Let's discuss the actual severance package. I believe it's as follows based on past friends who were laid off.
3 weeks of severance for each year of service plus 4 weeks
Remaining vacation paid out
Prorated VCIP
Eligible RSUs vest
State unemployment up to a max of $14,700
Did I miss anything?
Any suggestions on insurance companies?
I was a junior with 1 month of work experience and I got 6 months severance. You are probably getting way more
Not quite right...
Severance is 3 weeks per year of service to a max of 60 weeks. The 4 weeks is included within that amount and it's jus the portion everyone gets whether or not they sign a release. Anything you get beyond the 4 weeks you have to sign the release to receive.
You'll also get 3 weeks paid notice. Most people don;t have to work during this period, but f you EOI you may be asked to work it or at least some of it to transition work.
Also as part of severance, you'll get outsourcing help and a training budget of $2K to help you get another job.
COBRA is definitely not worth the cost. Go on the marketplace and find something to help you cover the gap.
Unused vacation (including anything carried over) is paid out. Not sure what the other poster is talking about with accrued vacation, but that's not right. Whatever you haven;t used, you get paid out. Read the vacation policy online...it's spelled out there.
And yes, prorated VCIP paid (assuming VCIP is paid at all next year) and any remaining RSUs will automatically vest and they will be in your account about a month after your termination.
Read policies...everything is online and you can find all this out accurately for yourself. Lots of what gets posted here is speculation and just plain wrong. Not maliciously so, just people think they know what they're talking about, but they don't quite get it right.
I can see an unemployed person paying 2300/month on medical. Yea right, and they wonder why people want to leave this country....
Great call on Cobra. Marketplace is definitely the way to go.
Oklahoma has a maximum benefit of $10,900. If you qualify for the max weekly amount,you won't draw as many weeks as one who qualifies for less of a weekly benefit. If you get the max (according to what is online today) it is $505 less taxes. That equates to about 22 weeks. You won't get a check the week you get severance. Google Oklahoma employment security for frequently asked questions.
Don't take Cobra too expensive. Marketplace is the way to go.
What about pension? Also does anyone remember the policy for which RSU's are eligible?
I had 7 years experience.
I received 25 weeks of severance. 7 years x 3 week per year + 4 weeks.
How did you manage to get 15 months unemployment. You must not live in Texas?? Got all the above the went to the marketplace for medical coverage. I had plenty of money in my HSA for most basic medical issues and bought the marketplace coverage in the event I had something major. Turned out the marketplace coverage cost me nothing.
No quite correct.
It's 4 weeks severance minimum or 3 weeks for each full year. I was there 2.75 years and got 6 weeks. This is also capped at 15 months.
Accrued vacation paid out. Not remaining.
RSU is prorated.
I got 15 months unemployment.
You can continue health insurance under cobra. My cost is 2300 per month.