If you do not sign the Separation Agreement, it would mean you declined the SUB.
In that case is Lump Sump an option (forgoing unemployment payments)?
Page 3 of the Separation Letter says something about Lump Sum retroactive payments if you don't sign the "General Release". Very legalese for me.
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@WFY - The only way to lose your SUB payments is to get another job. SUB payments are not contingent on state UC. It's better to file and "double dip" as soon as and as long as you can. You just need to comply with your state UC requirements, which typically is trying to look for work or upgrade your skills. Taking advantage of BNYM's displacement services can go a long to way to fulfilling the that UC requirements. For example, if you receive help on tuning up your resume, that can be considered a job-related activity for state UC purposes.
One of the things that I'm concerned about is what happens when the state decides to deny you unemployment for whatever reason, like they conclude you haven't been actually looking for work? Per TMS, you're eligible for SUB as long as you're eligible for state unemployment. So in theory, if you lose state, then you lose SUB as well.
Why are you not applying for unemployment until you have received your sub payments in full? What if you accept a job at the end of your sub payments- then you lost your unemployment payments. You can get them concurrently- and bank them.
I don't think there is a lump sum option. Found out that you can collect PA unemployment while receiving your sub payments. I called TMS the company handling the separation packages and was told that about the unemployment. But I'm not filing until all of my sub payments are received. I have heard that if you get a job before the sub payments are paid out BNY will stop them. Now sub payments are not considered severance per TMS.
O-M-G!!! How is this still a question here??????????????? It's been explained at least 10 times, and this should not be the place to get the information. Call and demand an answer if you are unclear, what are they going to do, fire you?
No. Like, the first responder said, the Lump Sum is referring to (total of missed) SUB payments. i.e. the lump sum of the payments you may have missed because of late receipt by the Bank of the signed release letter. In other words, there is NO single Lump Sum of the ALL the SUB weeks is possible. There is no such option. Someone can correct me, if I have misunderstood.
Wait so you can get your sub in a lump sum without having to wait?? Why wouldn't everyone do that the
That’s only if you sign the letter after your official release date. . SUB payments are then retroactive to the your official release date, paid in a lump sum.