It’s now mid-August and no VERP has come out yet. Little birdie, please spill the beans if you know something. Does anyone have any credible information on a VERP coming, and if so, when?
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@kw there is still the writeoff opportuntiy where they hand the pension obligation over to fidelity buying you an annuity and get it off the books, but I agree the outloook for VERP is declining they would rather just drive sr employees to leave in disgust.
the 2023 VERP was actually very good, better than 2020, and people who were eligible who decided to wait for the next one should be kicking themselves.
A VERP will never happen again! The pension sunsets in 6 months such that you can’t earn additional credits. In the past they have had VERPs to minimize forward looking pension costs. But with that ending there is no reason to incentivize people to retire early. RIFs potentially but VERPs no.
@f4 Not unless your are an alphabet person or minority and you give them a reason to be afraid you're going to sue.
@f4 they do not.
No VERP. Medtronic will do everything in its power not to pay people out anything more than they have to. VERP is likely a thing of the past.
The VERP (which is unlikely to happen this year) would be awarded if head count was too high in a OU. Bloated OU's have a equal chance of a RIF or VERP. Basically Operation will be left out of either as history has shown. Remember what happened a few years back?
Sorry Folks, IMHO only
I was laid off recently. It is very sad to see so many great employees being let go lately. In my case, everyone affected in my organization were older than 50. Does anyone know if Medtronic negotiate severance pay?
I would be shocked if VERP offer came out anytime soon. With the new RTO announcement and, apparently RIFs occurring right now, I don’t think MDT is thinking to pay out more $ for early retirements.
Prolly not going to happen in August, maybe Sept/Oct ... But I have no insider info.
Yes, Layoffs happening at MECC in Brooklyn Center to leaders who are good employees. Seems as if the company is scrambling to save more money