Are we entitled to pro rated 401k. Pension, and bonus, etc for those of us that lose our job this month?
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I call BS. if you were laid off you have a pdf that clearly spells out your bonus was prorated with amounts and details. It lists severance amounts and how long the bank pays your health insurance. Also info on 401k and pension is available. People come here to just to kick up dust .
"Is there any way people could negotiate not receiving the severance until the 2025 tax year?"
I was told that they could not guaranty payment in 2025. but the suggestion was to submit your executed Severance Agreement near the end of the 45 days that you have to execute the document.
I'm going to wait as long as I can to execute the document, probably the last week of December 2024. They also said that the payment would be processed in approximately 30 days from when it's executed.
I'm hoping that the department that processes these payments will be short handed during the week between Christmas & New Years so the payment will occur during 2025.
No guaranties on that. They may want to pay as many of these as possible in 2024 to make the first quarter of 2025 look better.
You get everything in a confusing document that will direct you to call a severance help line with questions that has the absolutely most frustrating phone tree in the history of Telecom. I think HR is using AI to write everything now.
Is there any way people could negotiate not receiving the severance until the 2025 tax year?
The total rewards is accurate at least in my anecdotal experience through my friend. He was an RM and was axed in October. He said the bonus was prorated and paid.
Bonus is prorated if you joined midyear...not if you were severed midyear. You still need to be employed up to the time the bonus is awarded to receive it...this is why you see many leave on their own mid-March each year.
Unless specified otherwise in a severance agreement...
Total Rewards clearly states that bonus will be paid on a prorated basis so not sure where other posters are getting this "only if included in your severance".
Go to the My Total Rewards section of the intranet. There are Summary Plan Description documents that spell out the Pension Plan, 401k, and Severance Plan details.
If you're vested, then you'll get your prorated contributions to those funds.
Good luck to all.
your 401k match for 2024 will hit your account in Jan/Feb of 2025, roll it over to a new or different plan after the match hits. also no bonus unless part of your severance.