Anyone knows if we have any docs that govern layoffs? A policy or procedure doc? Guideliness? Somewhere? Something that outlines the rules (e.g., severance policy, cobra, placement help, resume building help, etc.) Do you maybe know where I can find the darn thing as internal searches are not returning anything. Copilot crashed when I asked even though I know I should not search for it as they are probably monitoring it.
Any tips would help.
@aw I didn't touch my 401k as I am in a good enough financial space that I didn't feel I needed to immediately adjust it.
@aw IMHO, unless you are really strapped for cash, let them take 401k out of your check. Better yet, increase the amount to lessen the amount of taxes taken out and still prepare for retirement.
@a3 Few questions - Do they take out 401k contributions from the last severance pay out? For 60 days when one has benefits, but not actively employed, can they change 401 k contributions during that time. Some of my friends reduced 401k contributions to 5% (just they get match during 60 days) and Target would deduct only 5% for 401k in the last severance pay check
I know this layoff is large scale so my experience may not be the same, but I was laid off in March and this is what I experienced:
60 days pay (I continued to work, however that sounds like perhaps not the case this layoff)
Severance of 6 weeks + 1 week for each year of service
Two resume builder calls
Put into contact with a job finding agency (for free) to help find a new job
All of those documents will be provided to you. As an at-will employee, the company has the right to end employment at any time, with or without cause, and without advance notice. That said, if you are let go, you are receiving more than what is legally required or contractually owed, which reflects the company’s effort to handle this situation fairly and respectfully as to limit blowback.
have the same question