Severance info

Basically, they pay you out for the remainder of the week and then give you two weeks short notice pay and paid for un-used PTO. After that you can opt to take the 2 week/yr payout (52 wk max) as a lump sum or have it paid bi-weekly as regular pay. If you elect the biweekly payout then your medical benefits continue. You don't get any 401K contributions only medical benefits. No medical benefits (other than COBRA) for lump sump. If you are over a certain age then you sign a waiver that says you won't sue for age discrimination to get severance (but you'll get the 2 week short notice and PTO pay regardless). Salary is taxable (lump sum get hits at payout) and unemployment benefits kick in vary by state (as I understand it). Best of luck.

Bumped from @XW9IgLL-1bls for important info.

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So for example if you have 4 years with the company you should get 8 weeks pay two weeks short notice and let’s say your state pays when your lay off day starts but won’t pay benefits while your getting bi weekly pay and the state awards 6 months then you burn up two months with payout so only 4 months can you get unemployment

I for previous post - when I was laid off the last day for unemployment bemifits was the Friday of the week I was laid off. I couldn’t get unemployment until my bi weekly payout ended. But your bi weekly pay or lump sum will continue regardless if you get a job. I’m wmployment is based on the state as I understand it. That aspect can be Significant for some folks and HR does not give info on what to do.

Thank you. This was helpful information. So, AIG gives you 2 week short notice pay "plus?" the 2 weeks/year and unpaid PTO? I wasn't aware of the additional 2 week short notice pay. I also wasn't aware of the lump sum vs. opting to get paid your severance on the bi-weekly schedule. If you opt for the bi-weekly schedule... does your termination end date get pushed to that date? That's how they handled the bi-weekly severance option at Citigroup. Can you confirm?

Got laid off two years ago. I had to sign the agreement. Was 59 when laid off. Got severance, pto and two week pay. Still looking for a job. Hard to find a job when you get rifd when you are older.

U get 2wks/yrs if service. Waver is in seerance agreement. you get hijacked into an office and hr is pushing this paper under your face because they have 50 mire people to axe that day. No sign. No severance. Thats it.

I thought it was 50 and over. You don't receive your severance if you don't sign the ADW. That's how it was explained to me.

Yea how old do you have to be to get the age wavier?

I thought you got additional payment when you sign the age waiver. If they make an older person sign a waiver in order to get what everyone else is getting that is discrimination. Can anyone explain the age waiver?

Thread regarding AIG (American Intl Group Inc.) layoffs

Severance info

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