My manager told me the day after my “last day”, I will receive an email to my personal email to accept the severance “agreement”. Can anyone share what’s in the agreement? Is it the same as the notice in workday? and did anyone tell you when you will get your severance?
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Post from TheLayoff.com
Severance will NOT be paid on 12/8. If someone told you that, they were wrong. Once you sign your agreement you have 7 days to revoke it...thus the company must wait 7 days from when they receive it to process it. Once the 7 day period has expired it will be paid within 1 or 2 pay periods so the earliest it could possibly be paid is 12/22 assuming they continue to pay out on the same schedule.
Personally I don't want severance paid until 2024 as if you take it in 2023 calendar year it's going to get taxed at the top of your tax bracket, it may even push you into a higher bracket(happened to my neighbor last year). That MIGHT happen with the money being paid in 2024 but that depends on how quickly you get a new job and your total earnings for 2024.
The other thing to remember is that your last regular paycheck on 12/8 will be a bit short from a "regular" check as they will be withholding medical insurance to take you through the end of the year as COBRA doesn't become effective until 1/1/2024.
I was told severance could be paid out in 2 pay period cycles…
August layoff here….severance will be loaded to workday and it will send you an email to personal email advising with link. It will be sent AFTER Separation date, not last working date. Check over weekend, as my came on early Saturday. Log into workday open the task and document will be there, save as a pdf, then print it out, from there you sign electronically then will need to submit. You will receive an email in workday immediately after submitting your severance agreement saying it has been received on xx/xx/xx and then you start the 7 day countdown. Save this as well or print it or screenshot it. If you want cobra, you will receive a login and password from optum financial to select your choices, dont be alarmed the amount will reflect the full amount, just select your choices and click next, it will adjust once you get to the payment screen and will then reflect your portion and only charge you your portion after the 7 day waiting period. Hope this helps anyone looking for information.
I was also confused about this because the way the documents look in workday - it seems as though we should be signing the doc there but it doesn’t have a signature section. I reached out to my manager & I was told the same as you. Severance paperwork will come out on 12/2 and will be paid out on 12/8/2023.