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Old 11-22-2016, 01:52 PM
 
219 posts, read 123,652 times
Reputation: 316

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Quote:
Originally Posted by FloridaBeachBum View Post
I just got a severance package,

You should shoot for one month pay for every years employed, medical at Employee rate two months for every year worked, out placement services up to one year, prior unvested bonus and LTI paid out, prorated payout of future bonus and LTI and 401K match.

The retirement funds dont touch and figure out best tax free way to roll it over to something.
If you work at a large Fortune 100 company, I doubt you would be able to negotiate a severance package like this. More common would a form letter, emphasizing the at will condition of your work relationship and conditions of the package. 1 to 2 weeks severance for each year worked is more common. My employer paid my COBRA coverage for me during for the weeks I received severance payments.
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Old 11-22-2016, 06:39 PM
 
Location: VT; previously MD & NJ
2,186 posts, read 1,340,059 times
Reputation: 6297
Quote:
Originally Posted by selhars View Post
OP Here,
When Obamacare started I noticed that when I called to make a doc appointment the receptionist would ask the obvious "do you have insurance" question. Me: "yes." Then came "is it through your JOB?" And when I said yesit wasn't an OBVIOUS reply of, "oh, OK" -- BUTI wonder if they were screening "just to know" if the coverage might be through ACA. Now, granted she didn't ask if it WAS ACA, but once you say it's through your job they know it's not an exchange policy. Clearly I don't know what her NEXT espouse would have been if the insurance had NOT been through my job. I just found it interesting that all my doc offices starting asking that.

Aside from that Id just rather not deal with exchange coverage.

..
That sounds a bit paranoid to me. The doctor's office only needs to see your insurance card. None of their business as to where or how you purchased it. The insurance you buy on the exchange is from the same health insurance companies that most businesses buy from... United Healthcare, Cigna, Blues, Humana, Kaiser, etc.

Like anything you buy, you need to compare prices. ACA plans vs COBRA vs going directly to the insurance company web site.
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Old 11-23-2016, 12:24 AM
 
6,875 posts, read 7,273,507 times
Reputation: 9785
I'm not paranoid at all (about this)
But this kind of exchange happened with more than one doc office.

But I can certainly see why they want to know as much about which plan you have before they commit to seeing you. Unless I'm wrong, I highly doubt the government exchange policy -- and my policy with major insurer policy for a major employer -- reimburses the same or has the same co-pays, etc. Why do you think some docs don't take certain insurances, and aren't eager to take on some patients? It's because they feel insurance doesn't pay enough for certain treatments or visits -- and/or certain insurers are also likely just a PITA to deal with.

As for my separation logistics. The company WILL max out my 401K from the severance package, so that will lower the taxable part of it. (Yeah)
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Old 11-23-2016, 12:50 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,545 posts, read 39,924,861 times
Reputation: 23653
Any 'substantial' Severance that is OVER and above 'Qualified'? (for some early retirees, our Fortune 50 put excess into a personal retirement acct = no taxable distribution for EER)

Some EER had ZERO Taxable separation

Some had HUGE taxable separation. I had a lot of earned vacation (18 weeks + some accrued and never used sick leave (from the 1970's) and deferred educational reimbursements and bonuses and stock vesting ALL at 40% taxable rate. I had to take ACTIONS to recover that 40% which was headed to the IRS.
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Old 11-23-2016, 02:46 AM
 
6,875 posts, read 7,273,507 times
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Does anyone know when a person with a severance package should apply for unemployment? Right away? Do you get asked whether you got a severance. IF that various by jurisdiction, in general how might that work?

Do you HAVE to have worked a certain number of previous quarters before you apply? Suppose a person gets two year's severance technically they don't need to apply right way. But if they wait until the severance is (almost) gone they won't have worked right before applying. If that person applies right away s/he could just bank those funds for later.

(By agreement the employer says it will not oppose the unemployment)
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Old 11-23-2016, 04:09 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,545 posts, read 39,924,861 times
Reputation: 23653
We applied BEFORE we left employment, at UI office's request Severance was not a 'gap pay' / considered as payroll. (certainly not TAXED as payroll (MUCH worse i.e. 'bonus'))

2 week Wait time IIRC, and we were on UI. (LONG before the severance check came) (UI is State specific)

Those of us who went to school (free college for 2 yrs + UI+ HC) did not have to log a job search.

We took lots of fun stuff (that met requirements) from Helicopter training to diesel mechanics, Financial advisor school, Muslim clerics for US prison system, flight marshals...LOTS of engineers and managers turned to teaching certs.

I did a Grad program (weekends) so traveled (for fun) a lot, and flew home one weekend a month for school, and to feed the farm dog and deposit all my UI checks.

I still had to file UI via phone every week, but did not have to go for audits, training, resume classes, or job search.

tough gig
EZ way to 'practice' retirement (And get PAID for it)
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Old 11-23-2016, 08:54 AM
 
Location: Northern panhandle WV
3,007 posts, read 2,169,240 times
Reputation: 6691
When my husband was let go from his last job, he got severance but he also applied for unemployment and received it for the full length of time it was available, came to about 20K total. It stopped in July, so now on SS only.
His unemployment was through MA.
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Old 11-23-2016, 02:09 PM
 
Location: Central Massachusetts
4,800 posts, read 4,844,519 times
Reputation: 6377
Quote:
Originally Posted by selhars View Post
Does anyone know when a person with a severance package should apply for unemployment? Right away? Do you get asked whether you got a severance. IF that various by jurisdiction, in general how might that work?

Do you HAVE to have worked a certain number of previous quarters before you apply? Suppose a person gets two year's severance technically they don't need to apply right way. But if they wait until the severance is (almost) gone they won't have worked right before applying. If that person applies right away s/he could just bank those funds for later.

(By agreement the employer says it will not oppose the unemployment)



SR is right. Apply as you are going out the door. In our state the application is done on line. I just finished my full 30 weeks of unemployment. I will get no extension nor do I really need it. It did help out as we were finalizing our last payments to our mortgage. Now that it is paid we are set and ready to move into our next phase. The wife is still working.
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Old 11-27-2016, 05:56 PM
 
1,194 posts, read 585,574 times
Reputation: 938
When I was laid off, I immediately thought how in the prior 9 months, my employer all of sudden redefined my position as one needing additional financial scrutiny (I work in a regulated financial environment) to ensure no conflicts of interest. Mind you, I had worked there doing similar work for over 7 years and such a request was never made. In hindsight, I am suspicious such a request was a consideration on me being selected for layoff.
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