If you were laid off within the past year, what were you offered for severance?
I’d think they’d calculate it based off of your band and years employed.
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Is there an option to get the lump sum or do u have to take the biweekly payouts? Assuming u have to take the payouts but curious..
Not sure if it has changed but last year you received 2 weeks for every year of service. There were min and max weeks. For us we were immediately released, access removed, but technically we were still an employee through the notice period
If you’re still an employee through the notice period i.e. through your termination date, but no longer working or performing duties, do they still pay you through that period until the termination date when other benefits kick in?
Re unemployment
In Illinois you have a waiting week and that’s it. Assuming you have enough credits you get 6 months even while you’re receiving severance.
Severance varies by state. In PA (where I am), they have some calculation based on this: "You are only ineligible for benefits if your severance exceeds 40% of the state's average annual wage (this amount changes yearly)." So, my severance - a function of my salary and length of service - meant I wouldn't be eligible to receive unemployment compensation for 11 weeks. But due to my years of service I have 22 weeks' severance. So at least in PA, it's not automatically true that you cannot collect unemployment until your severance runs out.
That’s a recent change in CT because a few years ago I was able to collect unemployment while receiving a severance after getting laid off from a previous employer.
Check your state's unemployment website because if you receive a severance, you are not eligible for unemployment until that runs out.
Not sure if it has changed but last year you received 2 weeks for every year of service. There were min and max weeks. For us we were immediately released, access removed, but technically we were still an employee through the notice period. After the notice period we received our vacation payout and then normal biweekly pay through end date. Only difference is you will no longer contribute to HSA/HRA, medical, or 401K. Hence you will take home higher pay. They do subsidize medical through your payout period, for me it was double what I was paying. Don’t forget to apply for unemployment.
The severance policy is easy to find on Iris.
Just go out there and look before shooting from the hip and confusing people.
This severance policy I found was from 2023 on Iris. I wasn’t sure if anything had changed since then. Was also looking for employees with personal experience to chime in to see if it was honored, if there were any caveats to how it was calculated or if it was exactly as outlined.
Is severance biweekly or a lump sum?? How soon did you receive payment (s)
Do they pay out for unused vacation? I’ve read the policy and that was unclear to me.
The severance policy is easy to find on Iris.
Just go out there and look before shooting from the hip and confusing people.
I've heard 2 weeks per year of service, in addition to whatever "notice period" is required by law in the state you reside.
“It only considers years of employment service, not your band”
This is false.
The Severance policy is posted on Iris. It only considers years of employment service, not your band nor if you were a contractor before being hired as a full time employee.
When I was laid off in February of last year, my severance aligned with the policy. It was based on band/years employed, with a minimum and maximum pay out. They fully complied.
“I’d think they’d calculate it based off of your band and years employed.”
“You can find the company severance policy in Iris.”
Did they comply with the severance policy in Iris?
You can find the company severance policy in Iris.