The layoffs are real. What I don't understand is how they can layoff someone who had more than 30 years in. I do have a question or two. My father was just laid off hours ago. He was a buyer (can't Remember actual title) making just over 100k/year. Which I assume is big reason for his layoff. My questions.... What happens to his retirement and stocks? He was due to retire within the next 5 years I believe. And he has contributed a set amount of each paycheck to the stocks (not sire exactly how it works) practically his whole life. Anyone that can shed some light. It is actually step dad. I am.very worried for my mother who has a good paying job but I think had gotten use to a very comfortable lifestyle . Let me just say before any replies come bk about what a crybaby...they can join the rest of us poor folk.......anyway, they have both worked very hard to get where they were and deserved the extra income. My mom finished her masters just a few years ago (past the age of 50) to obtain the job she has now. Anyone, would be big relief if the answer was they have no worries with all of his time in he will have plenty to cash out...... .but I would like to know the truth and how it all works
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Thank you Anonymous171893
@Anonymous171730: Your step-dad will get to keep all his ESOP stock. It has always been his-even the company match porton. He will also keep 100% of his 401 (k). He will also max the severance available given his 30 years of service. That will amount to about a year in salary when you add the 60 days' leave required under WARN act with the 40 weeks of severance. Not a bad way to leave a company. Finally, Walmart buyers are very employable working for Walmart vendors. I believe in these circumstances, Walmart relaxes the rule on a waiting period to work for a vendor. I am guessing your step-dad will find a job within the year. By the way, the reason I know this all is I was laid off in April. Already gainfully employed elsewhere and have no hard feelings toward Walmart.