Does anybody here know how long it actually takes to receive the lump sum pay? Pls no smart*** response coz i already know they say within 60 days but I just wanna have an idea how long it actually takes lol Thnks :)
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Wells doesn’t do lump sum payouts
Do you know if they keep it here or where do we get it? Can HR help?
Wells does not do lump sum payouts. Under any circumstances. Severance is in bi weekly paycheck form until you term out / end of severance period.
Your lump sum payout will be taxed using the aggregate method instead of the percentage method. This dictates that your tax rate be calculated based on what tax bracket you would be in if you were paid that much on every paycheck for the year. Since you'd be making multiple times your normal paycheck you're going to be pushed into a much higher tax bracket, possibly the highest.
You're much better off keeping the monthly distributions, you'll get a lot more money in your pocket.
I thought the bonus tax rate is 35%?
Once I submitted my notice I got it on the next paycheck.
Also, just a reminder that if you get a benefits-eligible job and request a lump sum from HR, it'll be taxed at ~50% (just like bonuses). If you instead decide to keep getting your severance in biweekly payments, only the standard deductions apply (like your regular paycheck). It's your choice–either the lump sum taxed at ~50%, or biweekly payments until the severance ends.
Anyway, best advice: call HR.
There is no lump sum severance pay out, unless you get a new benefits-eligible role before your severance has run out. When you inform them that you are now employed, they can tell you when you'll receive your lump sum. Not only is it faster to rely on HR for these questions, as suggested below, it's also more accurate.
You can find the answers to your questions in the employee handbook/benefits book; and/or by contacting WF Human Resources or reviewing your displacement paperwork, if you have been displaced.
I don't have an answer for you (haven't been displaced) but just wanted to say if I were displaced, I'd try to get a job ASAP just to get that lump sum payout!
I didn't think was an option for lump sum