Not sure what will happen to my 401k considering the stock award or how unemployment will work with severance. Any advice/insight is very much appreciated!
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You don't have to do anything with your 401k. I was part of last year's RIF and I still have my money sitting with Schwab... never rolled it anywhere. Just make sure that your investments align with your retirement goals.
Open a Fidelity IRA account (I don't like Schwab IRA). Then call Schwab and ask them to roll your 401k to your Fidelity IRA. As for investment choices, the market is very hot right now, so I prefer to invest in fixed income. If you do a search, you can buy CD offering from banks with 5.3% rate on 5 yr CD, and if you have the guts, buy also some index funds like the S&P 500. The key here is to be well diversified, you don't want to gamble with your hard earned money and put everything in one basket.
Roll your 401k into IRA of your choice depending on your age. Allocate appropriately into low fee ETFs & Mutal Funds get out of the Crown stock fund it's dead money at best. Most importantly don't touch it ! You'll find work that will cover your bills.
UE varies by state, but in MA I volunteered for Aug 23 layoff, got a severance package, and was still able to get several months of UE.
Different states have different laws on UE. I wouldn’t cash in your 401k unless you have too. You’ll get crushed on penalties and taxes
As for unemployment, you are eligible once you exhaust your severance. So if 10 weeks severance, eligible for UC week 11. File immediately though.
Any amount that you have in there that is vested (company portion) will stay there. Your contribution is always yours. Give it a few weeks and then Schwab will get notification that you have termed. At that point you can choose to take it out (don’t recommend because you get taxed out the a— on it) or roll it into an IRA. I typically do that. If your new employer has a good 401k, you can roll it into theirs, but then you are limited to that company’s options. If you leave it in an IRA it will continue to grow over time and you can change your investments along the way to meet your needs.
Best suggestion is, once they get the termination notice, call Schwab or find a local branch. Meet with them and talk about your options.