Processing new offer - Closer to home (9/10/10)

[nick1985]

severance and leave

Sorry to hear about that man.

 

[Engineer]

so your company is folding? if not, why cant the guys so close to retirement xfer to new site?

and for the guy 8months shy of full medical, cant he work w/100% travel till end of year to get full medical?

and no pension???

what retirement package at 65?

as for you:
since u r a dad to a 10yr old, take the serverance now (the 16yr old who cares ). you'll be on Obama 1yr 3month unemployment pay plan. as for health insurance, lookup how much if you buy yourself at ehealthinsurance.com

They are not going to let them transfer. They took two people and they only did that because those are "other" plant favorites. Rumor has it that they are not even going to offer severance to those laid off but I have my doubts. Somebody would get killed Monday.

 

[Engineer]

You did automation stuff, right? If so, my job may have a spot for you....we are located in MA, ME, NY or RI.

I appreciate it but I'm not interested in moving. I'll find something local or go back to school or something. I really like where I'm at and would take a total collapse for me to consider it....

 

[OILFIELDTRASH]

I can't say 100% because I don't know the job market for what you do. But having said that you are still a fairly young guy and another year of what sounds like kick ass pay won't hurt regardless of where you're at financially. If you think it will be pretty simple to find a similar paying job within a year then go ahead and leave. Tough decision.

 

[iGas]

Keep current job while search for another job locally.

 

[Engineer]

Keep current job while search for another job locally.

Problem is traveling 100% of the time while doing so. My kids are a: growing up too quickly...b: they need me to assist in school work almost every night. If I had no kids at home, there would be no decision to make.

I've figured that with severance and unemployment, I can go 5 months and still be break-even, and that is keeping my lifestyle 100% the same. After that, my unemployment would be obviously less than my pay.

With my and my wife's Roth + our savings, we have about two years of my take home pay available. Don't want to touch Roth's nor 401k money (only in an emergency) and don't think that will ever be an issue (seriously).

I've started e-mailing the technical sales people (again as I've talked to them before) to get the word out and look for leads. Sale people travel and know everyone and everything...no better source for leads.

I just hope that these assholes don't come in and try to bully a group of men that they are throwing out with no respect or real severance....I'm almost tempted not to go to the announcement meeting on Monday as somebody may get hurt. People do funny (as in strange) things when they feel that they have no hope...

 

[Gibson486]

I appreciate it but I'm not interested in moving. I'll find something local or go back to school or something. I really like where I'm at and would take a total collapse for me to consider it....

My best advice would be to look into engineering firms that do environmental engineering. They are gonna be in every state. The ugly thing is that the job usually centers around waste water plants. The good is that this field will not be laying people off anytime (provided you work for the right company) because the controls aspect of it is booming.

 

[Engineer]

My best advice would be to look into engineering firms that do environmental engineering. They are gonna be in every state. The ugly thing is that the job usually centers around waste water plants. The good is that this field will not be laying people off anytime (provided you work for the right company) because the controls aspect of it is booming.

Thanks. Will keep that in mind! :thumbsup:

 

[AlienCraft]

They are not going to let them transfer. They took two people and they only did that because those are "other" plant favorites. Rumor has it that they are not even going to offer severance to those laid off but I have my doubts. Somebody would get killed Monday.

If it were the "asshole New CEO", I'm OK with that.
A few of those and these venal, sociopathic coporate-ly shielded domestic terrorists might start factoring in the damage done to Society by their actions.

But I'm not going to hold my breath. As long as The Middle is willing to get squeezed, The Top will squeeze.

Never have the words 'Workers of the World, UNITE!' been more apropos.

 

[Engineer]

[/b]
If it were the "asshole New CEO", I'm OK with that.
A few of those and these venal, sociopathic coporate-ly shielded domestic terrorists might start factoring in the damage done to Society by their actions.

But I'm not going to hold my breath. As long as The Middle is willing to get squeezed, The Top will squeeze.

Never have the words 'Workers of the World, UNITE!' been more apropos.

