Can anyone tell me how the severance payout works? I thought it was every two weeks like a normal paycheck for the length of the severance period. I just got what looks like my first deposit and it’s more than double a normal check. I know the 401k contribution is no more, so I expected a higher payout but not that high.
So- once a month or every two weeks? I’m confused!!!
After you severance is over, check you HSA account, You have to sign up again there will be a monthly fee with the account.
@1dmz. Why change your federal withholding? Do you take out more or less? I did max my hsa contribution- but not sure why I should change the withholding?
Don't forget to change you federal withholding for severance.
Thanks so much, everyone- your answers are awesome and very helpful! I was legacy Allied Signal, hired in 1998- thank you for jogging my memory about the grandfathered vacation pay; remembering that totally makes sense about the large first severance check. (A nice surprise during an otherwise bleak period here). I will double check but I’m sure that’s what’s going on.
Thanks again for your helpful comments.
If you were a legacy AlliedSignal employee it could be grandfathered vacation pay. When the vacation policy was changed to accrued time during the year, a decision was made to grandfather those that lost money in the change. The money was paid upon departure from the company. I personally had five weeks of vacation pay.
If you were hired prior to 2000, you likely have banked/grandfathered vacation from when we went from anniversary-date based vacation to calendar-year based vacation. This is a one-time lump sum paid with your first severance check. As suggested previously, call OneStop to get a copy of your stub, or ask them to walk you through the earning and deduction details.
It is every two weeks like before. Next week, call one-stop and request they mail you the pay stubs. At least I believe it was that way when I vrif’d. You’ll need to chat with them about your COBRA and your pension anyway (if you get one).
Look at the paycheck stub. Compare it with the previous one. Differences in taxes, 401k, HSA, etc?