Does anyone know if our severance agreement wording allocates the weeks paid out to a “ general lump sum” or allocates it to soecific calendar weeks? This will affect whether I have to wait to get unemployment benefits until after the severance benefits run out or if I can start them immediately in my state. Thanks!
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@OP Thanks for asking this question. In my state, I need to know the specific wording in the severance paperwork that I sign in order to know whether I will get unemployment after the number of weeks for lump sum have passed or if the benefits will begin immediately. It depends entirely on the wording regarding when to apply, which is why I need to know how long after 9/4 do we have to wait for official severance paperwork. Ugh!
Where I live, the reason for separation needs to be no fault of your own. ISPs would definitely count, but VSPs are by definition voluntary.
If I VSPd here, I wouldn't have qualified.
@OP I would apply and let them decide.
@OP you can receive both severance pay and unemployment benefits in many cases, but the rules depend completely on your state.
It’s a lump sum and does not count against unemployment you are not physically employed.
@a9 yes the lump sum is allocated to the weeks. It says so in the paperwork - x amount weeks of pay.
@a4 I know it’s a lump sum but is that sum allocated to certain weeks that you’re aware? Or does anyone with inside knowledge know the wording in the paperwork we will receive the say we receive our payment?
If is a lump sum payout. Read below but check with ur state.
The "In Lieu of Layoff" RuleLikely Eligible: If your company announced that mandatory layoffs were coming, and you volunteered for a VASP buyout to save another person's job (or because your position was being eliminated anyway), many states will grant you benefits.
Purely Voluntary BuyoutLikely Ineligible: If the company offered a routine buyout package and there was no imminent threat of layoffs or structural elimination of your role, the state may view this as quitting voluntarily without "good cause."Severance Pay TimingDelayed Benefits: If your VASP buyout includes a lump-sum severance or continued salary paid out over several weeks, your state may delay your unemployment benefits until that severance period "expires."