I'm starting to wonder about this myself. It's almost like TOP, Middle and UNION are 3 phases of a power line. When one is rising, the other has topped out and the other is falling or opposite, one is topped out, the other is falling and the last is bottoming.

Not so sure that the "Top" is topping out, the middle is falling and the UNION is at the bottom ready to make a comeback. I dislike unions terribly but I can see this happening.

 

[boomerang]

I've started e-mailing the technical sales people (again as I've talked to them before) to get the word out and look for leads. Sale people travel and know everyone and everything...no better source for leads.

This statement is why I'm going to be the contrarian and suggest you take the travel job. The reason is twofold. By staying, something may open up for you within the company. The other reason in networking. Traveling and being in close contact with others may be your best (or only) source for future employment in a field you're experienced in.

Don't underestimate the job market out there. I know you know this is a big decision, but my advice would be to be sure to think this through thoroughly. IMO, the way you're thinking now is relying too heavily on a lot of things falling into place.

I'll finish by saying I'm a hard core pessimist so take that into account.

 

[Engineer]

This statement is why I'm going to be the contrarian and suggest you take the travel job. The reason is twofold. By staying, something may open up for you within the company. The other reason in networking. Traveling and being in close contact with others may be your best (or only) source for future employment in a field you're experienced in.

Don't underestimate the job market out there. I know you know this is a big decision, but my advice would be to be sure to think this through thoroughly. IMO, the way you're thinking now is relying too heavily on a lot of things falling into place.

I'll finish by saying I'm a hard core pessimist so take that into account.

Traveling to my own plants does nothing for me other than prolong my employment. I cannot network in those plants as I will be there not to "mingle" but to work on specific, on the floor jobs and they may/may not even be in this country. Sure, I could land a job in one of those but I have ZERO desire to more...ZERO. Oh, did I mention ZERO desire to move?

One thing I discovered while traveling back in October-December is that I missed out on two possible jobs because I was traveling. I could not interview fast enough on either job (even though they promised to wait) and the jobs were filled before I could even get home to interview. I know it's competitive out there, I've already witnessed it. I'm still weighing my options....but I'm leaning one way right now.

If I could talk my company into a severance at any time (between now and the end of the year), it might change the game and I would be more tempted to stay as I could find something (if I can get enough home time to interview) and still get the severance without staying the entire year.

It's a tough decision...I'm in a better position than many others at the plant...I wish I could give one of them my offer...my best friend there is 54 years old and will be 55 in November. He could retire with about $1,600 per month and full medical (cost about $300 per month). If he doesn't make it to 55, he gets nothing until 65. Talk about a kick in the nuts.

By the way, can you not add a poll to a post already made???

 

[Elbryn]

if you dont have a heloc on your home, now is looking like a good time to get one through. i know you've done well with the financial side and preparing for something of this nature and using the equity in your home would be the last thing on the list to go (but possibly before using retirement funds as those are generally protected during bankruptcy). options are options though.

 

[Old Hippie]

Major bummer Engineer!

I've had friends in that "30 years service but to young to retire" situation and a few families were destroyed by it.

The only thing I can offer is hope and good vibes that you and yours will be OK.

Good Luck!

 

[IndyColtsFan]

It will be interesting for me to answer my cell phone when one of the plants call needing assistance. We can talk about the weather...basketball....but unless they have deep pockets for contract work and all expenses....fuck em. Might say fuck em anyway.

After you're done talking about the weather, etc, and the questions start coming, that's when you hit them with the "$175 an hour, 4 hour minimum per incident" charge.

 

[BarkingGhostar]

Remember, I paid my home off over 4 years ago with all of my overtime. I have no other bills. I started saving every penny about 1.5 years ago when I felt this coming on. I can pay for most of my expenses with unemployment and if my wife keeps her job, should not be an issue. Lower standard of living but no problem living. I think I could work at WalMart and pay my bills if necessary, lol.

Heck, I place over 20% of my income into retirement so even if I took a 20% pay cut, I would still be "even" so to say.

