Voluntary Enhanced Retirement Program
July 6, 2018
Eighty-three percent of eligible active non-bargaining unit employees who were offered our company’s Voluntary Enhanced Retirement Program (VERP) have accepted it. Eligible employees had until June 27, 2018, to elect to participate.
“The business units are working to identify retirement dates considering our business priorities and the knowledge transfer necessary to facilitate a smooth transition,” said Senior Vice President, Human Resources and Chief Human Resource Officer Charlie Lasky.
Retirements will begin Aug. 1 and continue through the end of the year with a limited number extending into 2019, as needed based on business requirements. Individual retirement dates will be determined by the company and communicated to the affected employees as soon as they are known and approved.
The VERP was offered to approximately 600 eligible active non-bargaining employees in the Shared Services and impacted departments of the Sustainability and Utility Services groups, reporting to George Farah, to support the FE Tomorrow initiative.
“As with similar offers in the past, there was an expectation that not all those eligible will accept the program,” said Charlie. “Pending the FE Tomorrow team’s final recommendations and the VERP participation, additional organizational changes are anticipated during the second half of 2018 to fully align our future regulated structure and to ensure we achieve our committed growth rates.”
The VERP was designed to minimize the impact of the FE Tomorrow initiative, which is focused on reducing the size of the Shared Services organization. FE Tomorrow will help ensure we have the right talent, organizational and cost structure to achieve our earnings growth targets.