How does BNYM know if you get another job? I really want to make them pay me every last penny.
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No, you do NOT have to be eligible for unemployment to get sub pay. In fact, usually unemployment only pays for 26 weeks which is often shorter than people are eligible for sub pay.
This is right from the separation document:
Even if you are not receiving state unemployment compensation, you may be
eligible for SUB payments so long as you meet the eligibility requirements
described in the Plan.
Eligibility for unemployment is mandatory to receive sub payments. There is no gray area.
Why would you not collect both? Unemployment and severance?
what if you get a much lower paying job in the interim, you should still get sub pay
There is no requirement to file for unemployment when collecting SUB, although finding a job is encouraged because they can quit paying it. It's even a check–block since you have to check in every month or something, but you do NOT have to file for unemployment at all. I know someone in the family that did just that.. collected it all, never filed for unemployment.. not sure why, but I guess they had enough fun for one lifetime. SUB in it's pure name is 'Supplemental' Unemployment Benefit benefit, and it's got special tax treatment also and is handled differently that say, severance, which can and would mess up your unemployment, if you claimed it. Only Federal Taxes I think.. not sure, but you actually make more until it runs out.
Wrong, @lrj+1auP9nUp, you don't need to be eligible for unemployment to receive your sub payments. Traditional UE is usually for 26 weeks which could be half of of the time you're eligible for SUB payments. But with the current extensions, it would certainly raise a red flag if you fall off their UI report and still claim SUB payments. And claiming SUB payments when you're working would likely be considered fraud which would expose you to criminal plus civil ramifications.
Simple, max it out while looking for a job that pays greater than the SUB plus your UC+300.
Checking against the unemployment statements is not true. There is nothing stating you must collect unemployment to receive the SUB payments. You must BE ELIGIBLE to collect unemployment, but you don’t have to actually take the money. Big difference
One way to around this, work a cash paid job till the SUB payment runs out. But most cash paid jobs are cr–––y jobs.
You tell them if you're still colleting unemployment. If you lie to UE, there will likely be criminal ramifications. If you lie when you verify on the TMS site , BK will find out when they get their UE statements and you'll likely be subject to civil ramifications.