By: Revanche

Final Check: The Layoff Concluded

June 30, 2009

Contributions for health, dental, other insurances, and supplemental retirement accounts are not taken from your final check; your contribution to the Retirement Savings Program is taken, and the university’s matching contribution is made. Other deductions such as parking citations, charges on your ID card, wage assignments, applicable taxable tuition assistance benefits, etc. will be deducted automatically from your final check.

Here we are!

After weeks and months of build-up, mood swings, job hunting, and all the other associated mumbo jumbo, we have survived until the final day without experiencing bodily harm (this was actually a little bit of a concern), completely losing my mind, or going stark raving mad. The latter two seem the same, but they’re not. The last option seems more permanent.

Happily, we’ve arrived. But there’s still work to do! Namely: deposit checks!! [oooh yes, *rubbing hands* I’ve been waiting for this moment.] By 3 pm of this day, I ought to receive my (a) final paycheck as detailed in the above quote, (b) a severance and vacation payout, and (c) quarterly supplemental income. I also sort of expect a (d) supplemental check to match the severance and vacation payout, but am not sure when and if that will appear. The HQ hasn’t exactly got their you-know-what in order, most of the time.

Secondly, investment accounts! My 403(b) and 401(a) are both with Vanguard, and I’ve accumulated enough to just leave them be. No rolling over, no cashing out, no losing about 40% of it.

There’s one more investment account coming due. In my first two years of employment, non-exempt employees had access to the We Think You’re Stupid Plan. I’ve spoken to the folks responsible for dealing with the now-obsolete WTYS Plan, and have found that they will roll the account balance over into my existing Vanguard account. Since they froze the plan, everyone was immediately vested! She wouldn’t tell me what the balance was at the time, but it’ll just be a nice surprise, whatever it is.

Thirdly, benefits! I’ve stocked up on my prescriptions for now, and should have enough to last me until September. Unless I have to do it sooner, I’m going to wait until about 40 days before signing into COBRA. If there’s no immediate need, and I manage to land another job, why waste the premiums? Reduced or not, that’s cash. There’s no problem with waiting since you can activate it retroactively so long as you pay the premiums for both months.

Also under this heading: life insurance. The life insurance policy I settled on is a measly $200k policy that I can port from my employer. It was the easiest option available to me, and while I’m no fan of PF guru-isms and simplifications, sometimes I just have to take the easier path so that the job gets done.

There you have it, folks. As prepped as a person can be, I’m walking out of this home away from home of the past 4.75 years and grateful that I can.

“What’s next?”
–Jed Bartlett, West Wing

7 Responses to “Final Check: The Layoff Concluded”

  1. Miss M says:

    I’m sure there is something great for you just around the corner and hope you can enjoy this unplanned vacation. I once used a layoff to get into shape, catch up on my reading and go to France. It was awesome. I’m cheering for you πŸ™‚

  2. What a day this one must have been!

    Hope you use the free time to unwind, have a good time for a while, and then find a great new job.

    Thanks for the clue about COBRA. Didn’t know you could enroll retroactively…That could save me from paying premiums in two of the five months between Canning Day and Medicare Eligibility Day.

  3. Crystal says:

    Congratulations on your freedom! How does it feel? That’s what I thought. πŸ˜‰

  4. Sense says:

    You made it!!! Congratulations! (and they are in order)

    it sounds like you’ve ticked all your boxes and are ready to kick off your funemployment in total stylee. I have no doubt that this experience, while stressful, was just a way to get you to an even better job.

    when do you go to NYC again? let me live vicariously…

  5. I’m sure you’re upset and filled with mixed emotions, but I wanted to congratulate you. You’ve planned for this so well, and I think you’ll be just fine. Cheers!

  6. Moneyapolis says:

    Wow, you really sound organized and well-prepared for this! I’m jealous of your severance and unemployment benefits. Try to enjoy the time off and remember that you’re in fantastic financial shape and will get through this!

  7. Revanche says:

    Miss M: France? Ooh. You think way bigger than I, wish I’d thought of that. πŸ˜‰

    Funny About Money: You bet! I was surprised to hear about the retroactive COBRA myself, it’s good to have options. Although, I’m not clear on if you have to pay both months’ premiums if you’re just enrolling late as opposed to using it when enrolling late.

    Crystal: YOU know. πŸ™‚

    Sense: I did make it and I’m here now! I’ll be sharing details when and while I can, mostly on Twitter during the trip.

    Operation-Money: Thank you!

    Moneyapolis: You know I have bag lady syndrome! πŸ™‚ Submitted my unemployment app, we’ll see how long it takes to process. I am super happy to finally have gotten that severance though.

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