Aero severance is 1 week per year of service with a 26 week cap. The real question is if they will provide health care during the severance period. HR is keeping a tight lid on this???? The RIF volunteers will need to make the decision when they get the "written" severance package next week. If you are volunteer for the RIF you cannot claim unemployment. If you don't volunteer, you get severance, unemployment insurance pay, social security & pension if eligible, and 401K if past 59 1/2. Weigh you options carefully, if you can swing it enjoy the rest of your life..
11 replies (most recent on top)
I had issues with Cobra through Honeywell since Jan of 2018. Payments sent, cancellations, money returned, phone calls, reinstate, send money..repeat! Finally called the Department of Labor DOL and they resolved with Honeywell within a week after hassles for over 8 months...former employees are entitled to 18 months of Cobra...call the DOL if you have had enough!
Yes medical us included with severance followed by cobra if elected to go that route however cobra was 1100.00/ mo. Got ride and I. I can do better.
RIF volunteered and was on the list of eliminated positions. Got severence and when it ran out, now filing for unemployment. Getting an active issue msg. Are they challenging? BTW, saw a posting for my eliminated position. wtf
.
I was advised by HR and One-Stop that under severance, there's no 401K either for individual deposit or company match. That ceases when one ceases to be an "active" employee.
I hope you are right. It seems like any company would provide health care during the severance period (up to 26 weeks). I've heard many people say "I heard" or assume based on previous RIF's, but I don't see it anywhere in writing. Based on the cost cutting measures that have been taken, it doesn't seem far fetched.
From the Exhibit A: Summary of Employee Benefits "As long as the underlying plan so allows, you may elect to retain your coverage in the Company's group health insurance plans for active employees through the end of the month in which your Salary Continuation Period ends"
I was told: "Health insurance through the end of your severance (premiums automatically deducted). Beyond that you can continue to pay via COBRA at 102%" and "Outplacement services are provided and consist of advice on resume preparation and counseling on locating another job. " lol
Honeywell did provide healthcare throughout severance for those who were let go from the St. Charles facility last year. Whether you volunteered or not.
Honeyhell has provided health care during past RIF's, but it absolutely does not say anything about health care coverage on the volunteer RIF form. I listened in when our HR person said that the decision had not been made yet and informed us that each employee can make that decision on the spot.
If you have a pension benefit, you can still get your pension if you volunteer for RIF - just not at the same time. So, monthly pension benefit would start after the severance benefit stops but is not automatic - you have to apply for pension at least a month before you want it to begin.
Quote: "The real question is if they will provide health care during the severance period. "
Yes.
If you volunteer are you sure you don't get unemployment?