I am in round 3 and will take EOI. The notification will occur the week of September 7. My question: is it possible to postpone the severance package to 2021 for tax purposes?
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1vry: Google is your friend, Reposing:
Round 3 (PSG25-27) - Notification starting from Sept 7
1) 6 weeks redeployment until 19 Oct
2) 60 days to sign release until 18 Dec
3) 7 days revocation period until 25 Dec
4) Severance payment next 1-2 payroll cycle, Yes you make it to 2021
All said it will be close, but with almost everyone waiting until the end to file the pipe should be clogged fairly nicely, plus payroll should be closed until EOY by Xmass. Good luck.
Actually they don’t pay you in 7 days. Once they receive your papers there is a 7 day holding period. Then they pay you out in the next payroll cycle. The rest stayed above is correct in that you start your 6 week redeployment once you are notified. Then have the 60 days to turn in the paper work. Then 7 day holding period. Then you get your money. Yours will be close.
Possibly... First, there is the 6-week redeployment period; Once that ends, you have 60 days to sign your severance papers. Once you’ve signed, Chevron will pay you in 7 days. Hopefully, it will work out for you. Good Luck!
What’s the link to the other thread covering this in details? Thanks
Consider whether you will reach social security tax limit in 2019 and whether likely to work and reach it in 2020. Will pay Medicare Tax either way and may have extra 0.9% tax added once minimum is reached
Officially no, you sign and they process and pay as soon as possible. Unofficially you have a week to sign this and 60 days to sign that ... so play your cards well.
Another thread covers this in detail... and the answer is probably yes ... but hold off on all the signing deadlines until the last day at each step.
I think so too, barely though.
yes