To all the HR folks...is money paid in BOA Severance package negotiable?
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In California you can file for unemployment the day you leave. You do not wait until after your severance runs out. California does not consider severance as wages. You just have to report you are receiving it,
let's say you were laid off April 1st, you were given 60 days severance payment. This is as if you worked two extra months, meaning, April and May.
In California, you are eligible for unemployment under EDD after 60 days is over, so on June 1st you'd be able to get unemployment.
Since 4/1 was your last day, you are OK to file imediattely after being separated, but they will deny payments until 6/1 - on 6/1 it automatically kicks in but you need to check in with the dpt every week
Why in the world would anyone consider rehire or coming back? Adios!
It depends what state you are in actually. Some states do not view severence as salary and allow you to apply right after your last day as active employee.
I think you have to wait until severance runs out. Then the next move is file for unemployment.
If I'm laid off and choose to take the lump sum, can i also collect unemployment ?
I am not in HR, however, my understanding is that severance $$ is calculated formulaically and the formula used is based on specific criteria which is filed with Dept of Labor and governed by ERISA. The formula used can be found either in the employee handbook under 'seperations' or you can search for it on Flagscape. When I was laid off by the bank last year my attorney advised me that it would be difficult to negotiate a better severance given the above statement; i.e. it would mean overriding the specific formula BofA has filed with the governing authorities. Best time to negotiate severance is upon hiring and it would likely be in the form of a clause in your employment agreement, ex: "if in the event of an involuntary separation severance will include xxx in addition to stated severance policy".
Keep in mind I'm not in HR nor am I an attorney - I'm just sharing with you my own experience and what I was told by my lawyer. Good luck.
From what I understand, you can get your normal installments as you're already paid OR by lump sum. I think with the lump sum you get more taxes taken out, but also if you are rehired quickly you'll have to pay lump sum back.