Thread regarding Xerox Corp. layoffs

Unemplyment Question Re: Pension

On the New York unemployment application there is a question as follows: Are you receiving or have you applied for an employer or union pension from employment you had in the past 18 months? Does this mean I can't collect unemployment if I've requested my lump sum pension?

The explanation is: "Employer or Union Pension:

If you are otherwise eligible for unemployment benefits, but you are receiving a pension, your weekly benefit rate may be reduced if you receive a pension from an employer for whom you worked in the 18 months immediately prior to filing your claim and that work made you eligible for or increased the amount of your pension and your employer contributed toward your pension. If you received a lump sum payment of an employer financed pension in lieu of periodic (monthly) payments, the monthly equivalent of this lump sum payment will be determined based on actuarial tables and considered as periodic payments."

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Post ID: @OP+WGQtotb

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I think if you claim your severance within 30 days of your actual end date (usually two weeks after your notice) - you would have to

DO NOT take your 401K OR pension funds as a direct check to yourself. If you transfer it to yourself you will get hit with a 20% tax withholding on the amount distributed to you.

Best thing to do is open a brokerage account with one of the major firms (speak with your financial adviser) and do a direct rollover of the 401K funds and pension funds to an IRA (before-tax 401K amounts and pension distribution lump sum), open a second IRA to transfer any after-tax amounts contributed to your 401K (you don't want to pay tax on it again and you will have instance access to the after-tax amounts if you need it)

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Post ID: @8gwu+WGQtotb

I'm in New York State. I was I R I F d in August. I soon after rolled over my pension into an IRA and didn't take any $ in cash. Unemployment asked for details on that rollover. I did end up getting my full unemployment payment. And I did NOT have to wait the 12 weeks which was my severance period.

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Post ID: @pyg+WGQtotb

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