I asked my boss in my business unit about early retirement and he wishes they offered it but they don’t. Instead, managers get the names of people that want to retire in the coming months, typically older. They rank , the older people “below” and then say goodbye to them and give them the layoff package. On one hand, you were retiring Anyway so bonus you keep getting paid for however months you are eligible but on the other hand there is a little “shame” because you were let go and left with a “below” rating. Sort of a stain on some people. Such a bad way to run the business. This practice Also keeps the real “belows” in their job. I don’t know if sr. Management knows this is how Pershing works.
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osman bey
If I were about to retire and get a paid year of salary, I wouldn’t give 2 sh--s about getting a BE rating. Who the he-l would ? The company could send a form wide email the day I got laid off calling me a loser and I wouldn’t care.
My understanding of how it works: People close to retirement get a call from their manager asking if they's like to leave. They then get a below expectations on their next review, They are then let go with 2 weeks pay per year of service and regular BNY benefits (including medical) for a year. Personally, I could give a damn if they want to give me a BE review. It means a year's salary and being able to afford medical insurance until medicare kicks in. (And for those who don't know, medicare is way more expensive than company bankrolled health insurance for many of us).
It's an incredibly stupid system but this way they can let go someone who was planning to leave soon anyway instead of being forced to can some random younger person.
@2fsj, so you mean you have to draw a pension to get the retiree rates is to start drawing your pension? Do you know if people qualify if they were hired after the pension was phased out? And do you have a ballpark of what it cost? Doesn't seem like it could be very much based on my total compensation statement. Not that it covers much anyway...
@2yhn, I know plenty of people who met expectations and were fired. Errr, I mean their position was eliminated. I'm one of them. Never had a BE and usually had EE for individual categories even though I never got an EE overall.
"BK Health Insurance" is not available to just anyone over 55. I know - I was laid off early in 2020, and when my benefits ran out in early 2021, the only way I was able to get what is called "retiree health care" was to file early for my pension. Otherwise, the only option available was to take the excessively costly COBRA for 18 months. And even the retiree health care rates are pricey, compared to what one pays as an employee. Just because someone is over 55 does not mean there is a BK health plan available.
You expect us to believe you never received a BE?
@1xmo Pardon my ignorance but what is "BK health insurance?"
I know friends who asked to be laid off because they were close to retirement. Some of them got a BE in order to be on the list, and I don't think they ever cared about that.
Couple facts.
It's not low ranking people who are being fired.
It means nothing to "retire".
You don't need to start drawing on your pension, social security, 401(k), IRA etc until you're ready to.
You still qualify for BK health insurance rates if you're over 55 and are fired.
Agreed. One way to look at it is, hey, people are getting what they wanted… continued pay for a short period and no loss of long-term incentives.
But it means ending a career feeling kind of cr---y. Is it worth it?
I don’t know who told you that about the rankings but that’s not entirely true. When they are looking to lay people off they look at poor performers and they do look at anyone making big bucks or closer to retirement. Nobody force ranks you solely because you’re close to retirement. Names arent even given to anyone and HR has that info which they pull and provide. . Nobody else provides it. Now there are some forced rankings from what I’ve seen because higher ups will come in and say we need 10% across the organization . If you have open reqs to fill they’ll take those first as part of the count. Which is why we’re even more short staffed. If you don’t have anyone to give , they will make it forced and you give you lowest ranked admin