Can the company recall you to a position during the 60 days notice period? Would you have to accept it , would not accepting it forfeit your severance?
I've read the severance plan but this scenario is not spelled out clearly.
18 replies (most recent on top)
I'm the @1txj+1o3uxjjs from 3 posts back, it looks like the pdf I took the info from is a few months old and I cannot find it in myHR anymore. @2tvl+1o3uxjjs info is from the myHR portal as well but is more recent and more accurate, I hope. Thank you for the clarification.
The severance plan I'm looking at says:
"You may resign during the 60 day notice period if you obtain an outside job or act as a contractor or consultant. When you voluntarily resign during the notice period, Schwab pays you the remainder of the 60 day notice period base salary in lump sum, AND YOU'RE ELIGIBLE FOR THE ADDITIONAL SEVERANCE BENEFITS ACCORDING TO THE CONDITIONS DESCRIBED BELOW AND IN THE SUMMARY PLAN DESCRIPTION. "
The key here may be leaving for an outside job. It states if you accept another role internally at Schwab your notice period is then canceled and you stay on as normal, no severance in that case.
I really don't understand why there are some people here spreading mis-information that you will still receive your lump sum severance payment if you resign during your 60 day notice. You are disservice to everyone here, and can really impact some with your misinformation. If you are a troll, which I suspect, then shame on you, and get a life as you have nothing else better to do.
Read the last post (and thanks to that individual). You do not get a lump sum severance if you resign during the 60 days.
So basically here's what I see in the Separation Information Package, looks like the "Lump Sum" is not included when you resign during the 60 day period:
The check will include the total regular pay you would have received through the end of the Notice Period and accrued, unused vacation and float time as of your termination date, less any deductions and applicable taxes.
Here's the whole thing, Severance Pay Plan
If you received a Notice of Eligibility under the Severance Pay Plan and you elect to sign and return your Severance Agreement by the Return Date identified in your Notice of Eligibility, your Lump Sum Payment, which includes your Severance Payment and COBRA Payment, will be processed during the next payroll cycle following the later of your termination date or receipt of your executed Severance Agreement (and the expiration of any revocation period if applicable).
If you have direct deposit, the Lump Sum Payment will be directly deposited into your primary account. If you do not have direct deposit, a check will be mailed to the address the company has on file for you.
If you terminate your employment before the end of your Notice Period, your final paycheck will be direct deposited or live check mailed to the address Schwab has on file for you. (If your address changes during your Notice Period, be sure to notify the Company following the process explained in the “Change of Address” section.) The check will include the total regular pay you would have received through the end of the Notice Period and accrued, unused vacation and float time as of your termination date, less any deductions and applicable taxes.
Federal taxes will be withheld from your Lump Sum Payment at the applicable
supplemental rate. State taxes will be withheld at each individual state's supplemental rate if applicable, as well as Social Security and Medicare withholdings. You can update your federal tax withholding through Workday http://workday.schwab.com; however, changes to your federal and state withholding rates will affect your regular pay only, not your Lump Sum Payment.
@1svy+1o3uxjjs @1cbj+1o3uxjjs yes I understand, it is a good point. Thank you for your response. I appreciate it.
DO NOT LISTEN TO @1fgr+1o3uxjjs
You lose your lump sum severance if you resign during your 60 days notification period. This is clearly stated on the severance page, and has always been the policy at Schwab for years.
You do not lose your lump sum if you resign during the 60 day period. Says in the severance policy that the lump sum payout would be accelerated in that scenario.
Yes, you can't have another job during the 60 day period. If you accept another offer, you need to notify Schwab, and your remaining 60 day benefits are terminated, along with your lump severance. That is why most folks maybe wait to accept an offer. The lump sum severance can be huge for some, based on your tenure. The 58s up to 60s can get 22 paychecks paid our if you have been here over 22 years. Plus accurals that almost an entire year salary, which can be $250K give or take for some.
@1cbj+1o3uxjjs
The guy I was replying to was stating that you can't have another job during the two months and that you should notify your new employer that you could get recalled. I was just saying to resign from Schwab once they recall you if you already have another job.
@1cbj+1o3uxjjs Yes, you would lose the unemployment in most states in that case. Also, in most (but not all) states you can not collect unemployment while you are getting severance.
@qoc+1o3uxjjs you can resign during the 60 day period but then you lose the unemployment which is supposed to kick in after that. Am I correct? Not an expert here
He had a large severance based on tenure, and was paid for remaining 60 days. Fixing them the snub was not an option.
@dzw+1o3uxjjs Your friend is a very decent individual. I would’ve given them a massive middle finger.
At will employment. Just resign when they call you back.
Yes, you can be recalled. I know this because I had a team member, from several years ago, that was the only person with knowledge of a small, but important function in STS. They realized this 1 week after he was notified. His access was restored, asked to come into the office, write documentation and do knowledge transfer for remaking duration of his 60 days notice. This was a very special case.
@mlv+1o3uxjjsis is incorrect. If you obtain an outside job during the 60 days, you must resign, but you will be paid the remainder of your 60 days in a lump sum. You will also receive the rest of your severance in a lump sum. Please go to Schweb and search for “severance” because sometimes folks get wrong info on this board and it can spread.
Im more concerned about getting 60 daynotice, other team members leaving seeing the writing on the wall and quitting and they try to recall one of us. From a small specialized team in tech.
I believe that is the case. You are still being paid as an employee and can be asked to do work during that time. Once you get over that 60 days, no.
If you are worried about taking another job during that period I think there is something written that it's not allowed (sort of like if you have another job while an FTE now)... however as long as you don't say anything, they probably wouldn't notice. I would just let your future employer know about the situation and that you could be recalled for some time but highly unlikely.