were planning on retiring and got laid off without asking for it. But I also know when it comes to layoffs and you're given a number of people to let go, you might as well get rid of some people who are planning on leaving so you don't lose both the retire and someone else.
Curious to know, but if you don’t mind I would appreciate knowing how long it took you to misspell “Ludes”, a nickname for quaaludes, as “Ludds”? I’m only curious because when I was a young man I was at a picnic with the wrong people and I spent what seemed like hours helping a stoned out Ludes user blink as he lay stoned on his back, staring up at the sun until somebody helped me roll him over and found his glasses and.
Did you quit or are you still using during your work day?
Dude, Todd gave you a gift and you’re still birching about it 2 years later. Take your friggin’ win and enjoy yourself.
Only a true addict could degenerate to the point where he can’t even spell “Ludes”. No doubt a Pershing stoner to be sure.
Imagine you are a manger who has been told you must cut headcount by $$$. Do you layoff 2-3 people who might otherwise stay in their jobs and grow (and whose jobs you will not be able to backfill) or do you layoff the 1 person who is planning to retire soon? Either way, you have fewer people to do the same or more work. Why begrudge someone a little extra as they head into retirement?
What’s so hard about simply accepting a great win? Because you got a package, what you have is far better than starting off solely on your own savings. I retired on my own due to a toxic manager, and as it turned out, right into a two year market decline. The first two years are critical as you really need growth so my timing couldn’t be worse.
Can you really have worked in Pershing and be totally unaware of how fortunate you are?
VVV
I should mention that although he didn't request it, his boss knew he was waiting for his wife to retire which was soon. They wanted to be able to travel to see their new grandchildren.
@1uab, yeah, when Todd fired me during peak covid they also offered sub pay to a guy who was ready to retire. It wasn't any special arrangement or anything and he didn't request it, but he was old enough and vested and I think he has some kind of health benefits once his SUB benefits are done.
The OP is right. I had a co-worker who was going to give her 30 day notice right after bonuses were paid in Feb of this year and retire after many years at Pershing. Earlier in ‘22 she called her manager and asked that she be put on the layoff list if there were going to be upcoming layoffs. At that time, she was told that there were no layoffs planned. As a matter of fact, they were having problems filling recs. She told me she then felt stupid because she had tipped her hand about wanting to leave and knew this probably meant her bonus would be reduced and certainly had no chance of a promotion. However, as luck would have it, her manager called her later in the year asking if she still wanted to be on the layoff list because there was a chance of January ‘23 layoffs. Now knowing she was definitely retiring in ‘23 she said “yes”. Sure enough, she was laid off this past January and continues to receive her salary (as a SUB payment), continued medical coverage, collected unemployment for 26 weeks, AND received a bonus (She told me her bonus was less than last year’s, but didn’t care because she wasn’t expecting a bonus at all) I hope I get that lucky some day. My point is, she was going to retire anyway. They had to know that. Yet, she still got laid off. I am glad for her as a friend, but jealous.
Pershing workers are all retired in place for 30 to 40 years.
If we sold Pershing then we would all be on easy street.
Nobody whispers about people who are fired anymore. We know it's random when our "leaders" will decide when your position will be eliminated and one created just like it in India.
And there is nothing special about "retiring" vs quitting or being fired other than one will likely involve sub pay. Either way, eventually you file to draw your pension and other benefits you've earned as of your termination date.
What's wrong with giving non-executive employees a golden parachute? It's the least they could do. Thank your lucky stars you can put all the pershing nonsense behind you.
So what if it's technically a layoff? It's an opportunity to make it whatever you want to. Post a retirement message on LinkedIn. Throw yourself a retirement party! Just don't expect a gold watch - those days are over, my friend.
WTF?? Pull over and let the Luud’s wear off, what a profound diatribe of nonsense.