Can someone tell me what the severance packages consist of? Is it worth waiting for or should I drop and keep it moving. I've invest 20 yrs with Allstate.
6 replies (most recent on top)
If you didn't turn off your contributions to 401k prior to your last paycheck issuing then 401k was deducted from your severance.
They didn't take money out of the severance payment for 401K did they?
If you’ve invested 20 years or even half paid attention during recent town halls, you’d know the answer to this.
Some links for you:
Got my severance. Time to rock.
5 days ago by Anonymous | 1912 views | 38 reactions (+36/-2) | 7 replies (last 2 days ago)
Post ID: @OP+18ddpuZ8
Severance Package
20 days ago by RIF Selected | 1464 views | 2 reactions (+1/-1) | 5 replies (last 19 days ago)
Post ID: @OP+17X98zIt
Severance Pay
24 days ago by Anonymous | 791 views | 2 reactions (+2/-0) | 2 replies (last 23 days ago)
Post ID: @OP+17TIPMiy
I assume this is meant for if you are impacted in the future... Please know that there is no guarantee of severance for future layoffs. There have been smaller layoffs in the last few years that offered no severance. Most have however.
In my particular case I was impacted after 14 years. It took them 45 days from my last date to pay our department that was eliminated our severance and in my case I lost almost 40% of it to taxes and deductions (and this was with 401k contributions turned off too way back when my 60 days was announced). They take no medical out of the severance as you will pay your part of reduced COBRA in one lump bill later to cover you until the end of the year.
I know not severance related directly but please shop for your own health coverage for 2021. COBRA is way too expensive and I qualified for comparable coverage at less than half the cost of COBRA through the Affordable Care Act for the few months in 2021 that I expect to still be out of work.
Um, if you were impacted, you would know what the package consists of.