Will it be 2016 option selected in the benefits website back in October? What happens to Flex spending account for 2016? Can it all be uses up in Jan?
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BE ABSOLUTELY CERTAIN to mark you calendars for the 35th week as COBRA Health plan will kick in and you better be sitting down when you see the bill.
When we file taxes in early 2017, are there any provisions for RIF related in tax code that will help us get more tax return? Like job search expenses, etc. Are we eligible for unemployment benefits during the 35 week period?
Definitely agree the severance package is good but just the set your expectations correctly...the severance will be hit with the supplemental 25% tax on top of regular taxes. Expect to net about half of it. You'll probably get a good chunk back when you file your tax return but that doesn't help much until 2017.
Thank you for all those replied. VZ package is after all very good in that sense. 2 months of advanced notice, followed by 35 weeks of pay, 6 weeks of banked vacation pay, free medical with no contribution from employee for 35 weeks. Complete one year STI. Probably one of the best in corporate America.
@450 There are no "checks", it is one final check; a lump payment. And no there are no deductions other than taxes.
no ... VZ is paying the entire amount for the health insurance benefit
Be sure to check your payouts carefully to ensure the deductions stop!
@413 You are incorrect, nothing is deducted in final check. I just looked and it is indeed given at no extra charge.
My understanding is payment to insurance have been deducted from final severance payment. Correct me if I am wrong. It is not free.
No, it is free during severance which is a cost savings. I make sure to visit the doctor and take care of all my needs during this time period. Best of luck!
No contribution is paid by the mgmt employee during the severance period. Yes whatever coverage you ejected during open enrollment will be the coverage you have for that period. Flexible spending will not be available if you're off payroll 12/31.