If you've been RIFd, how is severance paid out? I have 10+ years and wondering if severance is paid out in a lump sum or paid out biweekly like regular pay for however many weeks apply. Or does it depend on the person's age or the state they live in?
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There is nothing the company can do with your 401k after you leave. It is in your name, managed by a 3rd party, and Elevance has no power over or possible way to take your funds.
That talk is just silly.
For those wondering about payout for unused PTO, you will absolutely not receive a payout for unused PTO unless state law requires it.
Here's a state-by-state guide: https://www.paycor.com/resource-center/articles/pto-payout-laws-by-state/
I definitely agree with moving the retirement funds. That said - has anyone who has left the company -RIF or otherwise -- had an actual bad experience to date? I do know someone whose employer helped themselves to the retirement funds but that was a small company not a large corporation
@6duy+1tddQhZn - 401k and pension are completely independent of one another. The reason you should get the 401k out of this company's hands (and the same applies to the pension) is that the company CANNOT be trusted. I wouldn't even put it past them to raid the pension fund. Get ALL monies that are yours OUT OF THE HANDS OF THE COMPANY ASAP. Take the pension as a lump sum and do a direct rollover into a traditional IRA (this isn't a taxable event). I am a former employee and did exactly that, and I now have peace of mind that the company cannot sc--w me in yet another way. I hope this helps.
Can you elaborate as to why not leave with the company? I have a 401k from a company from 10 years ago and there hasn't been any issue (I also will someday collect a pension from that company which why it is still there).
@6njz+1tddQhZn Keep getting that match until Rif’d. It’s 100% vested and Elevance cannot touch the money. If you are Rif’d then immediately stop contributing to it and get the process started on a rollover. Do not leave it with the company when you are no longer employed.
Can we withdrawl our 401k before rif or wait afterwards
@OP+1tddQhZn, questions for those RIF'ed.. do not I repeat do not leave for 401K with Elevance you need to move it out. The sooner the better.. Just An FYI
You have to be working at the company in Q4 in order to receive any sort of 2024 bonus next March. That is why they are doing this in August to have everyone out before the end of Q3 so the last quarter's numbers look stronger.
You lose all unvested stock when you are RIFed. At least at the worker bee level. If you retire, they do vest stock but it may be based on your level as to how much (it may be all of it).
What happens to your bonus or your stock options that have not vested yet?
I'll elude to the RMSA. You can continue with your current plans through COBRA. ( Good for 18 months) If you have the funds it's very expensive. Or not if your covered through another plan. You çan have the funds sit there until you need them. I think until seventu check your total rewards page. Of course you have to elect Elevance health . It will cover Medicare supplement if you're there and had to be an Elevance plan as well.
You pay the premiums up front monthly and get reimbursed as you submit documentation that you paid. It's all manual.
Most people don't have an RMSA consider yourself fortunate
@1kta+1tddQhZn, no I'm not saying you will get paid all at once. You get paid on the paid periods, but it's your full salary, not supplemented by UE. After your severance has ended then you can apply for UE( this is where I am) if your in a state where you get your PTO paid out,
they will pay a lump sum.
For me personally it made the transition easier because getting a paycheck and not working is kind of cool. But I don't wish this on anybody, unless your ready
Your RMSA you will use after your severance ends. I haven't needed to start mine but will very soon.
Yes you're most definitely eligible for rehire. In fact within 2 years I think you will be where you were when you left ( as far as years)
Hope this helps blessings
Do you get paid out your PTO time if RIF’d
@1cyc+1tddQhZn - you're saying if I'm told I'm being RIFd and I'm beyond the 55YO/10+ years of service mark, I can tell HR I'm retiring and all weeks of severance are paid at once and I wouldn't have to file with my state unemp office? In that case, would I still be able to use my RMSA funds to pay for however many months of company offered retiree benefits it would cover?
If you choose the retirement option, does that make you ineligible for rehire?
Search for Retirement on Pulse, and the page will pop up.
@1cyc+1tddQhZn Can you please advise how to search on this? I'm in KY at age 55 with nearly 10 years but I can't find this.
Hello recently RIF'ed. Be very careful. If you qualify for retirement ( check your state) the usual is 55 years of age 10 years of service then the severance is paid in full by Elevance health. And you have to elect to retire I was eligible and was granted full pay by Elevance. Once it's over I then qualify for unemployment for a year. It's all how Elevance 'communicates 'with your UE office. Please accept it as a retirement of you're eligible. Be in the know. Come here if you have any more questions. Blessings
Hi…recently RIFed
You get a paycheck every two weeks for a specified period of time.
Its based on how many years of service you have. I believe(don’t quote me on this) that it’s a month of pay then a week and a half for every year of service. Not to exceed 26 weeks.
You’re required to file for unemployment in your state at the beginning of your RIF. Basically Elevance will pay the remaining amount after unemployment pays out to bring you up to your regular paycheck. For example. If your regular paycheck is $2000 every two weeks, and unemployment is $500 every two weeks, then when you get a paycheck, you’ll still get the $2000 you’re used to, but technically $500 is coming from unemployment and $1500 from Elevance.
The pain in the a-s part is not only do you have to attest to the fact that you searched for work and are still unemployed to your state, you also have to contact Elevance every week and do the same exact thing. It’s a constant reminder that your a-s is still unemployed.
If you find a job at Elevance they will cut off your severance pay. If you find a job outside the company before your severance is up they have to pay you 50% of the remaining amount.
You still have health, dental and vision insurance during your supplemental period.
I hope this helps. I know I had so many questions before I got RIFed and there was zero transparency about it.
You can find this on Pulse. There isn’t real severance. It’s just a supplement to unemployment. The duration is based on your tenure.