Best Layoff BKM's...

Ok guys, brace for impact. For those of you that most likely will be affected and for those ones that wants to help out, what do you think if we do a collective last push and share all possible BKM's to max out our exit?

Here is what I have:

“How it will happen”

11/15 affected people will be officially informed and 1/15 will be the last day.

Affected employees will be moved to a re-deployment pool with a temporary manager few weeks after 11/15.

You will have the choice to either cash out or stay until 1/15 to see if you can get another job inside.

“some BKM’s”

If you stay until 1/15, your severance package will not be added to your 2022 income tax but rather to the 2023. This will help keep your tax bracket lower.

If you stay until 1/15, your cobra benefit will be based on 2023 election rather than 2022. You have until Nov 4 for open enrollment so if you know 100% you will be affected then take the best medical option since Cobra will pay for it for 18 months.

If you stay until 1/15, you will get a smaller packet deal rather than cashing out right away but then again taxes may offset the whole equation if you cash out on 2022 so run your numbers and play it smart.

You may want to max out your 401k contribution until you leave (either right away or 1/15) since that money will be not added into the common income payout plus Intel will match up to 5%(5k) so you will get some extra money there.

If you have an Intel pay phone, you may want to keep that number. Go to IT market place and use the “Porting Out” process so the account is moved under your name. You will take over and paid for it from there on.

If you have met any of the retirement’s milestones (rule 55,75,65) then check out the Encore Volunteer program. Intel will pay you 25k for 1000hrs of volunteer work but the trick is that you have to apply WHILE being an Intel employee. Apply now and you can start in 6 month or later once you leave Intel but at least you are on the system and can decide later on.

If you live in CA or CO, you can cash out up to 8 weeks of vacation if you have been at Intel over 10 years. Your manager will need to validate but most likely your manager will not mess with your beans at this point and will validate.

You can cash out your non used sabbatical (8 or 4 weeks)

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Any idea what the reduction is if you wait until 2023?

@vpf That's just a US tax bracket range, not a pay range.

$517,200?! Streuth!

How much do you Americans get paid?!

I have another BKM - if your exit date is very near the end of the calendar month, try to bump it a few days. If you’re employed on the 1st of the month, Intel will pay for your health insurance that month. Then you have some time to sign up for COBRA. And this saves a lot of $$ of your SERMA. You might think you have a huge SERMA balance, but believe me it goes down fast when you’re paying $1,200-1,800 of COBRA per month out of it. Calculate how many months your balance will cover the premiums.

It takes about 5 business days to switch everything over to COBRA. You are technically “covered” and have no gap, HOWEVER if you try to go to the pharmacy during those 5 days, they will see that you’re not covered by insurance (yet) and you won’t be able to pick up your prescription. My partner has a lot of health issues, couldn’t pick up very important prescriptions, and the timeframe was so tight that we couldn’t refill them the week before the exit date. It was pretty frustrating and impactful, especially if you consider just paying out of pocket would be thousands for that prescription.

If I was the evil Intel I would do the layoff prior to 11/15 so that all 8 weeks of redeployment would take place in 2022. Meaning no annual bonuses (EB) paid to anyone impacted. Although they’d still get the Q4 QPB (if there is one).

OP posted in multiple places similar info before - I think info looks reliable. I like the fact that we get to push taxes and income in 2023.

You forgot. Everyone should email their senator and congressman to tell them the chips act is not having its intended affect.

What is especially concerning is if mostly us employees impacted (the us taxpayers funding the chips act almost 500 for every us taxpayer!)

kij's question is quite pertinent, since the analysis is highly dependent on which tax year income is realized in.

My advice is to go into your meeting with your plan already layed out, and be ready to make changes in minutes. If 2016 is any example, that may be all you have before your computer is taken.

Here's another hint: If the room your meeting with your manager changes the night before, then you're toast. Check before you come in to work. You might be stopped at the entrance and get no opportunities to do anything.

BKM for not having gotten laid off:

for next time, realize how pointless and wasteful the worrying was
continue to put away money for a rainy day

@kij.. is that really important or the most relevant thing for you?

the idea here is to help each other sharing anything we can use to get the more we can and take advantage of the best options available that HR or the official channels will not tell you..

@iec.. good point.. The issue also is the income bracket were if your current 2022 regular income plus the severance payout goes above your regular tax brackets $0 to $83,350. >> $83,351 to $517,200.>> $517,201 or more then you end of paying more taxes..

Agreed, a lot of crunches that needs to be done to make sure you take all the advances that you can.

If you maxed out Social Security contributions in 2022, might want to consider that any payout in 2022 will be free of those deductions. If you end up getting similar paying job in 2023 and wait for 2023 payout, you could pay more in taxes. A lot of numbers to crunch if you get this decision.

where did you get the dates ?

Thread regarding Intel Corp. layoffs

Best Layoff BKM's...

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