VSP results are potentially late summer, with separation at end of Sep 14. Take a big check in FY14 after getting 9 months of salary. Hello 33% income tax bracket.
RIF results are Aug 14, and 31 Jan 15 separation. Extra time, extra pay, "reduced severance" that is actually paid in the next year when you're taking a pay cut.
('03 would see $20K reduction before taxes, but also get paid $26K in base pay alone to languish for 4 months and then take the severance in FY15).