How long does it take to have the severance money in the bank after signing the release?
20 replies (most recent on top)
** Bold text text
New feature. Bold.
READ THE SEVERANCE PACKAGE! Revocation Period. I understand that I have a seven day period after receipt by the Company of my signed Release in which to revoke or rescind my Release by informing HR Connections in writing of my decision to revoke, and that this Release will not be enforceable until the eighth day after the Company receives my signed Release. In the event I revoke my acceptance of this Release, the Company shall have no obligation to provide me Supplemental Benefits under the ConocoPhillips Severance Pay Plan.
Excellent use of wit @4gwo. I snapped a rib laughing too hard when I read this. I'm in the Doctors office now, getting a cast put on.
Took over 22 years, that is to say from the time I first started with the company to the time I got laid-off and paid-off. Ha
Once you send back your signed Waiver papers, they will quickly process it within 3 business days and you will receive your severance check by the next regular payroll payment date. We are paid twice per month, so if for some reason the processing didn't make it to be included by the first payroll payment, then you will receive it on the next payroll cycle. Allow 2-3 business days to get your check in the mail. It will not be direct deposited or sent to you by FedEx.
Better safe than sorry. Failure to send the signed document within the 60 day period will result in the standard severance only. End result is weeks severance and not months severance. No harm in calling the company to inquiry and request an email from the company staff noting the dates. Frankly I send the paperwork in quickly for peace of mind. The company continues to loose $1 billion per month. At some point the company will be judged on revenues associated with production, and not the revenues associated with production and asset sales and tapping the credit line.
Re Post ID: @F4FZKgW-2umo - December 26th was an example waiver deadline date for someone with an October 5th notice date and October 27th last workday. October 28 = day 1 and December 26 = day 60. Assuming that if waiver is faxed, arriving anytime on December 26th CST, then day 1 of the 7 day revocation period would be December 27th and day 7 would be Jan 2 - putting severance payment into 2016.
Why the deadline is the 26th? It is supposed to be 60 days after the effective date of the layoff.
On release of liability "deadline for receipt by company" date of December 26th, what is the earliest it can be faxed to the HR Connections in order to push payment into 2016?
Not very long
Expect to receive the direct deposit seven working days after the company receives the signed severance package. And if you have not received the payment within 10 working days call the company to confirm receipt of the signed severance package.
I have sent the release
Have you sent the signed release to the company or simply signed the release?