the recession comes to Rivendell

[earendel]

Friday afternoon my wife picked me up and informed me that she had been laid off that afternoon - no warning or notice of any kind, just a meeting with the CEO and a "don't let the door hit you in the ... on the way out." She was given no explanation of any kind. She works for a software reseller and sales were still good, although she heard through the grapevine that "the pipeline" was looking bad (meaning future sales would be down). elwing was one of 9 people let go. What's interesting is that her boss, one of the company VPs, tried to intervene to save her job, arguing that she was doing the work of three people already, and replacing her wouldn't be easy, not to mention the learning curve. But the CEO was adamant. It's probably no accident that elwing was one of the longest-serving employees and thus made more money than others. She had a 401(k) that she can roll over to her next position (assuming she can find one) and still has two paychecks coming, plus there is unemployment insurance for a while, but I have a feeling there will be tough times in Rivendell before too long. On the bright side, our church is sponsoring a class by a member who is an employment counselor. The class is on how to write good resumes and sharpen interview skills.

[MarleysGh0st]

I'm sorry, ear. Good luck to elwing finding a new job.

May I suggest that, instead of rolling over her 401(k) to a 401(k) at a new employer, she roll it over into an IRA? That way, she'll have more choice and control over what it's invested in, and will likely save on management fees.

[earendel]

I'm sorry, ear. Good luck to elwing finding a new job.

May I suggest that, instead of rolling over her 401(k) to a 401(k) at a new employer, she roll it over into an IRA? That way, she'll have more choice and control over what it's invested in, and will likely save on management fees.

Actually it may be an IRA - she wasn't clear on the details and is supposed to be getting a letter in the mail explaining everything. If it's not an IRA, we'll see about making it so.

[peacock2121]

I am sorry the recession has found your family as a victim. I am certain your family will weather the store, tighten your belts and be able to live within your new found means.

You will not be the last BB to be so impacted.

I know we will feel the trickle down fall out in our new season.

[earendel]

I am sorry the recession has found your family as a victim. I am certain your family will weather the store, tighten your belts and be able to live within your new found means.

You will not be the last BB to be so impacted.

I wish that that weren't true, but I'm afraid you're right. I would love to be the last one to be affected, so that no one else has to deal with it.

[Sir_Galahad]

Sorry to hear about this, ear. Having been a victim of a sudden RIF before I know how this can affect you and elwing. If and when she finds a new position, she would be able to roll her 401k into one offered by another firm, if that company provides such things. If not, she can roll it over into an IRA. That's what I did. Best of luck to elwing in finding another position.

[silverscreenselect]

Sorry to hear about that.

It might be worth it to check with an attorney who handles employment law. There may be some age discrimination issues involved here. I don't know if she got a severance package, but be careful, if you sign to accept a severance package you usually wind up agreeing to waive all claims of that nature.

[nitrah55]

Well, crap.

Good things come out of bad stuff. Hope this is one of them.

[a1mamacat]

Ah, that sucks.

If she's been there a long time, there should be a severance payout, as well. That could impact unemployment insurance time too. Does she have Med benefits that have to be transfered?

Sorry you have to deal with this.

[earendel]

Sorry to hear about that.

It might be worth it to check with an attorney who handles employment law. There may be some age discrimination issues involved here. I don't know if she got a severance package, but be careful, if you sign to accept a severance package you usually wind up agreeing to waive all claims of that nature.

She wasn't offered any kind of package. It might be age discrimination - she was the oldest of the ones laid off - but the others were new hires, so under the LIFO principle they should have gone anyway. There's supposed to be a company meeting this morning where the CEO is going to explain what's going on. One of my sons, who is still employed there, will attend and let us know what is said.

[earendel]

Ah, that sucks.

If she's been there a long time, there should be a severance payout, as well. That could impact unemployment insurance time too. Does she have Med benefits that have to be transfered?

Sorry you have to deal with this.

The health benefits thing is another matter of concern. Originally we had it through my government employment, but when her company started offering it, the cost and benefts were better (particularly dental) than what we had so we changed to her company's plan. It's still good for 30 days, and supposedly we shouldn't have any problem changing back to the old plan, but we'll have to wait and see. First we have to get a letter indicating that she has been laid off and her health benefits cut off. That letter has to go to our personnel office and then to whatever health plan we decide to go with. Since it's not "open season" (that's not until next November ) this may be difficult.

