Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Early retirement in lieu of dismissal and unemployment
Old 07-23-2008, 04:16 PM   #1
Confused about dryer sheets
Join Date: Jul 2008
Posts: 2
Early retirement in lieu of dismissal and unemployment

I've had a long career in Information Technology Management. Recently, I was forced to take early retirement instead of dismissal. As a result I have received an early retirement bonus (severence) that is fairly significant. I am looking to see if anyone has faced this and see what impact this situation and severence pay may have had on your unemployment eligibility.

I live in Oregon and I realize that every state's laws have there individual quirks.

Thank you -- Gary Tharp

gtharp is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-23-2008, 04:30 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
Join Date: Apr 2004
Location: South Texas~29N/98W
Posts: 5,664
Hey Gary,

Welcome Here.

I'm not a pro on UI matters, but I believe that if you voluntarily terminate (retire) you are generally not eligible for unemployment compensation (UC). This should not precluded you from registering for UC with the state however. All the state of OR can say is that you are not qualified. Remember UC is an employee benefit (paid by all employers) not a state welfare deal. Who knows, you may qualify after all.

I have filed for UC a number of times over the years and have been granted approval, even once when I was pretty sure that I was not qualified, each time.

Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Old 07-23-2008, 10:30 PM   #3
Thinks s/he gets paid by the post
Join Date: Jun 2007
Posts: 2,384
You might check with your state unemployment office. If you had no choice (that is you were doing to be dismissed if you didn't take the package) then some states consider that involuntary loss of employment - even though you chose a package instead of outright dismissal. I believe this depends on your state, so worth checking.
growing_older is online now   Reply With Quote
Old 07-24-2008, 07:41 AM   #4
Recycles dryer sheets
Join Date: May 2008
Posts: 156
I confronted my boss in his lieing, VP Sales. It took six months but negotiated a severance package. When the severance ran out I then filed for UC. After 26 weeks of UC, I still did not find work and am still occassionally applying at one corp for possible pension improvement due to their theft. Aug 8 will be three years. I do not think I would be eligible for the 13 weeks additional UC just approved by Congress but I may go for that. DW has been supporting me and she has benefits provided. I do the house work, cook, etc and she never has any intention of me working again.

You earned your UC, GO GET IT!
cashbalancetrouble is offline   Reply With Quote
Old 07-24-2008, 08:11 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2007
Posts: 7,170
Definitely apply for UI. In my state, unemployment hearings (to deny UI benefits) are heavily tilted towards the employee, giving them every benefit of the doubt. Not sure if that is ingrained in our laws or just how it operates in practice.
FUEGO is offline   Reply With Quote
Old 07-24-2008, 10:54 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 5,133
I can tell you how it works in Colorado. My wife was layed off (after 37 years) and given six months severance. She was advised (by many "friends" including the HR Dept who said they would not protest her application) to apply for Unemployment as soon as possible. She did. Colorado ruled that the severance she received had to be deducted from any Unemployment claims -- current or future -- on the same claim. This left her with a deficit... of course.

When questioned further the State employee explained that if she had waited until the six month severance period was over before applying for Unemployment Benefits, the deduction would not have applied. She also could not retract her application -- once the "cat was out of the bag" etc.

I would proceed cautiously -- Dragons live there.

"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
What about unemployment insurance at semi retirement accountingsucks FIRE and Money 1 05-05-2007 07:14 PM
Retirement Accounts and Early Retirement heebygeeby Young Dreamers 9 03-14-2007 03:56 PM
Lawyer Unemployment ferco FIRE and Money 27 09-08-2006 01:21 PM
Is the unemployment survey any better? Nords FIRE and Money 2 08-31-2006 08:04 PM
Early Retirement in the early 21th century? Danny FIRE and Money 12 12-12-2005 10:00 PM


All times are GMT -6. The time now is 11:30 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.