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Lump Sum Severance Package question
Posted on 10/7/16 at 4:19 pm
Posted on 10/7/16 at 4:19 pm
i started thread in OT but was suggested to move it here for more discussion. anyone help?
are health insurance premiums and 401k payments deducted from the lump sump severance package. I know taxes will be removed but wasn't sure about premiums and 401k.thanks
are health insurance premiums and 401k payments deducted from the lump sump severance package. I know taxes will be removed but wasn't sure about premiums and 401k.thanks
3
Posted on 10/7/16 at 4:51 pm to astonvilla
Every company is probably different. When I was laid off and given a severance package, 401k was not deducted. I was taken off the health insurance immediately, so it was not deducted either. Just taxes were taken out.
Posted on 10/7/16 at 5:00 pm to astonvilla
I want to say my last check had those things deducted from it but not my severance.
The company kept our insurance active for 60 days lost separation, though.
The company kept our insurance active for 60 days lost separation, though.
Posted on 10/7/16 at 6:22 pm to astonvilla
Usually your severance is not considered earnings of employment, so they don't continue making 401K matches, paying for part of your health insurance, etc. You are no longer their employee.
It's possible that as part of your severance, they will keep your health insurance in force and keep paying same potion for X weeks. If that is the case, then yes, they may deduct health insurance amounts.
I doubt they will do anything with the 401K though.
It's possible that as part of your severance, they will keep your health insurance in force and keep paying same potion for X weeks. If that is the case, then yes, they may deduct health insurance amounts.
I doubt they will do anything with the 401K though.
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