Sorting through benefits / options when
04/06/09 - Thank you for the forum this website offers! My father was let go from his 42-yr position as salaried employee at age of 61 last week! He is reading a litany of info provided by company re severance / COBRA insurance / etc.
My question: As he was let go due to current economics and had very good standing with company, what is he allowed to take advantage of financially? The topics include health insurance, severance, unemployment benefits, accrued vacation time. How many of these topics are usually "packaged" together through company sponsorship, so to speak? And which benefits may be grouped together in an either / or scenario typically? (i.e., can Dad get unemployment + PTO + sever offered + insurance? )
Answers (1)
Before I respond to your inquiry, I must state that we have not spoken, I have not reviewed the relevant documents and facts, and I do not represent you. Therefore, my discussion below is not a legal opinion, but is informational only. Finally, my discussion applies only to issues to which Pennsylvania or Federal law apply, unless otherwise specified.
That being said, the benefits you list can generally stack upon termination. Unemployment compensation generally does not take into consideration severance, payout of vested vacation pay after termination or insurance payments. Unemployment compensation does take into account Social Security payments and pension/retirement payments made after full vesting. Health insurance (COBRA) is not included at all.
Payment of accrued vacation or PTO time is made if the employer's policy is that it is payable upon termination, generally without regard to severance, COBRA or unemployment compensation.
COBRA payments, if offered, are not affected by other types of termination compensation.
Severance payments are not mandatory, but are up to the employer (unless a valid contract for severance exists).
If you would like to discuss this matter further, please feel free to contact me at the below address(es) or number.
/Christopher E. Ezold/
Nancy O'Mara Ezold, P.C.
One Belmont Avenue,
Suite 501
Bala Cynwyd, PA 19004
(610) 660-5585
Cezold@Ezoldlaw.com
www.ezoldlaw.com
posted by Christopher Ezold | Apr 7, 2009 10:24 AM [EST]
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