For those who have unfortunately been part of a RIF and are receiving the severance pay (difference between unemployment and your salary)...
What payroll deductions are they actually taking out of your checks? Is it just the COBRA insurance if signed up for? Do they stock taking out 401k, HSA, and any other deductions that previously occurred as an associate? Thanks!
What if you do not need Cobra?
There is no true severance pay anymore...all you get is supplemental unemployment
@1jyq...w-2; no 1099.
Since normal taxes are withdrawn from supp pay it will be a W2
Yes, the 401k stops when you’re no longer an employee. Just because they’re paying supp, doesn’t mean you’re an employee. It’s spelled out in the termination document on WorkNet. That’s the least of the problems we’ll have.
To anyone that’s been RIF’d: did they put the supp on your W2 or send a 1099 for that?
Does the corporate 401k match stop when Supp kicks in?
COBRA is not deducted from your severance pay. COBRA is really expensive and premiums are paid by you, directly to the administrator of the plan.
Formerly RIF'd here...I had 9 weeks of "Supplemental Benefit" pay after the RIF that they continued to deduct the usual amount for my medical/dental/vision benefits as they continued to pay the employer contribution. I had to request they stop deducting for my 401K and HSA contributions. Fortunately, I found another role elsewhere before my benefits ended so I never paid for COBRA. On a side note, for those fearing a RIF, it was the BEST thing that could have ever happened to me to get me out of Anthem. I stayed longer than I should have, not being happy in the role or the work so it took them letting me go to find true satisfaction in my career again...and that's what I have now...a CAREER, not just a job!