Thread regarding Honeywell International Inc. layoffs

Piece of advice

I was impacted in the last round. It has been a learning experience. It was a very time consuming process and I found out some of the information too late, therefore I am sharing below and hope it helps someone. It would have been very helpful if the information was shared during the exit interview, including the onestop #.

As the paycheck's are 2 weeks behind I wish I had known the ability to increase 401K and HSA deductions from the remaining checks. HSA allows you to pay for the health insurance premiums.

Make sure you change the email access on the benefits website to your personal email before you leave, and download the needed copies of paystubs (for some reason the access to paystubs via website gets removed immediately).

Also if you want to get loans you may want to get it done prior to severance ending as I believe you are shown as active employee in the employee verification system (if you have a loan from 401k it will be needed to be paid back to avoid penalty)

Cobra is expensive, recommend to start investigating alternatives for medical health insurance (ACA - premiums depend upon forecasted yearly income & Medicaid Medical portion is based upon monthly income). It is also possible to split the coverage (ie. you can elect to have your dependents to be covered by Cobra, and you can select another option or vice versa). Timing to apply for alternate coverage in advance is critical, therefore recommend start investigating way ahead of time to ensure no break in coverage and having knowledge of the choices.

Ancillary deductions (ie Hyatt Legal, etc) ends at the end of the month the severance ends. Payroll and others do not necessarily have this information.

Posted by: @LYxGRwy-5erb

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Post ID: @OP+M6EglpM

13 replies (most recent on top)

Another thing to remember: You may be able to collect unemployment if you have been laid off, voluntarily or involuntarily. My last severance check was the end of Jan and I am now collecting for 26 weeks.

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Post ID: @mceb+M6EglpM

hyul--I believe your "afterwards" HSA contributions are entered on your IRS form 8889 and they eventually end up on your 1040 line 25 as an adjustment to your earned income so there are in affect aftertax.

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Post ID: @jhoo+M6EglpM

This is in response to adding to HSA afterwards by contacting BofA...it can be done but it is from taxed income vs if deducted from earned income it is pre-tax

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Post ID: @hyul+M6EglpM

The only thing the exit interview is for is to ensure any company materials/devices are turned over. There's no place for input from the exiting employee other than to hand over the goods and check the exit boxes with HR/manager.

Just finishing my VRIF severance this month. Time to activate Cobra, etc.

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Post ID: @egsk+M6EglpM

I was a voluntary, so exit interview was just an acknowledgement that I had been accepted for voluntary layoff. I agree One-stop has been great to deal with. Also note that the HSA contributions will continue during severance period, but will stop afterwards. However, you can contact BofA and can arrange for them to continue. I'm not at that point yet (laid off in Jan), but a friend who was laid off in 2016 tells me that it was no big deal to continue the HSA.

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Post ID: @ecif+M6EglpM

My exit interview was my manager going over a list of things I needed to return or sign. Nothing related to issues behind me leaving.

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Post ID: @7xiw+M6EglpM

Couple of comments:

Make sure to dump PAC contributions before you leave or they will continue to come out of your severance.

HON One Stop is very helpful with anything you need once you're "out on the street" . They can email pay stubs or help you get set up with Cobra and get you access to your pension once the severance ends.

We found Cobra to be quite cost effective compared to private insurance. Private insurance/Obama Care is around $1400 per month in our area compared to around $1100 for Cobra for my wife and me. The USA healthcare system is about as messed up as it possibly could be. Hopefully we will see some meaningful reform in the not so distant future.

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Post ID: @5qcu+M6EglpM

Same here. It's like mums the word with dealing with HR...

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Post ID: @5zeo+M6EglpM

Thank you for the information. Too bad HR can't do this sort of thing. My experience I have had with HR with this WFH issue has been less than impressive.

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Post ID: @5xps+M6EglpM

Took me less than 5 min. After I walked into HR, FYI....they don't care

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Post ID: @fhg+M6EglpM

Thank you for the information!

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Post ID: @bri+M6EglpM

Exit interview, what is that LOL. Retired three months ago and not one HR person contacted me for an exit interview. Should I still be waiting.

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Post ID: @bbk+M6EglpM

Helpful information -- best of luck going forward. When you look back in five years, I think you'll be glad to be shed of this place.

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Post ID: @hsn+M6EglpM

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