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Old 03-12-2021, 11:22 AM   #61
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I've decided not to take it. This is a mutual separation. I saw the writing on the wall last year and approached them about leaving before they made a formal move. There were a lot of sleepless nights as we worked through my package, but today it becomes official. $560k of stocks, bonuses and severance is more than fair and I was planning for a lot less than that when this all started. Life is good.
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Old 03-12-2021, 12:57 PM   #62
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Good for you Corn, I just retired on Nov12th to be exact, turned 62 on the 13th so you know what that means an extra 10% onto pension.... Boss called me up month later, what would it take to bring you back, HUMMMM 500K / Week sounds good. Real Yup really!!!

BS Bucket got full, last year an half.

Best on luck on your future endeavors. Ever at PAX, let me know !
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Old 03-12-2021, 07:32 PM   #63
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congratulations!
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Old 03-16-2021, 03:34 PM   #64
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I negotiated an amicable departure from megacorp. My last day is this Friday. My position is being eliminated. I got a great severance package.

The way my separation letter is worded, I am not receiving severance, so I can file for unemployment. With the latest COVID bill, I would receive $904 a week for 26 weeks. That's a lot of money and would be helpful.

Would you file for unemployment?
I would only file if the true nature of your severance package was known, if it makes a difference. I would not try to cheat the system. Integrity is more important than a little government money.
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Old 03-16-2021, 03:47 PM   #65
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Yes.
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Old 03-16-2021, 03:51 PM   #66
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I've decided not to take it. This is a mutual separation. I saw the writing on the wall last year and approached them about leaving before they made a formal move. There were a lot of sleepless nights as we worked through my package, but today it becomes official. $560k of stocks, bonuses and severance is more than fair and I was planning for a lot less than that when this all started. Life is good.
Bravo - good for you, corn18!!!
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Old 03-16-2021, 03:52 PM   #67
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I would collect it to the point that I was meeting the rules and guidelines truthfully. Some places have suspended any needs to submit evidence of looking for work (or so I hear)... in that case, you would be good for 26 months. I would tell the truth and if I qualified, I would accept it.
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Old 03-16-2021, 03:53 PM   #68
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> Would you file for unemployment?

The laws of your state may differ but
1) You would usually not be eligible for unemployment until that severance period (26 weeks) runs out.
2) After that, you would only be eligible if you meet the requirements - apply to X number of jobs each week, do not turn down any job, etc.

So if you plan to work for someone else, for the first 26 weeks after leaving the company, starting work elsewhere would mean a "bonus" (a paycheck plus the severance pay for that week).

If you are just planning to retire, then filing for unemployment would not apply.
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Old 03-16-2021, 04:17 PM   #69
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Originally Posted by f35phixer View Post
Good for you Corn, I just retired on Nov12th to be exact, turned 62 on the 13th so you know what that means an extra 10% onto pension.... Boss called me up month later, what would it take to bring you back, HUMMMM 500K / Week sounds good. Real Yup really!!!

BS Bucket got full, last year an half.

Best on luck on your future endeavors. Ever at PAX, let me know !
I'm following this thread because my contract is up in June (third extension), I am @ Pax and I am contemplating going on UI for a few months. We'll see. IF I apply for UI I plan on following all the rules. Applying for two jobs per week, etc... Like I mentioned in an earlier post I will apply for jobs at the very top of my skill set with the idea that they will be harder to get. But, if one looks OK I may bite. If not I will remove myself from UI. For those of you not affiliated with military aviation, many/most of these jobs are pretty cool. But occasionally there are the politics and micro management that make any job suck.
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Old 03-16-2021, 04:55 PM   #70
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Like others have said, just make sure you meet the rules. I was laid off/job eliminated and found another job one day a week, getting UI for the difference. When I moved and left the one day a week job, that employer was now dinged for my UI even though I never applied for UI from that job. He protested and I had to repay all the UI from when I quit to move out of state to find a full time job. It was a couple of thousand dollars but it was a lesson I never forgot. (huh...must be the day for PAX-I work there too as a contractor)
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Take it?
Old 03-17-2021, 03:30 AM   #71
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Take it?