So, this comes down to having a job until the end of the year or collecting unemployment sooner. Hmm.

 

[bruceb]

You should check with your states labor dept about the amount of severance pay. It may be that limiting or changing the amount they want to offer per year of service conflicts with state or federal rules. As to the guy going out 8 months shy of full medical, that is exactly why they are getting him out the door. So they do not need to continue to pay for full medical. Somewhat shady and possibly illegal. In your case, take the severance since you don't wan't / can't / like to travel. The company does not want you on the payroll, so let them sink. Do not help them to clean up the trash or get their house in order. You can take on some jobs on a contract basis. Set yourself up as a LLC for protection, then do the contracting. You would be surprised how much can be pulled in this way and with the LLC you can write off a lot of expenses, such as travel to do the contract work (even if it is car miles)

Note: Be sure whatever seperation agreement you sign does not have a Non Compete Clause in it. If need be, let your attorney check and negotiate it. After all, they are saying they do not need you or the others in your field. So, as I see it, you are free to contract yourself to do the same type of work.

 

[Adul]

take severance now enjoy now and find a job. Since you are in a good position financially, enjoy the extra time with family

 

[Engineer]

You should check with your states labor dept about the amount of severance pay. It may be that limiting or changing the amount they want to offer per year of service conflicts with state or federal rules. As to the guy going out 8 months shy of full medical, that is exactly why they are getting him out the door. So they do not need to continue to pay for full medical. Somewhat shady and possibly illegal. In your case, take the severance since you don't wan't / can't / like to travel. The company does not want you on the payroll, so let them sink. Do not help them to clean up the trash or get their house in order. You can take on some jobs on a contract basis. Set yourself up as a LLC for protection, then do the contracting. You would be surprised how much can be pulled in this way and with the LLC you can write off a lot of expenses, such as travel to do the contract work (even if it is car miles)

Note: Be sure whatever seperation agreement you sign does not have a Non Compete Clause in it. If need be, let your attorney check and negotiate it. After all, they are saying they do not need you or the others in your field. So, as I see it, you are free to contract yourself to do the same type of work.

Kentucky is an "Employment at will" state....no severance at all required.

About 1.5 years ago, there was a huge downsizing of many corporate executive types. They received 1.5 weeks severance for every year service up to 48 weeks max. About a year ago, it was set to 13 week max when the plants took a hit with very few corporate people getting a hit. See the pattern here?

 

[Engineer]

So, this comes down to having a job until the end of the year or collecting unemployment sooner. Hmm.

I talked to my wife about this and she stated that our lives have been on hold for almost 2 years because of this (no communication from the top, plant sitting mostly idle while the top brass kept saying no decision has been made, etc). She stated it's time to get a move on and quite being on hold. Really surprised by this as I thought she would be 100% opposite.

 

[Engineer]

It's done. Plant closing on the 5th. Gave severance to 22 out of 40 people. Said fuck you to the rest. Some people had nearly 30 years in...received zero severance and were too young (under 55) for retirement. Was a sad, sad day.

 

[Nitemare]

I'd take the traveling full-time, but since you have a family, take the severance.

 

[Modular]

Wow. Sorry to hear about this.

You're in an incredible position and have more wealth than 99% of people at your age (home paid off, dual income, etc.), so you have VERY little to worry about. That doesn't mean this isn't awful though.

FWIW: I say take the severance (assuming they offered it to you?) and go.

 

[ViviTheMage]

take the severence, travel with the family..sounds like you've got everything set financially.

 

[Engineer]

Wow. Sorry to hear about this.

You're in an incredible position and have more wealth than 99% of people at your age (home paid off, dual income, etc.), so you have VERY little to worry about. That doesn't mean this isn't awful though.

FWIW: I say take the severance (assuming they offered it to you?) and go.

Yes, it was offered. I took it. The job was then offered to my tech and he has yet to decide. He has been on the road for almost 6 months and is getting tired of it. Said that he will talk to his wife first. Sort of hope he turns it down but wouldn't blame him if he took it. Time to move one (taking a week or so off) and then hitting it harder.