I am just curious. I am a grunt, really just starting my career and I do not have cash to survive. I need the whole check if I am cut, do you think they would be willing to allow me to defer the severance to next year instead of being taxed in 2015? I believe I saw someone mention that the severance will be paid out in 2016 (I doubt that)
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@155260 - not in this case. According to packet, the lump sum payout will be 50 days after final day of employment (Nov 20) so lands in 2016.
I personally have people in my family affected and laid off and am concerned about about all of you. I have a little insight some may want to think about, you may think it is too soon but it needs to be considered.
Keep in mind, please, when you get your severance it will be taxed possibly higher than a regular paycheck. You could have to pay for COBRA health insurance if you do not find a job within 30 days that runs an average of 500-800 for a single person per month typically that starts the immediate month after your last day or within 30 days of that. COBRA cost will be the entire cost Q pays plus an extra 2% on that out of pocket. There is no subsidy for this.
In some states you will not be able to collect unemployment because they consider severance as future pay and will pro rate any unemployment AFTER they consider the severance will run out. Example, if you have 3 weeks worth of unemployment they will take what you would get paid in unemployment and if your severance is more you won't get unemployment until the amount of the unemployment exceeds the amount of the weekly severance. You will not be able to double dip in essence. In most cases you will make too much and not qualify for unemployment until your severance runs out.
Please budget as soon as possible if you are not already on top of things. That extra insurance hit alone can cause quite a hiccup.
I know you will look for a job but consider not waiting and doing it as soon as possible because the financial payoff is better if you can find a job that pays for your insurance and has a normal tax rate compared to using your severance to get by, paying more for insurance and taxes.
I personally don't want to see anyone be devastated by this. San Diego will be hit hard and my thoughts are with all of you. This is terrible.
They can't because by law they have to give you the last check within 72 hours of your last day.
I was laid off from there a couple years ago, it happened at the end of the year and I had requested to get my final service pay out in the next calendar year too. HR told me that they could do that but then when it came to the time for me to get paid, I received it in the current year (not the next calendar year). I was really disappointed when they did that when they promised they would be able to do it. Oh well. Good luck.
I don't think you get a choice, but my severance summary says all severance payments will be made 50 days from the termination date.
If you havent heard yet, likely you are safe