I was laid off last week with an increased workload and responsibilities after 15 years. If I take the lump sum, do I lose insurance? The documentation was not clear. Anyone know?
9 replies (most recent on top)
Yes you lose all benefits if you take the lump sum.
Insurance will be covered until the end of installment if you take them in monthly installment. Insurance will lapse if you take lumpsum
+ if you are rule 60 you could go through the retirement process at the end of your layoff paychecks end or after accepting lump Sum.
when I was packaged many years ago, continuing regular paychecks include deductions for insurance BAU but NO 401K contributions or match.
Lump Sum? you are done with the bank. So no benefits other than qualifying for cobra.
Can you speak at all about the package in general? X weeks of pay, X weeks of insurance etc.
You’re asking for somebody’s uncertain opinion on these open forums. You need to consult whoever is handling your claims.
Sometimes it’s best to take the structured settlement. Nowadays what’s known as a factoring agency automatically try to buy your monthly payments for what turns out to be pitifully small. When this happens you lose your non monetary benefits that ride with the original plan.
Google is your friend on all this.
Please see an employment attorney. Play the couple hundred bucks to get real legal advice. This is not the place for that.
P.s. I asked chatgpt.com
if I provide a layoff severance document, can you give me the highlights in a way I can understand
ChatGPT said:
Yes! If you upload your severance document, I can summarize the key points in plain language, including important details like severance pay, benefits continuation, non-compete clauses, and any legal obligations. Feel free to send it over, and I’ll break it down for you.
I would definitely contact an attorney or someone who is well versed in deciphering these type of documents. Don't rely on people here. Seriously, it's worth the money to protect yourself. BofA made sure whatever is in the document was in their best interest (not yours), so protect yourself by consulting an expert.
I wish I could do it for you. I'd do it for free.