Re: smell baaaaaaaadgypsyladyMay 13 2006, 14:55:42 UTC
It is never standard to cash out your 401K. You may be given a time limit in which to transfer it elsewhere but they don't cash it out as a matter of course. (I think they may have to give you a minimum of ninety days, but that could be Colorado law and not apply here. I can check if you care.) One reason this isn't standard is the hefty tax bite you're gonna feel next year for early withdrawal.
That said, it does sound to me like you need the cash anyway. Oh, and you ought to be given the option to continue the insurance via Cobra, which is pricey but if your treatments are particularly expensive (and they certainly sound it) it might be worth investigating.
As a general rule, if severance is paid, the dismissal is with good references. Bob makes business decisions based on dreams? I bet the head of HR considers it a layoff when Bob has one of those hire/fire dreams. Because Bob's might be accused of religious hiring practices which are prohibited for any but strictly religious institutions. The people who report directly to Bob aren't so much being nice to Cat as they are protecting their own jobs...because if the feds start to investigate it's not just Bob who could get in trouble.(And if they protest to Bob, I'm thinking they'll be in trouble that way, too.)
None of which alters the fact that Cat's lost a hell of a good job and you folks are panicking a bit. Sigh! I wish I could offer some concrete help but meandering 401K commentary is the best I can do...
Re: smell baaaaaaaadnematoddityMay 13 2006, 15:46:42 UTC
Well, the COBRA continuation doesn't thrill me, having read through the paperwork at other institutions. And the 401K thing, hey, sure, we could continue it--if we have that option--but I'm not sure we do, and I'm not sure we'd want to, anyway.
It's just frustrating. Going from 'have insurance, have retirement fund building, have job loyalty' to 'well, we can upgrade our computer and get some new clothes and then the panic will truly set in'. Gah.
That said, it does sound to me like you need the cash anyway. Oh, and you ought to be given the option to continue the insurance via Cobra, which is pricey but if your treatments are particularly expensive (and they certainly sound it) it might be worth investigating.
As a general rule, if severance is paid, the dismissal is with good references. Bob makes business decisions based on dreams? I bet the head of HR considers it a layoff when Bob has one of those hire/fire dreams. Because Bob's might be accused of religious hiring practices which are prohibited for any but strictly religious institutions. The people who report directly to Bob aren't so much being nice to Cat as they are protecting their own jobs...because if the feds start to investigate it's not just Bob who could get in trouble.(And if they protest to Bob, I'm thinking they'll be in trouble that way, too.)
None of which alters the fact that Cat's lost a hell of a good job and you folks are panicking a bit. Sigh! I wish I could offer some concrete help but meandering 401K commentary is the best I can do...
{{{HUGS}}} to both of you.
Reply
It's just frustrating. Going from 'have insurance, have retirement fund building, have job loyalty' to 'well, we can upgrade our computer and get some new clothes and then the panic will truly set in'. Gah.
Reply
Leave a comment