I've received little to no clarity on what steps I should take since being LR'd, and have been ghosted by my team when I tried asking them for guidance. Any help is much appreciated. Thank you!
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Convert your 401K IMMEDIATELY to a Rollover IRA. 401K's are not insured, IRA's are. This could become very important if the financial crisis expands and deepens over time.
The fact you’re posting for guidance on this site is why you were let go you should totally be speaking to HR
If you have an HSA account, move it to a Fidelity HSA (no fees). The Health Equity fees jump up a bit after you leave.
AFAIK, there was no charge for the ESPP stock account. There used to be an administrative fee associated with 401(k) accounts below a certain amount that Cisco paid and ends up getting deducted from your 401(k) assets if you leave it with the current Cisco company, but I don't know if Fidelity does that or if that was just the previous company Cisco use.
Like @nvw+1o6BACXj said, you need to call HR and open a case to ask those questions. Why would your team, who has not been LR'd know the answers? And why ask here, because Cisco changes the details of every LR, so for those of us who've been let go in previous years, our answers may not match your situation.
In general terms, any stock options, grants, or RSU's that are not vested are gone. Cisco usually offers accelerated vesting for any shares that would vest during the period of time your severance package covers. You can choose to exercise them or not, depending on your finances and what the values are. In my case, my stock options from '08 were upside down when I was LR'd in '11. Since then, I've not received any RSU's or grants, so that's a moot point for me.
All ESPP share's you've purchased are still yours, and held by Morgan Stanley or Charles Schwab depending on which one you chose. Any payroll deductions Cisco withdrew since the last purchase to be used for the next purchase will be refunded to your in your last paycheck or the paycheck with your severance package. For me, I was LR'd in Aug, so all the payroll deductions from the first pay period of July until my termination in mid Sept was refunded and the Dec ESPP purchase was not made.
As to bonus, the LR paperwork should state whether or not you are eligible for the bonus. I don't remember if it's referred to as P&L or P&I, or simply bonus. Again, depending on when you are terminated with regards to the fiscal year, you may or may not get a bonus payment. If you received the mid-year payout of 50% of your estimated bonus, that is yours to keep. Some people have managers who sc--w them over by adjusting their IPF such that they only "earn" the amount already paid at mid-year so even if they're eligible for the year-end payment, they don't get a bonus. Other people get a 1.0/100% IPF and get the full bonus. And a few others even manage to get a positive IPF and manage to receive an above-average bonus, but those are very few managers who do that.
Does the paperwork not tell you who to call or have a link to an HR portal that limited to just those who were impacted? Mine did from years ago. I find it very unusual that the answers aren't in the paperwork and/or FAQ (online or printed) that was provided to you. Cisco pays lawyers a lot of money to make sure that the paperwork has everything you need to know.
Eh, you need to ask HR for guidance. How does your team know?
The answer is: no steps. I think you will be charged for your stock broker account a small monthly fee. If you don't have a new job, you should try to understand corba / health insurance, though.
Once you are LRed you are treated like a dirt. So much for the family, empathy BS. Your unvested RSUs are gone. Don’t count on them.