On Friday, an unknown number of Aetna employees will be leaving the company as part of an early retirement package.
Once the third-quarter earnings are released, Aetna will announce Thursday the number of employees accepting the early retirement package and how much it is costing the company. According to the latest employment figures from June 30, Aetna has 7,037 employees in Connecticut and 32,873 employees throughout the company. The early retirement package was first announced in July.
Aetna is in a quiet period, meaning it cannot legally disclose this information, but the company did offer this statement during its second-quarter earnings call from Chief Financial Officer Joe Zubretsky:
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"Further, in a continuing effort to enhance our productivity and optimize our cost structure, we recently initiated a broad-based voluntary early retirement program that is being offered to a substantial number of employees. This program's objective is to create incentives for employees meeting certain age and service requirements to accelerate their retirement plans.
"While the net effect will be to reduce expenses in 2012, we expect to record a charge related to this program in the third quarter of 2011, which we will exclude from operating earnings. This charge is not reflected in our guidance."
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