Thread regarding Raymond James Financial Inc. layoffs

Answers from lawyer regarding separation agreement

Just in case some of you were unable to get an employment law attorney to look over the info, here are some things I learned from mine:

  • Term date when filing for unemployment is 10/16, and the severance amount is taken into consideration so no unemployment benefits will be paid until the severance amount is "used up"
  • You can continue the COBRA coverage for the full paid 12 months if you want, and you are NOT required to disclose to RJ if you are offered benefits elsewhere (meaning you can stay on this coverage-without paying for a year-even if you get a new job and they offer you benefits)
  • Raymond James is NOT telling the unemployment office that these layoffs were due to coronavirus - which means anyone impacted is NOT eligible for the federal COVID relief (which would expand the period of unemployment eligibility time by 13 weeks and also fast track unemployment pay...thanks RJ)
  • You will receive your vacation time for the month of October in your vacation payout (but will only be paid out up to a year's worth of accruals)
  • If RJ contacts you post-employment for investigations or testimony regarding your time at RJ (section I), you are NOT required to answer any calls or emails you may receive (especially since they would only be reimbursing you for "reasonable travel costs" and not for your cooperation)
  • According to section O, you cannot ever share company information - so if you get a new job and they ask you "how did RJ do XYZ?" this would fall under this section-so be very careful about what you say about RJ
  • Anyone can sign the agreement as your witness, there isn't a specification on who can sign

Hope this helps others!! Very sad about what happened to us but hopeful everyone finds something better at a company that actually values their employees. Best of luck in your job searches!

by Anonymous
| 1501 views | | 11 replies (last October 18, 2020) | Reply
Post ID: @OP+17sOia3n
Comment! It's anonymous!

11 replies (most recent on top)

When it comes to the separation agreement and any severance package ensure you really know what is in the agreement. It is a standard tactic for a company to offer a severance package in exchange for an agreement.

The severance Raymond James is offering is not out of the kindness to help employees. They are offering severance in exchange for signing the agreement they put in front of you. This will include waiving your right to future litigation and also speaking about the company negatively.

Having worked for Raymond James for a number of years in a prominent position I know there are valid cases of discrimination based on age, s-x, and religion. Also, Raymond James is no stranger to other forms of workplace harassment and bullying.

Raymond James does not just randomly pick people to layoff. Some might be due to the size of their paycheck and others it could be due to them being a problem employee at one time by bringing something up to the HR department. Although it can be illegal to let people go based on age as well, Raymond James does do it.

If you believe that you have a valid case of discrimination or harassment against RJ, talk to a qualified attorney before signing their agreement. This is bribery and not to help you.

by Anonymous
| | Reply
Post ID: @txbc+17sOia3n

The lay off is COVID related and has been stated as such by Paul Reilly and HR.

We may have physically “worked” for RJ on 9/15. If you stated and received benefits for a date prior to 10/16, which is the date that legally matters for employment benefits, prepare to be challenged and to pay those unemployment funds back. And the state and RJ will verify.

Sorry

by Anonymous
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Post ID: @2dsc+17sOia3n

I took notes on what the HR director said to me on the day of the Zoom video lay-off. The HR director said the lay-off was due to COVID-19.

by Anonymous
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Post ID: @2muk+17sOia3n

(Same poster) Correction on Reason #2:

  1. The Florida DEO Reemployment Assistance application does ask about Severance Payments, Lump Sum Payment and Regular Monthly or Periodic Payments, but it does not ask the amounts.
by @2yut+17sOia3n
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Post ID: @2xhb+17sOia3n

For the State of Florida, I challenge these two statements:

  1. Term date when filing for unemployment is 10/16.
  1. The severance amount is taken into consideration so no unemployment benefits will be paid until the severance amount is "used up".

Reasons:

  1. The Florida DEO Reemployment Assistance (fka Unemployment) application does not ask for a Term Date. It asks for Date Worked From and Date Worked To. I put 09/15/2020 as the Date Worked To because I did not work on 09/16/2020 and thereafter.
  1. The Florida DEO Reemployment Assistance application does ask about Severance Payments, Lump Sum Payment and Regular Monthly or Periodic Payments, but it does ask the amounts.

I live in Florida and applied on September 15, 2020. As of today, I have received three weeks of FL DEO (Department of Economic Opportunity) Unemployment Insurance Benefit payments.

by Anonymous
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Post ID: @2yut+17sOia3n

Did your lawyer advise that you attempt to negotiate the package or has anyone on these boards done so? From my research I found it is very common to negotiate them although in a mass layoff like this it is harder to do. I had a letter drawn up but at the last second decided not to send it as I am trying to keep all options open including going back to RJ in the future possibly and didnt want to risk hurting that option by sending the letter just in case (im not sure if it would or not but but decided not to take the chance).

Also, the FAQ section says we can file for unemployment but doesn't state anything about needing to wait for the benefits to run out. Im sure people will be applying tomorrow so we can see how it goes. FL is one of the worst states for unemployment, it crossed my mind maybe wait until a new stimulus is passed by Congress assuming they do to take full advantage of it but then I figured if I dont have a new job within 2 months or so I would be in trouble so waiting wouldn't make much sense.

by Anonymous
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Post ID: @2fif+17sOia3n

Continued: The info on unemployment is also not specified in the agreement - that info came straight from my employment law attorney.

by Anonymous
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Post ID: @2bkv+17sOia3n

To answer the questions in the comments:

Ask RJ and they will confirm that they are not marking the layoff as covid related. It’s not specified in the agreement-you have to reach out to them directly about it.

You will not be paid any unemployment money until your severance payment (in accordance with what you were being paid normally I believe) runs out- so say you were getting the amount you’d be paid through the end of 2020- you wouldn’t be eligible for unemployment money until 2021.

by Anonymous
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Post ID: @2esg+17sOia3n

Will someone elaborate on "unemployment benefits will be paid until the severance amount is used up"? Does this mean that we can't get unemployment compensation until we're broke? And if possible please provide the section of the severance paperwork that this appears in. Thanks much!

by Anonymous
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Post ID: @1hfo+17sOia3n

Where does it state in the severance papers it is not a COVID-19 related lay-off?

by Anonymous
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Post ID: @1mwl+17sOia3n

Thank you for your thoughtful information. I needed this.

by Anonymous
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Post ID: @sqf+17sOia3n

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