Do they still take 401k out of severance pay?
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I am in the last wave of layoffs and was told health insurance will be taken out after taxes, not pre tax as when we are employees, for the duration of our severance. After the 60 days' notice, they don't give you any more money toward your 401K and you can't contribute as a Humana employee either. You have to roll it into something else. If you have over a certain amount you can just keep it and let it gain interest. If it is below a certain amount they cut you a check. From what I understand, its a really low amount so call C. Schwab for specifics. It could also be based on your specific portfolio.
I was part of the last wave and I call Charles schwab and after the end sate you can’t contribute to your 401.
I was in first wave of layoffs in February and they continue to take out for 401k and medical insurance.