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Old 04-17-2015, 09:28 AM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
Reputation: 19119

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When I was mid-career, the Navy started offering select sailors their choice of an early retirement, or a cash buy-out. Some jumped on it. [I was never offered that program]

I think that anytime an employer offers you something like that, you need to see it as 'writing on the wall'.

Soon after the Navy stopped that program, they started simply refusing to allow people to re-enlist. When their current contract was up, they were gone. A good friend of mine, had to re-enlist at 18 years, and the Navy refused to give him a contract. So 2 years shy of a pension, he was on the street.
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Old 04-17-2015, 10:20 AM
 
Location: Texas
1,969 posts, read 1,372,407 times
Reputation: 6740
The corporation offered my division early retirement. I was the youngest employee at age 49 with just a few days until my 50th birthday and the cutoff for the program. I was placed on five year LOA, my retirement, 401K, profit sharing, and stock options would stay in place until age 55. Medical insurance free for life, now in my 70s still covered. Also received two months salary, and 72 days of unused vacation paid. That was 24 years ago, one of the best decision that I made in my life. At 55 I rolled everything into a self directed IRA.
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Old 04-17-2015, 04:48 PM
 
Location: Eastern Washington
14,215 posts, read 44,870,326 times
Reputation: 12787
Quote:
Originally Posted by Submariner View Post
When I was mid-career, the Navy started offering select sailors their choice of an early retirement, or a cash buy-out. Some jumped on it. [I was never offered that program]

I think that anytime an employer offers you something like that, you need to see it as 'writing on the wall'.

Soon after the Navy stopped that program, they started simply refusing to allow people to re-enlist. When their current contract was up, they were gone. A good friend of mine, had to re-enlist at 18 years, and the Navy refused to give him a contract. So 2 years shy of a pension, he was on the street.
I guess you can never know, but do you think these buy-out offers were driven by poor performance? Or just that they had too many people of a given rate, and decided to ditch the least senior ones? Or most senior ones?
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Old 04-17-2015, 05:44 PM
 
Location: Forests of Maine
30,669 posts, read 49,416,421 times
Reputation: 19119
Quote:
Originally Posted by M3 Mitch View Post
I guess you can never know, but do you think these buy-out offers were driven by poor performance? Or just that they had too many people of a given rate, and decided to ditch the least senior ones? Or most senior ones?
Clinton-era draw-downs. The DOD was forced to shrink to 'right-size' the military.

Rates that were 'over-manned' [meaning they had just enough to do the job] were offered those programs. Rates that were under-manned were not offered those programs.

My rate was always under-manned, which is why we were offered such high Re-Enlistment Bonuses.
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Old 04-17-2015, 05:50 PM
 
Location: The South
5,211 posts, read 3,627,108 times
Reputation: 7886
In 1992, I turned 55. My company did a layoff that year. Those 55 or over were offered an attractive package. Those under 55 who were on the wrong list were let go with some cash payment for years of service. I was told my position was secure, so I turned it down. Two years later(1994), I was 57 and they offered a package again and said my position may be eliminated. I accepted the offer. I got my age 65 retirement based on my current salary, plus my social security based on age 62, till I was 62. Plus my insurance was paid till I was 65.
I tell everyone, I won the lottery, but I had to share it with all the other winners.
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Old 04-18-2015, 11:50 AM
 
Location: RVA
2,163 posts, read 1,264,175 times
Reputation: 4451
Back in the 90s through early 2000s generous packages were often offered, but thats exceptional! You DID win the lottery! I'd jump on that in a heartbeat! Our company used to normally offers an early package every 10 years or so it seems, with logic the same, get out the more expensive people with defined pensions and hire some new less expensive talent that gets no pension. Each time it was less attractive than the last.

They finally came out with a defining policy as to what all future packages would be limited to: Maximum years added to age and service is 3, (used to be 5), with one month pay for every year of service up to 18 months, paid monthly, (used to be 30), $5000 severance, (used to be variable) and medical for one year, followed by cobra differential against retirement medical. Minimum age for a package is now 57, used to be 55.

Now, they can't find anyone qualified to do our technical jobs, and offer incentives to stay longer! In fact, my last promotion and raise really only finally came around when I put in to transfer to another division for a promotion. All of a sudden, "What will it take to make you stay?" Should have tried to transfer years ago!

A package at any time from 60 to 62 would be awesome. I just don't see it happening.
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Old 04-18-2015, 09:29 PM
 
Location: SoCal
6,063 posts, read 9,520,860 times
Reputation: 5789
I gave up waiting (and DH was impatient) and formally started my retirement process. A few weeks later, the company offered an early retirement plan of a month's pay for each year of service. Darn it! (My boss even apologized that I'd missed out on that.)
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Old 04-18-2015, 11:20 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,524 posts, read 39,903,732 times
Reputation: 23629
Out at age 49 w / 32 yrs of service. Voluntary severance (never will be sure if it was the right decision a J-O-B has certain benefits (direct deposit paychecks and 'earning' vacation while you are ON vacation!! ) I had EXCELLENT co-workers and previous company (paid 100% for 5 college degrees and 5 yrs of international living assignments with family accompanying). Good while it lasted!


Golden Parachute...
800 hrs accrued sick leave payout (not required by law)
14 weeks accrued vacation (not required by law)
1 yr salary, based on final yr w/ 40% overtime! (taxed as a bonus... 40%!!!) so... that yr I took a section 179 on a few hundred K of new business assets so recovered all the taxes
2 yrs free college (NAFTA / TAA) (I completed an MBA program (weekends, but got full benefits / pay + HC, = less time in school, more time RETIRED... I traveled the National Parks and flew home one weekend / month to feed the dog and go to school)
2 yrs medical FREE While attending school
2 yrs eligible for UI while attending school (Unemployment payments (very HIGH))
Job placement benefits
personal representative for finance and planning advice

Golden Parachute was good while it lasted and brought a 30% pay INCREASE when I took a temp job 7 yrs later.

Retire early - Retire OFTEN!
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Old 04-19-2015, 03:42 PM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
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Quote:
Originally Posted by StealthRabbit View Post

Retire early - Retire OFTEN!

And when you do have a soft pillow and covers to keep the chill off.
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Old 04-19-2015, 07:04 PM
 
Location: NC
720 posts, read 1,484,393 times
Reputation: 1072
DH was offered a check for $10,000, a year of health insurance for both of us, and a 40 hour paycheck for each year he had worked (=35 paychecks) He had planned on retiring at 63 so it worked out well for us. Additionally, he gets a pension from the same company.
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