I’ve been hearing some wild rumors, and I really hope none of them are true.
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Non-exempt HQ workers are just SOL huh?
My team was RIFd in Nov 2023. I met the criteria for "retired." Everyone on the team got 6 weeks severance plus 1 week per year of service. Being "retired" meant I also got 3 weeks of vacation paid out (how was that figured? As a L6, I wasn't accruing PTO). So, a total of 32 weeks paid out to me.
Note 1: In MN, you can't claim unemployment until your Severance Period, as defined in your Agreement, is reached.
Note 2: When to accept the payout. Most people will want to push it to the next calendar year if it benefits them tax-wise. I took mine in the current calendar year because I had already reached max FICA withholding - pushing it to the next calendar year would have cost me that 7.65% (?) in withholding.
@af in 2015 there were people with more than 26 years in and they weren’t capped at that. Someone I know got 30 weeks for their years of service plus the 16 weeks of severance everyone got.
@ad vacation is not paid out unless you’re in certain states.
Severance pay has always been capped at 26 weeks. Hope they pay out full years of service.
It's better for tax preparation to take the severance in early 2026 so that's very nice of TGT to do that.
So it’s about 68 days of pay versus the usual 60. Have to see if the number of years of service get paid along with those who still accrue vacation.
According to the article in the paper, pay and benefits through Jan 3 plus 1 week for every year.
Curious to hear what you’ve heard.