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Old 05-23-2016, 08:06 AM   #41
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The RIF date and the starting of the pension date are they different for you?
I was not 55 when I got laid off, so it was 2 different events. I just go my pension this year. But the unemployment office in CA didn't count the lump sum severance as a working time regardless of how it's taken, lump sum or weekly.
I need to see about that. I'm in WA state and my last day is 7/22 and I'm told by our retirement office I can get my pension on 8/1 and also file UE as I've been "laid off".
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Old 05-23-2016, 03:11 PM   #42
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+2
That 6 month buyout gift just reduced your two year anticipated retirement date down to 18 months...and you didn't have to do a thing to get it. You may even be able to rethink your plans and move your retirement date forward to now, if you so choose.

Most people would give anything to be in your situation and get this kind of free gift so close to retirement. I hope you remembered to say thank you.
Thanks for positive words. Still working through my options in regards to "retiring" and when I should start drawing my pension (and if it affects UE). So far I've read here in WA state that "pensions may reduce your UE benefit". Trying to sort that out.
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Old 05-23-2016, 03:16 PM   #43
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I need to see about that. I'm in WA state and my last day is 7/22 and I'm told by our retirement office I can get my pension on 8/1 and also file UE as I've been "laid off".
Yes that is correct. I was told by my UE office that severance didn't count as work. You might want to get your pension after your unemployment run out first.
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Old 05-24-2016, 10:52 AM   #44
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Yes that is correct. I was told by my UE office that severance didn't count as work. You might want to get your pension after your unemployment run out first.
I did talk to the WA state UE dept and yes severance is not part of work. She recommended I start pension after UE runs out.
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Old 05-24-2016, 11:23 AM   #45
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Usually large employers offer an outplacement package with a layoff. Although you want to take a break for a couple months you may want to dip your toes into your profession for amusement's sake, if no other. Read through that offering to see how long you can exercise that option.

Your co-workers who need a job should start looking immediately. Typically employers fill up their openings in that first surge and the employment market will take as long as 6 months to normalize. Been there, went talent hunting for IT after a Boeing layoff years ago.
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Old 05-24-2016, 11:58 AM   #46
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You can collect UI as long as you are actively seeking work. As I remember you can't get it if you are collecting a "month by month severance", but you can if you get a lump sum.

The "actively seeking work' thing is real too, you have to answer questions every week to prove it. After 3 months they have you in for an "office visit" to discuss your job searching techniques and give you some "help" as needed.

You can find out about all of this online at your state's UI site.
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Old 05-26-2016, 11:55 AM   #47
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You can collect UI as long as you are actively seeking work. As I remember you can't get it if you are collecting a "month by month severance", but you can if you get a lump sum.

The "actively seeking work' thing is real too, you have to answer questions every week to prove it. After 3 months they have you in for an "office visit" to discuss your job searching techniques and give you some "help" as needed.

You can find out about all of this online at your state's UI site.
OP here. True, true. I called the WA state UE and they stressed no continued income stream (pension or severance) is the key. However a lump sum severance is allowed and won't affect UE.

I can draw my pension after UE runs out or I find other work if that is what i chose. In this state there is no true UE "office" but yea have to actively seek work which I totally understand.
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Old 05-26-2016, 12:21 PM   #48
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You can collect UI as long as you are actively seeking work. As I remember you can't get it if you are collecting a "month by month severance", but you can if you get a lump sum.

.
That varies by state. (Many UE rules vary by state so everyone needs to do their own research.) In Illinois, "month by month severance" does NOT preclude simultaneously collecting UE benefits. You must, however, no longer be considered an employee of the company. DIL is doing this right now with the UE office fully informed of the situation. Makes no difference if your severance is lump sum or month by month here.

Another Illinois quirk........ I had already started my SS at 62 when I discovered that I had been underpaid (in length of time) during the period I had collected UE benefits after being RIF'd at 58 yo. The UE folks agreed (happy day for me!) to restart my UE payments, but because I was now collecting SS, they reduced the payments by 50% of my SS. Note, they did not reduce the total amount paid out, they just reduced the amount and extended the time proportionately! Seemed kinda goofy but having a small amount direct deposited to the checking account for many months, as a complete bluebird event, gave me some discretionary fun money that I really enjoyed! Showing that I was looking for a job was not burdensome and well worth the effort.

It's Illinois!
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Old 05-26-2016, 03:28 PM   #49
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That varies by state. (Many UE rules vary by state so everyone needs to do their own research.) In Illinois, "month by month severance" does NOT preclude simultaneously collecting UE benefits. You must, however, no longer be considered an employee of the company. DIL is doing this right now with the UE office fully informed of the situation. Makes no difference if your severance is lump sum or month by month here.