Outstanding! Good for you! Gaming the system just adds to the morass we find ourselves in. It’s refreshing to see someone with integrity stepping up to the plate.
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Old 03-17-2021, 07:43 AM   #72
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> Would you file for unemployment?

The laws of your state may differ but
1) You would usually not be eligible for unemployment until that severance period (26 weeks) runs out.

In my state, the UI website specifically states that you can collect it RIF'ed even if you get a severance. The state labor dept. contacts the employer to verify details before dispatching UI checks.
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Old 03-17-2021, 08:17 AM   #73
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Funny how people have no issue taking every tax deduction legally possible, but get tied in knots about claiming unemployment payments to which they'll legally eligible.
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Old 03-17-2021, 08:28 AM   #74
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In my state, the UI website specifically states that you can collect it RIF'ed even if you get a severance. The state labor dept. contacts the employer to verify details before dispatching UI checks.
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Funny how people have no issue taking every tax deduction legally possible, but get tied in knots about claiming unemployment payments to which they'll legally eligible.
The issue for me is the unemployment office will contact my employer. The only reason I can retire now is because they were very kind to me with the severance package. They did not have to do that. I don't want to burn that bridge.
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Old 03-17-2021, 08:39 AM   #75
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Funny how people have no issue taking every tax deduction legally possible, but get tied in knots about claiming unemployment payments to which they'll legally eligible.
If I were wanting to work, and laid off, and seeking work = I'm eligible.

If I wanted to retire, angled for a package, and now retire = I'm not eligible.

True, the rules might temporarily be suspended re Proof of actively seeking work, but that is due to the extraordinary covid impacts on jobs. But that's a temporary loophole and not intended to invite otherwise-willing early retirees also get in on it. (but yes, legal, sure... and most of us don't take every single legal thing when we know it's really dodgy and involves even a little truth-stretching)
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Old 03-17-2021, 10:50 AM   #76
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Back when I was working I would occasionally look at the list of deductions on my pay stub. One of them was CASDI (California State Disability and Unemployment Insurance). When I was RIF'd by Megacorp I took the allotted 26 weeks of unemployment insurance. It was a damn sight less than I paid in those CASDI paycheck deductions over the years.

I don't feel even a little bit guilty about taking this perfectly legal partial tax refund.
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Old 03-17-2021, 09:10 PM   #77
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To clarify for all about “severance” and “salary in lieu of wages”. If your notice states severance then you would be able to collect UI benefits while still being paid by your former employer. If it states the latter then you must exhaust those wages and then file for UI. Depending on your station in the company and likely a high salary and or possessing skills and expertise that will make it difficult for you to replace your job... the work search requirement would likely be waived.

The modern system of work search is almost exclusively on line and your state’s job service maintains a database
of jobs and positions that will underwhelm but help you to satisfy the work search if needed.

Take the benefits...you put in the time, and said employer paid in unemployment insurance taxes so it would be there if needed. I have some other ideas but will not share on this forum.
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Consideration?
Old 03-17-2021, 09:20 PM   #78
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Consideration?

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The separation letter calls it "consideration". I talked to an employment lawyer and they said that would not be considered severance in OH.

The biggest part of the package is vesting RSU's and options.
Wow! That’s a new one and I don’t have to understand it’s use.
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The word “retirement”
Old 03-17-2021, 09:26 PM   #79
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The word “retirement”

Quote:
Originally Posted by corn18 View Post
The issue for me is the unemployment office will contact my employer. The only reason I can retire now is because they were very kind to me with the severance package. They did not have to do that. I don't want to burn that bridge.
I just reread your post where you mentioned retirement. That will make a difference in regard to benefits but it all sounds pretty slick and you appear to have come out with a great departure package.

Good
Luck and enjoy yourself!
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Old 03-18-2021, 03:01 PM   #80
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I decided to not take unemployment that I could have taken. I was retiring, did not need or want the money. I left it for others who really need it.
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