Thread regarding ConocoPhillips layoffs

What is the process of maxing out the HSA while still at COP?

COBRA is a better option if you have met the deductibles for the year.

In general, things pretty much take care of themselves, I think the worst part is dealing with the the Hewitt YBR who manages the COBRA and benefits, their customer service is very bad and limited.

Company Phone - You can try to request the COP cell number to be handed over to you, probably too late, I attempted to do so, but IT cuts that off several months ahead of any layoffs. Worth a try if you wanted to keep that number; however, getting a new phone setup prior to layoff is helpful if the COP cell was the only phone you had.

COBRA - I was on COBRA medical benefits until I found another job. Setting it up was easy, however, cancelling can catch you. They set it up so that you pay for the insurance at the start of the month and you can not cancel ahead of time, you will need to call the day of that you want the insurance to end. It is a lengthy process to get your money back when you cancel. If I had to do it again, I would skip the autopay and have them bill me to stay in control of the cash flow. By law you have several days after they bill you to pay COBRA, and if you dont pay after a specified time, they can cancel it.

HSA - You can keep the HSA with COP but they will start charging fees. I moved my HSA to ModernWoodman Bank which thus far has been better than the COP HSA, no fees and they are easy to work with. COP does not fund HSA as part of the severance or final pay check. If you wanted to max out the pre-tax contribution to HSA, easiest way is to max out while still at COP and be done with it for the year. You can make contribute after the fact, which you have to do with your HSA and account for it in your tax returns.

401K - left it with Vangaurd, had no issues since, no extra fees or different customer service since layoff. You can roll this into another 401K or rollover account if you choose. The only small downside with a rollover into a general IRA is that you no longer have loan options against your 401K if you wanted that feature. If you intended to put in the max contribution to the COP 401k, then suggest you do that ahead of layoff. I think an post layoff 401k contribution becomes tricky with taxes and other rules.

RSU/Stocks - I had stock vested with my severance, I left this with ML and as with Vanguard, no extra fees or problems with customer service. You can move this to another broker if you wanted.

Retirement/Pension - You can keep your pension with COP or cash out and put a lump sum into your 401k or other account tax free.

Don't even consider COBRA. For a family of 3 it was going to be $1300 per month.

A lot of what you do should depend on your age and years of service. Without that information, it's pointless to comment.

Insurance plan ends the last month you work. Again I filed unemployment after I received all of my package so that their would limited questions from The unemployment people. Again no dispute from COP for unemployment!

Here is what I did - US based. I rolled over my 401k to both a self directed IRA and Roth. I had previously set up both. Make sure to request the check made out to the name of your Institution and account number. Also since I paid more into the 401k than the max tax free, I had Vanguard to break out my after tax and put that into the Roth also requesting the check made out to the institution and account with my name being the benifituary. I then rolled my pension over to the IRA. Had to request forms be sent to me. Also since I was married, had to get the forms notarized with both my and my wife's signature to receive the funds. Again requested the check made out to the institution and account number with me being the benifituary. I did not make the changes immediately but a couple of months after my release.

I went and took the cobra after looking at the Health care plans, based on my analysis and my financial situation, it was less expensive with every thing associated with my families situation and I also kelp the dental and eye care. My total is $1207/month. I did not qualify for COP's retirement assistance because I did not have 10 years with company. But will revert back to a previous company next year and price will drop to approx $700.

I waited until all of my severance package was paid to me to file for unemployment. COP did not dispute it. Paid me the max weekly benefit of $479. Note the max Benefit for Texas is $12,454.

Other items is make sure you copy current pay advices and after you leave request the pay advices from HR/payroll.

Copy all of your contacts on your phone and computer.

Hope this info helped