When you are given notice

When you are given notice you are not required to work your current job. You may spend a couple days handing off your tasks. That 60 days you are to use to job search whether internal or external. You will also attend some information sessions to talk about what will happen with severance, signing severance, understanding cobra, etc. you do not need to physically login and be present. You can go to job fairs, network, etc. use the time you are given.

If you find a job prior to the end of your 60 days you will let your manage or HR know and they will recalculate your severance if it is external job. If you get an internal job you do not get a severance.

Your last paycheck will include any PTO that us to be paid out. Your severance is paid out separately once you sign your severance agreement which is sent to your personal email. It is stressed. DO NOT SIGN until after your last day.

You will receive boxes after your last day to send back any equipment. If you on,y have a laptop you will still be sent monitor boxes. Yes crazy. They say it is a standard shipment they send to everyone. I was directed to send back the empty monitor boxes. My laptop box I also included my badge and a bit that I only had a USAA issued laptop and monitor boxes shipped back empty.

Bumping this up for important info from @rwd+1nT6RY15.

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@1zzs+1nZz4Bnr Re: impact to severance pay if you get job within the 60 days…minimal. The calculation shouldn’t change and would only be impacted if you complete another year (assuming <26 years) during the 60 days.
I agree with another poster’s comment that USAA’s severance is very generous! My biggest complaint after being laid off last month is the lump sum year’s salary impact to my tax bracket. Wish some payment options were available.

Something to consider, non Bank employees who have been laid off recently have received 65% of their cobra insurance subsidized by USAA. From what I understand, insurance premiums for employee only, no family, is about $300, that is with USAA covering 65%. I believe subsidy is for 6 months. Bank employees do not receive the subsidy. Also, not sure if severance with the Bank is paid out all at once, but any weeks severance is paid, unemployment can not be claimed. So for non Bank, you only miss 1 week of unemployment when severance is paid out. My friend received the maximum amount for Texas unemployment of $550 a week. Of course, if you secure another job, that is great but if not, just some things to take into account.

Very interested in how severance is recalculated if you get a job externally within the 60 days. I would think it advantageous to arrange start date after the 60 days has passed to get full severance.

@nbk+1nZz4Bnr So if someone was laid off with less than one year at the company, it would be based on the total amount they've earned so far essentially?

@dik+1nZz4Bnr Credit where credit is due (and I hate giving USAA any credit right now), USAA has a pretty generous severance package. I may be slightly off on the details, but basically it is:

In the bank, it's a flat one year of salary
Everywhere else, it's 2 weeks of pay per $10,000 in salary OR 2 weeks of pay for every year of service, whichever is greater

For example:
If you made $50,000 last year and had 2 years of service, you would get (50,000/10,000) = 5 x 2 weeks = 10 weeks of pay.

If you made $50,000 and had 10 years of service, though, you would get 10 x 2 = 20 weeks of pay.

You can read about it at go/severance.

How much is the severance? I joined USAA in COVID as a remote employee two years ago.

It is based on what you’ve earned over the last 12 months.

As far as non-bank severance... they base it on your salary OR years of service, whichever is greater. What I'm not clear on is if they base it on your base salary in OneSource or if they pro-rate it based on how much you've earned this year.

Thread regarding USAA layoffs

When you are given notice

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