I know we cannot collect unemployment until after we are completely separated from Schwab at beginning of January but with getting a lump sum severance beginning of year will we still be able to file and collect unemployment? Have any of you already looked into this? This is for Texas as I know things vary state to state.
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I'm really confused. I'm in WA and when I went to file for unemployment, it asked when I was physically no longer employed which was October 30th and then it asked me when I was terminated which is January 5th. It would not allow me to do a future date. So I wasn't able to continue with the form. Technically, I am an employee until January 5th.
Just don't know how you can collect unemployment before January 5th. You have to report each week what you are receiving in income so the amount Schwab is paying you would prevent you from collecting unemployment. Am I missing something?
Thanks for all the update. I am gonna file too and will let you'll know how it goes.
got it, thanks. I'll try to file next week and post here if any updates.
@2lec+1pOA6ndH That is what I meant that TWC sent them a letter confirming his unemployment claim,. I have never received a letter from TWC advising that my unemployment claim was approved by my employer.
he wrote "TWC sent me a letter that Schwab approved the payments" not that Schwab sent him the letter. TWC is Texas Workforce Commission, they sign the unemployment checks
@1lgo+1pOA6ndH How are you getting employment? when you are still technically employed.. Does not make sense. I have claimed unemployment before and never received a letter from my employer at the time and confirmed to pay.
Almost all the posts are partially incorrect (except the one about already receiving UB, I understood that the it is only PAID after the severance date which is Jan 5th for Texas folks). Anyway, based on my own experience in past layoffs:
- Unemployment benefits will be active 1 week after the date of severance. You can apply anytime once the layoff is announced/ implemented ( I am not 100% sure of this in practice, just basing it on information I perused).
- Severance does not affect the benefit payment unless it is spread out over a period, so a lump sum still qualifies one for the benefit.
- Benefit max payments vary by state - for Texas it is $577 for 2024. Usually paid for 26 weeks but this depends on how long one worked at the said company. You can see the details of amounts and calculations here: https://assets.equifax.com/ews/ucm/assets/unemployment_WBA_tax_rate_wage_base_information.pdf
Hope this helps!
I know there are trolls and some angry people out there but please when posting about things that matter to affected individuals and their families try to be helpful rather than post opinions.
@1lgo+1pOA6ndH how are you getting the payments if we are still in the WARN notice period? Would you like to elaborate please?
I’m already getting unemployment- I applied the day of the layoff…TWC sent me a letter that Schwab approved the payments. I get the max of $577/week.
Waste of time just as TX designed it.
You’ll get nothing with the severance payout as they’ll amortize the amount as if it were pay. At best $2200 a month if you jump through every hoop in the Byzantine process otherwise.
It’s better than a stick in the eye, but not by much.
TX Unemployment, will contact Schwab about the reason for unemployment. You will have to claim any additional income you are getting, that means the lump sum separation amount. The unemployment commission will look a this and the amount they will give you, if any, will be extremely less than what you qualify with out the lump sum.
There is article on this on https://www.twc.texas.gov/
Hope this helps.