This morning I logged into Principal and it appears we are no longer connected to RJ. When you go into detail for each account the first thing you see is "Since you've changed jobs, your account options have changed, too. Your money is still invested, but you can't continue to contribute to your savings." This is very disturbing since we still have 1 paycheck coming next week and what about when Profit Sharing and ESOP are announced and distributed in December? Will they still be deposited here? I'm going to wait until after the next (last) paycheck on 10/30 and see what happens before I contact HR. Does anyone have any insight here?
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I believe we have been paid up to 10/2 on the check dated 10/15 so our 10/30 check should be for 10/3 to 10/16. Vacation days will be paid somewhere there too. I received checks from principal two days ago because my accounts were so small. Didn’t take them long to close those. Dated 10/14 which I thought was interesting since we were still on payroll to 10/16. Filed unemployment, looks good to go. I am supposed to file again 11/3.
Interestingly, I never heard from either the boss that laid me off or the other douchebag I worked for, since I told on zoom in sept. What a bunch of classless middle management potlickers. Good riddens! Keep your heads up. It’s always darkest before the dawn.
Some good strategies for reducing tax burden found here:
https://www.investopedia.com/articles/personal-finance/081315/how-minimize-taxes-severance-pay.asp
Don’t hold them at Principal and then roll to a new employer. Do a direct rollover to an IRA now. There, you will have a broader set of investment options than those in a limited, employer sponsored plan. I rolled mine into TD, so I can trade for free and buy mutual funds, ETFs, stocks, or even annuities that suit my objectives.
After researching I plan on leaving my retirement accounts at Principal - at least until I get a new position and can roll funds to that. What I'm concerned about in the meantime are fees that we may be charged due to our status change with RJ. Does anyone have info about this?
I just checked and what the original post states is correct. I'm a bit disappointed as I was hoping for one last contribution. I guess I will need to figure out something else. Need to find deductions since due to the severance this year will be the most money I've ever received in one year. Don't want it all going to taxes.
I also believe our 10/30 check will be both pay and vacation. I do not believe sick time will be there.
Our last day of work was 10/16 so we should get a regular check on 10/30 PLUS our vacation so it should be a big check since they are 2 weeks behind. Then according to the documents maybe 2 weeks after that but probably not until 4 weeks after we should get the severance.
The final paycheck is ONLY vacation payout
The way I understood it our last paycheck was distributed this past Friday 10/16. Are we due to get another paycheck on 10/30?