[christie1111]

Really sorry to hear this Ear. It really sucks.

As far as the health insurance thing, when I got laid off, we had to switch to Husband1111's plan.

It should be very straight forward once you have the letter. The open enrollment thing is not a problem since you have had a 'life changing' event. Our coverage switched within the time frame of the 30 days coverage.

Hopefully yours will go smoothly as well.

Tell Elwing that between resumes, she should get her knitting up to full speed. I was watching a TV show the other day about crafters who sell on the internet making a decent amount of spending money. Yeah, I know, it isn't enough to cover for a real job.

Given the curent weather here, I could use some more knitted items!

[earendel]

Really sorry to hear this Ear. It really sucks.

As far as the health insurance thing, when I got laid off, we had to switch to Husband1111's plan.

It should be very straight forward once you have the letter. The open enrollment thing is not a problem since you have had a 'life changing' event. Our coverage switched within the time frame of the 30 days coverage.

Hopefully yours will go smoothly as well.

Tell Elwing that between resumes, she should get her knitting up to full speed. I was watching a TV show the other day about crafters who sell on the internet making a decent amount of spending money. Yeah, I know, it isn't enough to cover for a real job.

Given the curent weather here, I could use some more knitted items!

elwing wants to take a couple weeks before seriously going job hunting, during which time she wants to get some dental work done while we still have her coverage and also increase her inventory of knitted items.

[minimetoo26]

Suckage. I'm glad she has a plan to use her free time wisely, at least. I hope it all works out soon.

[etaoin22]

pfffffttt.

hey, getting rid of the higher-paid echelons really helped some businesses achieve Chapter 11, or maybe even Chapter 7.

Good luck on the rebound.

[tlynn78]

Tough luck, Ear. Best of luck to Elwing in her future job search.

t.

[gsabc]

Well, crap. Sorry to hear this. What christie said is true on the health benefits transfer. If the spouse carrying the insurance is laid off, you can enroll in the other's medical plan with no problems or penalties.

As for the IRA vs 401(k), if it's a small company it may have been a Simple IRA, which isn't. I've had issues doing the rollover with mine, but that may just have been how it was set up. I don't know if it's a generic Simple IRA problem or not.

Good luck to elwing on the hunting.

[ne1410s]

Ear, I'm sorry your family has to go through this. Good luck.

[lilclyde54]

I am sorry to hear that ear. I hope the job search is short and results in a happy ending.

[Catfish]

I am sorry to hear that ear. I hope the job search is short and results in a happy ending.

Ditto.
Love,

[ghostjmf]

This sucks big time. Very sorry to hear, & you have my condolences.

[Bob Juch]

I'm sorry, ear. Good luck to elwing finding a new job.

May I suggest that, instead of rolling over her 401(k) to a 401(k) at a new employer, she roll it over into an IRA? That way, she'll have more choice and control over what it's invested in, and will likely save on management fees.

That's exactly what I did just today!

[Bob Juch]

Really sorry to hear this Ear. It really sucks.

As far as the health insurance thing, when I got laid off, we had to switch to Husband1111's plan.

It should be very straight forward once you have the letter. The open enrollment thing is not a problem since you have had a 'life changing' event. Our coverage switched within the time frame of the 30 days coverage.

Hopefully yours will go smoothly as well.

Tell Elwing that between resumes, she should get her knitting up to full speed. I was watching a TV show the other day about crafters who sell on the internet making a decent amount of spending money. Yeah, I know, it isn't enough to cover for a real job.

Given the curent weather here, I could use some more knitted items!

elwing wants to take a couple weeks before seriously going job hunting, during which time she wants to get some dental work done while we still have her coverage and also increase her inventory of knitted items.

I know that's tempting, but it's a terrible idea. Start tonight! I found several jobs that I interviewed for the same day I got my bad news. (I got more today. My contract is ending in one more month instead of four. )

[mellytu74]

ear -

Things will work out. I hope elwing finds something wonderful and the tough period is short and relatively painless.

Ditto on christie1111's comment on HC - this is a "life changing event." As such, you should be able to switch the coverage.

[PlacentiaSoccerMom]

I am sorry that she lost her job. I hope that another job comes along that is perfect for her.