Interesting. PFL
Dear Colleagues,
As we embark on the second half of our Vision 2020 strategy, we have significant opportunities to deliver on our promise to put the customer first in everything we do by becoming more efficient and effective. To drive continuous improvement, each of us needs to look for ways to simplify and improve processes and slow the rate of growth in expenses.
As part of these efforts, we are introducing a special, one-time Voluntary Retirement Program (VRP), which provides an opportunity for eligible employees to receive financial incentives if they participate. In recent years, some employees have expressed interest in such a program.
The VRP is generally available to employees in Tiers 2 — 12 who will be at least age 50 with 10 or more years of continuous service or at least age 55 with 5 or more years of continuous service by the end of 2015. Employees who are eligible will receive a communication later today with more information about the program. Those who want to participate must make their election by August 14, and the last day of work will be October 2.
This opportunity is completely voluntary. We value our employees and recognize the personal nature of the decision to participate in the VRP. We also recognize that some of you may think a program like this signals future layoffs. As always, we will continue to evaluate our business structure and workforce to ensure that we are meeting client needs as effectively as possible in a highly competitive, rapidly changing environment. Please be assured, however, that there is no enterprise-wide plan at this time to reduce staff.