Thread regarding Weatherford International Ltd. layoffs

By law they must pay you time worked and unused vacation, no need to sign anything for that. Severance on the other hand, you sign the release in order to receive it.

How can they pay for vacation hours if you haven't signed release? I thought that was part of severance pkg? Or am I mistaken?

YEAH.. they did the same thing here. Paid for hours earned vacation..then took out insurance and 401. So I have now paid twice.. once on this last Friday check and today. What's up with that? Why didn't they just add it to Fridays check? Doesn't make sense to me.

https://www.healthcare.gov/ Check it out people. If you don't have a "condition" which requires your existing medical professionals, then look at this before COBRA. It's not about Medicaid or governors or anything else except affordable health care coverage. IF this works for you, make sure you don't purchase medicine, etc. on COBRA or you will be obligated for paying for your COBRA coverage. You can apply for unemployment benefits immediately. If you receive a "package" they will enroll you and suspend payment until you qualify. It's easier to do it sooner rather than later.

So they took out insurance and 401K out of my check that was just paying me for my unused vacation. I got that check today. So shouldn't I be covered on insurance for the next month?1

about insurance. There is no such thing as Obama Care. That was a BILL that was passed in order for people to get health insurance with government assistance if you fell within the guidelines to qualify. After your insurance runs out with Weatherford, contact an insurance agent and they will be able to present to you all the insurance companies and their rates that are available to you in your area. You don't necessarily have to go with Blue Cross and Blue Shield. There should be other companies competing for your business. You will be required to make a minimum amount to qualify for the government to pay part of your premium but your insurance agent can tell you about that and guide you toward a company to enlist with. Also, your unemployment cannot be applied for until your severance or whatever pay to cover the weeks of work last paid. Then there is a waiting period before you can apply but you can call your local unemployment office and they will have all that information for you. Make sure you check on penaltlies for withdrawing from your 401K unless you are of retirement age. You don't have to move it anywhere for a while. It's not mandatory that you move it; it just won't be funded any longer after your departure from your company. Hope this helps a little. We have been in the field for over 30 yrs and this is not our first downturn but we think it might get as bad as the one in the '80's so collect your unemployment and you might want to search for jobs out of the field for a while. Hoepfully 2017 will be a turn around.

This company is about a trust worthy as the government.

I bought house . They told me safe. Me and husban worries. I still have job but sacred not for long.

Yeap..facility manager told that to us personally.. that if we were still standing there not to worry.."your safe". Well what a doozie that was. But that's the way Weatherford runs. They have lied to their employees for so long about this whole layoff thing and how well the company is doing..they don't know the truth from Adam.

I talked with HR and was told they DID take out for my 401. Also was told I will receive a statement in the mail and receive a certified letter for the severance. Was told there would not be anymore layoffs also. Yeh right! We were told after the other layoff we were safe.

WFT get good insurance rates because of the many employees they once hired. Look at your pay stub. It shows how much was deducted for your insurance and a spouse and children. Since you will no longer be getting a pay check, you have to pay the amount they were deducting from your check in order to be insured for the two months they are giving you, if you had a package. Call Blue Cross and ask them. Do not rely on a former employee to look after your best interest.

They will no longer take out 401-K. If they did they would have to contribute to the 401-K and you no longer work for them. Contact Merrill Lynch. Have you account number read and explain to them what has happened. In the 401-K you had with WFT, you were restricted to the companies you could invest in. You can continue your 401-K with Merrill Lynch, such as Merrill Edge. You may also want to look at other companies such as Edward Jones. They are located all over the U.S. and you can go in and speak with an adviser. They can roll everything in your 401-K for you. DO NOT COUNT ON WFT FOR ADVISE AT THIS POINT.

Suggestion: Sign up for unemployment immediately. There will be a lag time in paying you, etc. Yes, you can elect to use ACA (Obamacare). But, if you want to keep the same medical provider, hospital, etc. better check first. Like with Medicare, just because ACA is now provided it does not mean providers have to accept ACA. However, with no income, the cost is substantially lower than COBRA. NEVER sign any documents, legal or otherwise, without scrutiny. Good luck.

I have a lot of questions.. I have never been laid off. It is all overwhelming. I have never collected unemployment either. This is very stressful cause I don't know where to begin or who to talk to and ask questions.

Okay.. what? They are gonna take what THEY were paying...not my regular deduction? What the hell...I can get my own insurance cheaper...

If you are being laid off, by law they have to pay you any remaining vacation time you have accrued. Yes, they will take out taxes. They will not contribute to your 401K. You should contact Merrill Lynch and speak with them about your 401-K as soon as possible. Do not be fooled if WFT states they will cover you with insurance for 2 more months. They will, but you have to pay the premium they were paying for you. You need to contact Blue Cross and make arrangements to pay the premium in order to keep your coverage. Good luck.

I got laid off last week and refused to sign anything right then and there. I wanted to slowly review what I was signing. Anyway....I'm emailing them in today and will ask this question. I'm curious too if they will take out insurance and 401k from vacation and severance!