Retiring after 33 Years, Severance?? - Page 5

madzonie · ‎03-10-2010

mcall1020 - I'm wondering what kind of ""retirement plan"" you would have had if the office wasn't closing and your were able to stay for the 18 months you stated?

Did you or your boss pay into some kind of plan (in addition to Soc. Sec.) while working those 33 years?

What would your boss have done for your retirement if you had been able to stay on until your chosen retirement date?

Lipstickdiva · ‎03-10-2010

On 7/18/2014 missyw1 said:
I don't think he legally owes you anything, if it is not written in a contract. I doubt you get a pension neither, because it was a small company. (not a union job, state job, or big company) I would be happy if he gives you any amount. I am sure he will do what is right. I am assuming you are getting SS soon. He is not going to pay her a week salary for each year. No way! I bet he will not write a contract (he is a lawyer) and will gift her. Will she be taxed? You will not get unemployment, if you quit. I wouldn't demand too much at this point.

Severance pay is generally taxed at a bonus rate. My DH's severance was taxed at 38%.

Since he's a lawyer, I would bet he DOES write a contract if this is a true severance package and not just a good-bye bonus.

Suhse · ‎03-13-2012

I'm not sure that I'd want to work for some of you ladies. ${#emotions_dlg.lol}$

Sounds like a Thanks for 33 years and a pat on the head, would be all you'd offer, because, legally, nothing else is required.

Legalese aside, it's becoming increasingly rare to see this kind of loyalty, and sounds like her Boss understands that.

Lipstickdiva · ‎03-10-2010

I think she should get something and I think she might be calling it severance when that's not really what she means exactly.

I think she should get a parting bonus and that is whatever he decides to offer. Sort of like I get a Christmas bonus every year and I take what they give me. There is no negotiating involved.

meem120 · ‎03-09-2010

On 7/18/2014 madzonie said:
mcall1020 - I'm wondering what kind of "retirement plan" you would have had if the office wasn't closing and your were able to stay for the 18 months you stated?

Did you or your boss pay into some kind of plan (in addition to Soc. Sec.) while working those 33 years?

What would your boss have done for your retirement if you had been able to stay on until your chosen retirement date?

Hi Mad I have had a defined benefit plan and then a 401k for the past 33 years. My medical isn't an issue. I'm covered till Medicare kicks in. And to be correct, I wasn't offered a job in the new firm. He said come with me and I know in my heart that it would never work. As I said above, I've been the boss all these years and it would be extremely difficult to go into the new office. I guess I will let him take the lead. Thanks everyone. Lots of wisdom on this discussion. Thank you

ivanatrump · ‎06-26-2014

I would tell your boss it is up to him.

May I ask why you are not going with him to the new job? Are you old enough for SS. I doubt you are eligible for unemployment.

meem120 · ‎03-09-2010

On 7/18/2014 SUHSE39 said:
I'm not sure that I'd want to work for some of you ladies. ${#emotions_dlg.lol}$

Sounds like a Thanks for 33 years and a pat on the head, would be all you'd offer, because, legally, nothing else is required.

Legalese aside, it's becoming increasingly rare to see this kind of loyalty, and sounds like her Boss understands that.

He does and that's why I stayed. It's rare these days to find this. I was very lucky. And by the way... So was he. Lol

meem120 · ‎03-09-2010

On 7/18/2014 ivanatrump said:
I would tell your boss it is up to him.

May I ask why you are not going with him to the new job? Are you old enough for SS. I doubt you are eligible for unemployment.

Yes I can collect SS. I am going to be 65 in the fall. I guess I'm not going because I'm a take charge person. And I know it. I don't want to put myself in that position because it just won't work He will continue to rely on me and I know down the road major problems may occur. I don't want to put myself in that position nor him. This is a wonderful opportunity for him.

KathyPet · ‎03-09-2010

Actually she might be eligible for unemployment and should definitely consider looking into it. She was not formally offered a job in the new firm and with the current firm shutting down she could get unemployment I think.

missy1 · ‎03-10-2010

On 7/18/2014 mcall1020 said:
On 7/18/2014 madzonie said:
mcall1020 - I'm wondering what kind of "retirement plan" you would have had if the office wasn't closing and your were able to stay for the 18 months you stated?

Did you or your boss pay into some kind of plan (in addition to Soc. Sec.) while working those 33 years?

What would your boss have done for your retirement if you had been able to stay on until your chosen retirement date?

Hi Mad I have had a defined benefit plan and then a 401k for the past 33 years. My medical isn't an issue. I'm covered till Medicare kicks in. And to be correct, I wasn't offered a job in the new firm. He said come with me and I know in my heart that it would never work. As I said above, I've been the boss all these years and it would be extremely difficult to go into the new office. I guess I will let him take the lead. Thanks everyone. Lots of wisdom on this discussion. Thank you

Your defined plan (contract is a medical plan and 401 ).. You are not getting a set monthly pension check?