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Old 05-09-2014, 06:58 AM  
BigRichard BigRichard is online now
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So I got laid off yesterday and my work is offering me 3 weeks of severance for signing this release agreement. There is basically some demands like I won't bad mouth the company and I can't sue them for anything.

It has some wording about releasing the company from "all such claims and demands related to salary, bonuses, commissions, incentive compensation awards, incentive shares, vacation pay, fringe benefits, expense reimbursements, severance pay and/or any other form of compensation (including, without limitation, unpaid wages, commissions and compensation)".

Does that mean I can't draw unemployment if I sign this then? Or is that something entirely different. Just wondered if any of the lawyers around here know anything about this?
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Old 07-14-2014, 11:09 PM   #46
Jiu Jitsu Jon Jiu Jitsu Jon is offline
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25%? Seems low. My last bonus, lower than your severance, was taxed closer to 40%. Maybe it is different with severance.
Yeah, I suppose since severance is not a paycheck but a lump sum, the tax is different. The packet that they sent me stated that it would be taxed at a federal rate of 25%.
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Old 07-14-2014, 11:15 PM   #47
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Yeah, I suppose since severance is not a paycheck but a lump sum, the tax is different. The packet that they sent me stated that it would be taxed at a federal rate of 25%.
Perhaps. 25% is the standard unemployment deduction in AZ. Be mindful of any additional taxes owed at the end of the year. A tax guy would know better though.
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Old 07-14-2014, 11:43 PM   #48
Mr. Flopnuts Mr. Flopnuts is offline
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You should get unemployment on top of severance. The state is supposed to treat it as a longevity bonus instead of wages.
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Old 07-14-2014, 11:56 PM   #49
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You should get unemployment on top of severance. The state is supposed to treat it as a longevity bonus instead of wages.
Gotta make the claim within 30 days or so. Before the severance hits the books. But I am not in MO.
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Old 07-15-2014, 12:21 PM   #50
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You should get unemployment on top of severance. The state is supposed to treat it as a longevity bonus instead of wages.
Not every state does....
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Old 10-16-2014, 02:28 PM   #51
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Company just announced today that they will be informing people tomorrow. My department was on the call.

Just had a meeting and they said we'll be fine and not have any losses, but I don't believe a word of it.

Prayers please. Thanks guys
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Old 10-16-2014, 02:31 PM   #52
morphius morphius is offline
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Company just announced today that they will be informing people tomorrow. My department was on the call.

Just had a meeting and they said we'll be fine and not have any losses, but I don't believe a word of it.

Prayers please. Thanks guys
We find out tomorrow as well, and even though I volunteered they still won't tell me early.
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Old 10-16-2014, 02:34 PM   #53
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Originally Posted by RunKC View Post
Company just announced today that they will be informing people tomorrow. My department was on the call.

Just had a meeting and they said we'll be fine and not have any losses, but I don't believe a word of it.

Prayers please. Thanks guys
Alright man. Prep up. Get those expenses in line. Work your network. As a contractor, I have tons of advice for you. If you wish.
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Old 10-16-2014, 02:37 PM   #54
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We find out tomorrow as well, and even though I volunteered they still won't tell me early.
How do you feel about volunteering? Decent package?
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Old 10-16-2014, 02:41 PM   #55
Buehler445 Buehler445 is offline
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Originally Posted by RunKC View Post
Company just announced today that they will be informing people tomorrow. My department was on the call.

Just had a meeting and they said we'll be fine and not have any losses, but I don't believe a word of it.

Prayers please. Thanks guys
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We find out tomorrow as well, and even though I volunteered they still won't tell me early.
You guys work for the same company?

All the best guys.
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Old 10-16-2014, 02:43 PM   #56
morphius morphius is offline
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How do you feel about volunteering? Decent package?
Already have the next job lined up, so I'm good!
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Old 10-16-2014, 02:43 PM   #57
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Already have the next job lined up, so I'm good!
Sshweeeet!
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Old 10-16-2014, 02:47 PM   #58
morphius morphius is offline
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Sshweeeet!
Just hoping to get the extra 8 months of pay...
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Old 10-16-2014, 02:48 PM   #59
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Company just announced today that they will be informing people tomorrow. My department was on the call.

Just had a meeting and they said we'll be fine and not have any losses, but I don't believe a word of it.

Prayers please. Thanks guys
Sprint employee eh?
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Old 10-16-2014, 02:50 PM   #60
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I've been through these, let's see *counting*....

5 times since 2008.

it's terrible. I've been in a position of 'project' based work. so once the project that I would be hired on to support starts winding down, they want to cut costs to maximize margin....WHACK.

I just started a job Monday that is NOT project based, thank god. Hopefully it's one of those gigs where if you like it, you can work there for a LONG time because the work is coming in. Essentially, since 2008, my life has been on 'hold'. I haven't been able to plan for anything financially for years and I'm very gun-shy about most financial commitments now. Always feeling like the next shoe will drop again at any moment.
Hard to plan for buying a house etc, when you always have anxiety of yet another layoff / project reduction.
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