For those that got laid off, were you able to contribute to your 401k in the paycheck you received a week for every year worked.
Question #2, under wishful thinking, was there any company match. Pretty sure i know the answer on that one.
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How many weeks was the severance paycap?
@11p The amount of time off taken by employees has less to do with the details of the policy and more with the culture of the company and leadership demonstrating the value of taking time off. Switching policies in a company that does not encourage time off simply removes the accrued liability from the books and as you say studies show that time off taken actually decreases.
@bg True! there is a often cited study that proved unlimited vacation actually reduces the hours of vacation taken by workers over accrued vacation.
@sd No, health coverage stops at midnight. Yes, there is a cap on years.
Wait, they're not giving health coverage for 6 months ? And was the week for every year severance capped at a certain amount of weeks?
Nope. No 401K contributions or match after your last "regular" (pay pre-layoff.) Your health insurance coverage will end at midnight of the day you were let go. You might be told you can wait 6 months and re-apply for a new position.
But to be honest, if you really like that kind of pain, you're better off just asking someone to kick you in the ba--s. It's cheaper and less commuting
This is why they took away accrued PTO hours so they wouldn’t have to pay people out in an effort to save money…by switching to unlimited PTO aka 160 hours a year
@OP Complete and sign your exit paperwork or they will not send the severance check, it takes about a month.
@OP No, you are not able to contribute to your 401K with severance check.