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Heard whispers too. Five years should get you *something* decent. At my last place, it was two weeks per year of service, plus they paid out accrued vacation time. COBRA continuation is standard, but see if they'll cover the premiums for a few months. Don't be afraid to negotiate the benefits package. Good luck, hope it's just a rumor!
Honestly, brace yourself for disappointment. Companies are getting stingier. Check your offer letter and employee handbook for any specific severance policies. Five years isn't *nothing*, but don't expect the moon. Focus on networking *now*, before any announcement. Update your LinkedIn profile and reach out to your contacts. A head start is crucial in a tough job market.