See this thread. For those that were let go in the latest downsizing, not yet eligible for early retirement (>55) you need to know the age at which you can now retire has been drastically changed. The penalty for those severed but not yet eligible for early retirement has been increased from 2% per year to almost 7% per year from age 60 to 65.
http://www.cafepharma.com/boards/showthread.php?t=460748
Yes it would have been nice to have been told about this before receiving the letter last week. It was quite a shock and very dissappointing. If you were not already 55 or older (50 for some) and eligible for early retirement, the payouts and vesting were changed significantly. All those that were not eligible for early retirement but are eligible for retirement benefits the changes are as follows with regards to your age and the percent of the vested benefit you are eligible for now that you have been severed:
Old Early Retirement: New Early Retirement for Severed Employees
55/70%: 55/50%
60/90%: 60/66.67%
61/92%: 61/73.33%
62/94: 62/80%
63/96%: 63/86.67%
64/98%: 64/93.3%
65/100%: 65/100%
As you can see if you were severed in Jan you will fall under the new early retirement for severed employees. This is significant as you can see from year 60-65. Previously there was a 2% per year penalty for early retirement but for those of us that were severed it has jumped to an almost 7% per year penalty for early retirement.
http://www.cafepharma.com/boards/showthread.php?t=460748
Yes it would have been nice to have been told about this before receiving the letter last week. It was quite a shock and very dissappointing. If you were not already 55 or older (50 for some) and eligible for early retirement, the payouts and vesting were changed significantly. All those that were not eligible for early retirement but are eligible for retirement benefits the changes are as follows with regards to your age and the percent of the vested benefit you are eligible for now that you have been severed:
Old Early Retirement: New Early Retirement for Severed Employees
55/70%: 55/50%
60/90%: 60/66.67%
61/92%: 61/73.33%
62/94: 62/80%
63/96%: 63/86.67%
64/98%: 64/93.3%
65/100%: 65/100%
As you can see if you were severed in Jan you will fall under the new early retirement for severed employees. This is significant as you can see from year 60-65. Previously there was a 2% per year penalty for early retirement but for those of us that were severed it has jumped to an almost 7% per year penalty for early retirement.