For those who were laid off last year and chose to delay their severance pay to 2021...Any idea when it comes? Is that the first week of March when we would normally get our bonus? Do the two come together?
Thanks
5 replies (most recent on top)
OP here. Found the answer. Cut and paste from AT&T Document I had saved:
An Eligible Employee may timely elect to defer payment until the year following termination by filing a deferral election with the Plan Administrator at any time before the Eligible Employee’s Date of Termination. If an Eligible Employee elects deferral of the severance payment, by indicating so on a timely filed deferral election form, the severance payment will be made on or about March 5th of the year following termination, but no later than March 15 of the year following termination.
I was laid off over the summer, management. I remember them saying if you deferred your severance you’d get it in February. I remember them saying an exact date and it may come sooner but I’ll have to go look thru my documents. I’ll check tomorrow and if nobody else has replied I’ll let you know. But I seem to recall early February. Severance always comes separate from any other check, so any bonus that’s due should be completely separate. Hope that helps a bit. (I wish I deferred, I put the $$ away and haven’t touched it, and now my tax bracket is up). You were smart.
To: Post ID: @cun+18XvMgNB
I'm the original poster. I thought they allowed us all to delay to the following year. I am management / had 6 months of pay coming. Between time work and unused vacation, I had about 9 months of pay in 2020. An extra 6 months would have kicked me into a new tax bracket, so I chose to delay until 2021. I thought that was universal, but I guess not?
March 6 is usually when we get our bonuses so I’ll assume that’s the same for the folks who were laid off last year. You’ll be pro rated based on how long you were there for 2020. Good Luck!
Wow. That was generous of them to do that. I had to take mine in the same year. Good luck. I got my bonus at the regular time however it took a few day longer because it was a “live” check.