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PGE and Getting a Retirement VSP?  Should You Take It?

May 7, 2022 1:26:52 PM
written by The Retirement Group

What is it? 

In today's corporate environment, cost cutting, restructuring, and downsizing are the norm.  We have found many employers are offering their employees early retirement packages. As you near retirement age, you may find yourself confronted with an early retirement offer from PG&E. PG&E may refer to the offer as an early out package or retirement offer or golden handshake or a golden parachute. While many early retirement offers seem attractive at first, it is important for you to review an offer carefully before accepting it to ensure that it is indeed a "golden" opportunity.

 

Details of the PG&E 2022 VSP:

Participation in the VSP is voluntary and offers the following benefits:

  • Lump sum payment equal to 52 weeks of your base salary.
  • $10,000 transitional lump sum payment.
  • $50,000 retiree medical subsidy to your Retiree Health Account (RHA).
  • Prorated 2022 STIP (Short Term Incentive Plan), consistent with Company’s overall STIP program. Participants understand STIP is a discretionary at-risk compensation program.

 

Typical elements of an early retirement offer
I
An early retirement offer usually consists of severance payments and post-retirement medical coverage coupled with already existing retirement benefits.  These may be in the form of healthcare financial incentives or a severance tied to years of service. 


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posted in Financial Planning, PG&E

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Information regarding the lump-sum payout may or may not apply to specific employees based on factors such as mergers, acquisitions, years of service, age, or the date an employee was hired.