Another Illinois quirk........ I had already started my SS at 62 when I discovered that I had been underpaid (in length of time) during the period I had collected UE benefits after being RIF'd at 58 yo. The UE folks agreed (happy day for me!) to restart my UE payments, but because I was now collecting SS, they reduced the payments by 50% of my SS. Note, they did not reduce the total amount paid out, they just reduced the amount and extended the time proportionately! Seemed kinda goofy but having a small amount direct deposited to the checking account for many months, as a complete bluebird event, gave me some discretionary fun money that I really enjoyed! Showing that I was looking for a job was not burdensome and well worth the effort.

It's Illinois!
I had a typo above which is fixed now. "I can draw my pension once my UE runs out" is what I meant to say. Wow, IL does have some interesting rules that worked in your favor!!
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Old 05-26-2016, 03:32 PM   #50
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Yes that is correct. I was told by my UE office that severance didn't count as work. You might want to get your pension after your unemployment run out first.
That is the plan right now in taking the pension once the UE runs out. Lots of variables especially with my retiree medical. I'm grateful to get it of course but many plans to choose from---high deductible, no premiums or the co-pays, low deduct etc. Decisions, decisions!
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Old 05-26-2016, 03:48 PM   #51
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Good for you. Takee advantage of any programs that you are entitled to.

Why not take a few months off? Relax, take it easy. Think about you want to do next.

Consulting or term work is less stressful since you are not married to the organization. Or...try your hand at something different.

This is a great opportunity. Time to make lemons out of lemonade.
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Old 05-26-2016, 04:40 PM   #52
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Congrats!

While it may be a bit stressful in the short run, plan on collecting unemployment after the severance ends. Do not neglect to take the UE benefits, unless you are prohibited from taking them by some employer agreement along with the 'package'.

Once you start a pension, you cannot likely get UE.

For the UE reason, you may want to get a lump sum severance, unless other benefits stop and go with the severance payments.
In NY and NJ you can collect severance and Unemployment at the same time. Check your state laws.
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Old 05-26-2016, 09:25 PM   #53
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The pension is worth about $1 million as you're getting $3,100 per month. No worries - you're fine.
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Old 05-26-2016, 10:53 PM   #54
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The pension is worth about $1 million as you're getting $3,100 per month. No worries - you're fine.
More like $700K for a non-COLA immediate annuity of $3100/mo beginning at age 56, but I do agree with the conclusion.
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Old 05-27-2016, 10:55 AM   #55
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OP here. A few months back I went into immediateannuities.com and put in my pension income stream and came up with $635K to get the same cash flow.
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Old 05-27-2016, 10:56 AM   #56
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More like $700K for a non-COLA immediate annuity of $3100/mo beginning at age 56, but I do agree with the conclusion.
OP here. A few months back I went into immediateannuities.com and put in my pension income stream and came up with $635K to get the same cash flow.
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Old 05-29-2016, 11:41 AM   #57
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Retiree medical for $70 a month until Medicare?

Don't worry. Be happy.
OP here: You know I just double checked. Retiree medical is $37 a month for our "Traditional" Plan ($300 deduct, $30 co-pays). If I stay on the plan I have ($0 a month but $1300 deductible) I'm responsible for the $1300 deduct. Currently the company seeds that with $1025 contribution which will go away as a retiree.

Need to weigh the two plans and so my best to max out my HSA for the next two months.
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Old 05-29-2016, 11:47 AM   #58
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In my jurisdiction my unemployment insurance did not commence after my 20 month lump sum severance period ended.

Then I received 37 weeks of unemployment insurance (taxable). I consider myself to be very fortunate. This was the first (and last) time I have collected in 43 years of paying in to the program.


I would not have know about this. The lawyer handling my employment termination advised me to register for employment insurance at the start of the process notwithstanding whether or not I planned to re-enter the workforce.
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Old 05-30-2016, 02:49 PM   #59
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In my jurisdiction my unemployment insurance did not commence after my 20 month lump sum severance period ended.

Then I received 37 weeks of unemployment insurance (taxable). I consider myself to be very fortunate. This was the first (and last) time I have collected in 43 years of paying in to the program.


I would not have know about this. The lawyer handling my employment termination advised me to register for employment insurance at the start of the process notwithstanding whether or not I planned to re-enter the workforce.
OP here. Thanks for the input. A bit confused on the above you say "insurance did not commence after my 20 month lump sum severance period ended." Did you take the lump sum or 20 month income continuation? If I take the lump sum I can apply for UE right away and if I take 26 week income continuation I can not (WA state UE policy). Thanks.
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Old 06-03-2016, 06:14 PM   #60
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Retiree medical for $70 a month until Medicare?

Don't worry. Be happy.
OP here, found out this week that my medical is actually $46 a month vs. $70. I realize it's a nit but a bit less than I expected. Cheers.
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