I read the Band 1-4 Severance Plan and understand the one week pay for every year of service. Is anything else offered like health insurance under same plan and premiums stop when severance ends? 401k contributions? Or is it just pay less taxes?
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Agree about pre-planning as much as possible. If you have a company credit card, be sure to change the contact info to something that you can access. As for payroll stubs, true that you can't get them in the system once you are out, but I was successful in getting that info via the Honeywell Retiree site - contacted the right people and got info the next day. You will need this now, not Jan. 2018 W-2, in order to figure out your tax liabilities because it is easy to get into an estimated tax situation with penalties.
http://honeywell.com/sites/Retiree/Pages/home.aspx
I was impacted in the last round. It has been a learning experience. It was a very time consuming process and I found out some of the information too late, therefore I am sharing below and hope it helps someone. It would have been very helpful if the information was shared during the exit interview, including the onestop #.
As the paycheck's are 2 weeks behind I wish I had known the ability to increase 401K and HSA deductions from the remaining checks. HSA allows you to pay for the health insurance premiums.
Make sure you change the email access on the benefits website to your personal email before you leave, and download the needed copies of paystubs (for some reason the access to paystubs via website gets removed immediately).
Also if you want to get loans you may want to get it done prior to severance ending as I believe you are shown as active employee in the employee verification system (if you have a loan from 401k it will be needed to be paid back to avoid penalty)
Cobra is expensive, recommend to start investigating alternatives for medical health insurance (ACA - premiums depend upon forecasted yearly income & Medicaid Medical portion is based upon monthly income). It is also possible to split the coverage (ie. you can elect to have your dependents to be covered by Cobra, and you can select another option or vice versa). Timing to apply for alternate coverage in advance is critical, therefore recommend start investigating way ahead of time to ensure no break in coverage and having knowledge of the choices.
Ancillary deductions (ie Hyatt Legal, etc) ends at the end of the month the severance ends. Payroll and others do not necessarily have this information.
Contributions & match to 401K and pension end when going on severance. Medical coverage continues as well as any contributions to HSA.
Severance with 26 weeks max. Severance comes with medical coverage nigcfyrr about 401 as I've pullevery cent out snd gave it to an investor d d stopped contributions because I knew I was leaving,