Thread regarding Chevron Corp. layoffs

@sno+16ZXTXWw

no, incorrect
Either the notes on the website are incorrect or misleading.
Been through this myself with Chevron.
Checked my personal e-mail inbox. The waiver arrives from DocuSign after you are off of the payroll, NOT during the 6 week redeployment period/notice.

@qwu+16ZXTXWw

no, you are incorrect..

1. 6 week notice (the redeployment period), you are on payroll.
2. 60 day waiver period is up to 60 days. It may be a short as 1 day if you immediately sign and return the documents.
3. My experience is first-hand, a few years ago with Chevron.

The state tax difference is a none issue, because severance is pay in the state where you currently live, taxes must also be paid there. It is no different than living in one state and working in another: you pay the state in which you worked.

This is a huge issue if you are a dual income household. Marginal tax rates on the extra income would make a huge difference. That said I have not spoken with my accountant...perhaps there is a way to amortize it out given the separation from the company.

State income tax would have to be like 20% or more in order to save taxes by taking severance in 2020 before moving. No state has higher than 13.3%.

To jyz: (Social Security taxes + new state income tax next year) is higher than the portion into the next bracket that getting severance puts me in for 2020. I’ve already researched it.

@ozc

the waiver period start from notification of termination (approx oct 30th) not last day for Chevron Dec 11th or thereabouts, read the notes again on severance site, or is that too much to ask!

the "Charlie" from Texas chimes in saying "get it in 2o20, to avoid state taxes outside Texas in 2021

Are you mad? Are you really that short sighted?

if you add severance to your gross in 2020 , yes no state taxes (in Texas) BUT what about Fed tax you genius. You will be paying top tax bracket on most of that severance which outweighs the tax saved by taking it in 2021, "oh you forget about that Genius.

Hey I'm glad I did't put you in charge of spreadsheets in my team!

The amount of confusion and back and forth here in this email almost every poster adding more and more to the confusion until no one can make sense of anything. let me see where have I seen this before , oh yes Chevron outlook email threads (heavy sarcasm). No wonder this company is doing so well! You get what you pay for I suppose, no wonder so many need to be canned!

@gpz you are incorrect

the 60 day period start from oct 30th , so all R4 can easily get it cut in January

You are assuming its 6 weeks, no, the 6 weeks is redeployment - nothing to do with waiver period

If an R4 actually does have a reason to want their severance check in the bank in 2020 it will be very close, and most likely not. Assuming you are given your 6 week notice during the last week in October, then you will have to choose to sign and return you waiver immediately. Do not wait for any amount of time (you have up to 60 days). Then you have to wait for 7 days, the revocation period, to pass. Then it will all depend on if the following pay day falls on or before Dec. 31.

If you’re moving to a state with income tax next year if you get laid off, plan to get a new job, live in Texas presently, and are past the SOcial Security cutoff in the year, it’s probably better to get paid out in 2020. But do your own math. But doesn’t look like this is even possible for those in r4.

The important date is "termination of employment" which will be Oct 30 - after that you have 60 days to sign the waiver - DON'T SIGN IT IMMEDIATELY

DON"T SIGN IT IMMEDIATELY

unless you have a good reason to get it this year
IF YOU DO SIGN IT EARLY YOU will be paid the severance in 2020
I cannot see many reasons to do that WHY PAY MORE TAXES

or you will get your check cut in 2020 and pay extra taxes

CLEAR?

written as plain as original poster wrote on the Severance webpage: the reason they might be skirting the Q is Leadership team does not want us wait till the end of the 60day period to sign the waiver. They want to try to get as many employees sign it earlier and then cut the checks on the books in 2020. Don't fall for this tactic. Tell as many as possible to wait til dec 16th to sign the waiver!

Typical programming from leadership team to pull the wool over our ears, insults our intelligence. What big FU

@jsy+16ZXTXWw
I assume you were notified this week. Sign your Waiver immediately after receiving it, don't wait for up to 60 days. Ask them to have it prepared for you on the day after you are off the payroll. Then it will only be 7 days (revocation period) + up to 14 days waiting for the next pay day to come around.

I have the opposite question as someone in R4. Given new timeline, is there any way possible to get severance in 2020? I’m in a 0 income tax state this year but won’t be next year. Also past the social security wage cap so would be better to get the $$ this year.

Seems like I’m out of luck.

Therefore, if you were notified yesterday (Wednesday September 16), it is entirely within your control to delay receiving your severance until 2021, then being subject to taxes in the 2021 calendar year.

@umt+16ZXTXWw

Don't listen to this guy. id–t doesn't know what he is talking about. Yes, you will be off the payroll before the end of year, but what everyone is really concerned about is what calendar year you will receive your severance.

@bux+16ZXTXWw

Notified vs. last day on payroll are two different things. For example:
Notified Friday October 30 (Friday)

• Last day on payroll is December 11 (Friday), this is the day you are laid-off
• Then they send your Waiver electronically to sign. You have up to 60 days to review, question, and act.
• Upon returning to Chevron, then another 7 day clock starts, the revocation period. At the end of that 7 days payroll processes your severance.
• You receive your severance the next regular scheduled pay day.

Therefore lots of time after being notified (6 weeks + 60 days + 7 days + up to approximately another 14 days

You will be off CHV payroll by Dec 31, don’t listen to the knuckleheads on here claiming you can game system.

I’m trying to understand this. Okay, let’s assume you are let go October 31. You start your 6 week redeployment November 1. It ends December 14.

Are you saying to just wait to sign the release wavier until after December 16th?

Does Chevron put a timer on you for when you need to sign the release wavier?

Also, the way the paperwork reads, you are paid on the next regularly scheduled pay period after the revocation period ends.

GOLD. HR sure loves to skirt this question so much during the info sessions.

This is really good info.