3 things to do after a RIF (and 2 things to do before one)

2019-09-06T21:40:41Z

3 things to do after a RIF Mail back your signed severance agreement using USPS certified delivery. This will confirm HR's receipt of your documents and ensure you receive your severance. Normal severance is 4 weeks salary for first year + 1 week for each additional year (up to a maximum of 26 weeks). Mail or fax your application for COBRA. This will allow the immediate continuation of your current medical, dental, and vision coverage. Oracle pays for the first 30 days but you must still apply for COBRA. After 30 days you can opt to continue COBRA by paying the premiums or just stop coverage. You will receive your COBRA packet within 10 days of your RIF. You do not have to pay for the first month's premiums so there is no need to send in a check. Do not throw away your current medical cards. Apply for unemployment benefits. You paid for this benefit and you are entitled to it. It will allow you to bank more of your severance. 2 things to do before a RIF Sign up for FedEx notifications. This may be the only alert you will get that you're getting the axe the next morning. Keep only work stuff at your desk. When it happens, just hand in your badge and laptop and start your new life.

3 things to do after a RIF (and 2 things to do before one)

3 things to do after a RIF

Mail back your signed severance agreement using USPS certified delivery. This will confirm HR's receipt of your documents and ensure you receive your severance. Normal severance is 4 weeks salary for first year + 1 week for each additional year (up to a maximum of 26 weeks).

Mail or fax your application for COBRA. This will allow the immediate continuation of your current medical, dental, and vision coverage. Oracle pays for the first 30 days but you must still apply for COBRA. After 30 days you can opt to continue COBRA by paying the premiums or just stop coverage. You will receive your COBRA packet within 10 days of your RIF. You do not have to pay for the first month's premiums so there is no need to send in a check. Do not throw away your current medical cards.

Apply for unemployment benefits. You paid for this benefit and you are entitled to it. It will allow you to bank more of your severance.

2 things to do before a RIF

Keep only work stuff at your desk. When it happens, just hand in your badge and laptop and start your new life.

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8 replies (most recent on top)

Blow wad in john. LOL :-)

there is only one thing to do before the RIF

enhance your skillset, be prepared for interviews at any time.

Regarding the question on the impact of Severance vs unemployment the rule that applies is Severance doesn't preclude you from getting UEB. However, if you opt to take the severance payments on the same cycle as your regular pay days you have to wait until the severance payments have run out before you get your first UEB check. If you elect to take the severance in a lump sum you can begin collecting UEB sooner, assuming you have that option. Some Employers (like mine) stop providing health insurance (at employee rates) right away if you elect to take a lump sum. For this reason most people end up taking the severance in bi-weekly payments unless they can go on their spouse's plan or qualify for an ACA plan at little or no cost at healthcare.gov.

People who have lost their Employer provided medical insurance can get a much better deal by enrolling in an ACA (Obamacare) plan instead instead of COBRA which is always very expensive. The COBRA rates at the company I work for is over $11,000 a year for family coverage and that's for a plan with a $3000 individual deductible. If you live in a state that expanded Medicaid you may even be able to get the insurance coverage free. Even if it's not free the subsidies that are available to help pay for the coverage still makes it much cheaper than COBRA, Folks can go to healthcare.gov to price the plans that are available in each state. Carry on.

I thought accepting the severance package meant you could not apply for unemployment benefits.

It depends. My understanding is that if you have to sign away your rights to get a package, that you can apply for unemployment benefits right away, otherwise you will have to wait the number of weeks your severance covers before getting an unemployment check.

Drop gigantic loaf no flush before leaving.

I thought accepting the severance package meant you could not apply for unemployment benefits.

Just an FYI. Unemployment taxes are paid for by the employer, not the employee (in most states).

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3 things to do after a RIF (and 2 things to do before one)

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