Does a TM have up to 8 weeks or do they have to decide right away?
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Oh ok, so the severance and 8 week pay will already have taxes taken out?
In tx, sw that is true.
I received two confirmations my severence, pto, hours worked the day i was severenced etc would all be.
Also, again, severence is SUPPLEMENTAL PAY according to the IRS, not pay for services rendered (ex: your paycheck). They do not take out 401k etc from it. They take soc sec tax, medicare tax then a flat rate 25%
The only thing that would have donations/401k/tmspp etc deducted are actual paychecks (for services rendered, ie: actually pay earned working).
Feel free to peruse the irs website. Its all pretty clear.
At my former store in the SW, I was assured that my severance, my 8 week pay and my pto will all be directly deposited within 7 days in one lump sum. I signed my papers on Tuesday.
Sign if you are going to leave!
you can take up to 8 weeks to decide what you want to do but you are losing money as day pass by. The days that it takes you to let them know your decision will be subtracted from the 8 weeks (56 days) and THAT'S what you are getting.
For what I know the 8 weeks will be paid off by October 9th. (direct deposit so make sure you turn off any donations or 401k allocation that way it doesn't get deducted from your deposit) You will then receive papers that need to be signed and send back. Once they receive the papers they have 7 days to send you your severance. Chances are it will be a check.
Good luck!
Has anyone, anywhere received their severance package yet?
I think this probably varies state to state. I know in Illinois, if you are being terminated, you have to be presented with your final check. So they probably have a bunch of those in hand...
Employees age 40 or older must be given 21 days to consider the employer’s offer, unless it is part of a group termination. In a group termination, employees must be given 45 days.
7 days