I'm just trying to get all my ducks in a row before they let us go, and yes, hanging on for the severance.
If you opt for installments, a severance check every 2 weeks, they deduct insurance which would be cobra, which is expensive. That may mean that those checks would be a lot less than a typical paycheck, which I can't afford. Maybe someone could set the record straight, and for you trolls who want to be insulting, have at it! You can't do no worse than what this bank already has.
“ If I understand it correctly, if you opt to receive severance checks every two weeks you can keep all benefits med/dental etc and this will not change even if you start another job elsewhere during the scheduled severance period.”
Not quite. Each benefit has a different timing. For example short term disability ends prior to severance kick in. 401k conditions as well. Health care ends at end of month of last severance month.
@bb do not take the lump sum! The lump sum takes 60 days or longer to pay out to you, And lots of paperwork. Continue to take the biweekly severance payments. It’s your best bet
If I understand it correctly, if you opt to receive severance checks every two weeks you can keep all benefits med/dental etc and this will not change even if you start another job elsewhere during the scheduled severance period.
Yet another reason to never tell WF about your next gig. No upside whatsoever, just an opportunity for them to sc--w you somehow.
if you take lump sum then no benefits after that other than going through cobra. if you chose to continue receiving pay every 2 weeks then they deduct your medical dental and vision same amounts they do today until your severance runs out the you would be eligible for cobra.
Nah! Its easier for someone to just give the answers instead of ReAdInG
COBRA kicks in as an option only AFTER severance payments end.
Did you even make an attempt to read the benefits book before posting this? You are covered by full medical/dental/vision benefits during the severance period, not COBRA.