Termination date set to January 5th, I believe our January 5th paycheck is a full paycheck as it covers time period of up to December 29th, then the lump sum, Floating and PTO pay on January 18th paycheck, am I correct about this calculation?
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@7lwr+1qit8Ozm they didn't reply to you, it's a generic email, I got one too.
I sent an email to HR asking if the Jan 19 payment is everything including the last week till jan 5, PTO & floating, any bonus posibly. If not all, do we keep workday access till all liquidation is done?
They replied with a generic response below that had nothing to do with my question.
From HR:
Now that you’ve reached the end of your notice period, we want to be sure you have the information you need to consider future opportunities. If you are considering other roles with Schwab, we encourage you to continue your career exploration at schwabjobs.com where you can view current openings.
Please utilize Schwab’s career site to update your profile and set up job alerts for future roles in which you may be interested. When you do so, you’ll become part of our Talent Network and receive notifications when opportunities arise that might be a good match for you.
Thank you,
Schwab Talent Acquisition
Same here: Jan 19th for the lump sum severance. I assume the COBRA is the same day. Not sure when the last week (thru Jan 5) and the unpaid vacation/float will come though.
I’m set to receive mine by January 19th. Got the notification from Schwab HR this morning.
On page 10 of the Separation Information Package you can find the 401k information. Read it for yourself - if you have over $1,000 in your 401k:
- You can leave it with Schwab
- You can roll it over to an IRA which may give you more options and control over your account - there’s no tax penalties with a direct rollover
- Roll it over into a new employer’s 401k
- Cash out - not advisable if you are under 59 1/2
You should definitely talk to your financial advisor or your CPA before making any moves because the wrong move will not turn out well
401k doesn’t get withheld from the lump sum severance, only your actual wage earnings. It says this somewhere in our severance paperwork. Same with ESPP and medical, etc deductions. However, get ready for the taxes to be the same as your bonus, aka the supplementary rate, which is 22%, plus SSN and Medicare which total appx 30%.
...then there's this mythical bonus floating around. Does anyone know when that would happen? I know it comes from a different bucket so I don't think we would need to wait till March. But, what do I know?
@1bcz+1qit8Ozm it is a valid question about 401k, not sure why it is getting downvoted. I am wondering the same.
Correct. I was laid off October 2022 and received three separate direct deposits:
- . Final paycheck
- . Severance/Cobra payment a week later
- . Vacation/floating holiday payout approximately 2 weeks after final paycheck
So all is paid on January 5th? All three transactions? I am not sure about that.
Anybody know if they withhold 401k contributions from the lump sum severance? Or is this or is it not applicable sine we are no longer an employee?
There should be three deposits.
- Regular pay to January 5th
- Vacation, the week of pay that has been in arrears, and any other outstanding items
- The severance and Cobra payments. This last one may be in two separate transactions.
It is possible that these will be combined and simply itemized, but it is complicated by tax withholding and other charges. For example, the severance is withheld at 22% regardless of your individual income and liability.