Author Topic: My job is ending...  (Read 4416 times)

Crafty momma

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My job is ending...
« on: December 12, 2015, 01:00:09 PM »
I'm typically a lurker, but I registered just to get some of the awesome advice that I know you all can give.

So, here's the deal...Both my husband and I work full time jobs. We have a 3 year old and a child on the way. Well, my job is a contract job that will be ending on January 29th. I'll be laid off after that. I spoke to a woman in my HR department because I've never lost a job and I'm not sure how this all works. She said that we will get our annual leave plus the money contributed to our employee pension fund because no one in my department (we're all losing our jobs) is vested.

My question is what do I do with the money coming from my employee pension fund so that I'm not penalized. I won't have another job to "roll it over." I plan to look for other jobs while getting unemployment.

okits

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Re: My job is ending...
« Reply #1 on: December 12, 2015, 01:45:42 PM »
It's not clear to me from your post or profile where you are located.  I have advice if you're Canadian, but it may not be applicable if you live elsewhere.  Where are you located?

Crafty momma

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Re: My job is ending...
« Reply #2 on: December 12, 2015, 02:25:37 PM »
Thanks for replying. I'm in the US. Georgia to be exact.

rtrnow

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Re: My job is ending...
« Reply #3 on: December 12, 2015, 02:38:10 PM »
I'm typically a lurker, but I registered just to get some of the awesome advice that I know you all can give.

So, here's the deal...Both my husband and I work full time jobs. We have a 3 year old and a child on the way. Well, my job is a contract job that will be ending on January 29th. I'll be laid off after that. I spoke to a woman in my HR department because I've never lost a job and I'm not sure how this all works. She said that we will get our annual leave plus the money contributed to our employee pension fund because no one in my department (we're all losing our jobs) is vested.

My question is what do I do with the money coming from my employee pension fund so that I'm not penalized. I won't have another job to "roll it over." I plan to look for other jobs while getting unemployment.

You should be able to roll over a pension into an IRA.

Spork

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Re: My job is ending...
« Reply #4 on: December 12, 2015, 02:39:03 PM »
I'm not a tax expert/accountant but I have had a pension rollover.   In my case, I just rolled it into a Vanguard traditional IRA.  It was easy-peasy.  I just called Vanguard and they walked me through it.  If they need information from the pension fund people, they'll even drag them into a 3 way call and handle it all at once.  (In other words, if you have a contact for the pension folks, have that at your ready.)

ShoulderThingThatGoesUp

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Re: My job is ending...
« Reply #5 on: December 12, 2015, 04:07:48 PM »
Will you be looking for a new job or are you planning on staying home for a while?

Bearded Man

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Re: My job is ending...
« Reply #6 on: December 12, 2015, 05:22:58 PM »
Hang in there, and good luck on the job search! Enjoy the break while on unemployment (or severance if applicable).

Crafty momma

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Re: My job is ending...
« Reply #7 on: December 12, 2015, 08:30:27 PM »
Thank you all so much. I don't think my coworkers were sure what to do either. I've been getting so much misinformation and everyone seems to have a different idea of what can be done with the money.

Because we've been so diligent in paying off debt, I'm not panicked even though I'm losing a job and will be around 6 months pregnant at the time. If all goes well, our last debt (not including the house) should still be able to be paid off by the summer. We're going to be cautious though, in case the pregnancy doesn't go as planned.

I'm going to look for other jobs, and it seems like there may be some positions opening up at my current place of employment. My supervisor has already said that if other avenues open for us to continue with our work, she'd gladly hire me back.

The_path_less_taken

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Re: My job is ending...
« Reply #8 on: December 13, 2015, 07:27:43 PM »
Congrats on the baby!

I'm pretty sure you can just IRA the money without penalty.

They're hard to scope out, but there are some legit work from home jobs....catalog phone sales, etc. Something to keep you working but able to stay home (with your feet up!) while pregnant.

Sorry you're losing your job at this time of  year.

AZDude

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Re: My job is ending...
« Reply #9 on: December 14, 2015, 08:31:08 AM »
Yeah, roll it into an IRA. Otherwise you pay taxes and a 10% penalty on the money.

eyePod

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Re: My job is ending...
« Reply #10 on: December 14, 2015, 08:32:42 AM »
I'm typically a lurker, but I registered just to get some of the awesome advice that I know you all can give.

So, here's the deal...Both my husband and I work full time jobs. We have a 3 year old and a child on the way. Well, my job is a contract job that will be ending on January 29th. I'll be laid off after that. I spoke to a woman in my HR department because I've never lost a job and I'm not sure how this all works. She said that we will get our annual leave plus the money contributed to our employee pension fund because no one in my department (we're all losing our jobs) is vested.

My question is what do I do with the money coming from my employee pension fund so that I'm not penalized. I won't have another job to "roll it over." I plan to look for other jobs while getting unemployment.

I changed jobs and just rolled everything over into an IRA through Vanguard. They make it super easy and no tax impact.

Bearded Man

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Re: My job is ending...
« Reply #11 on: December 16, 2015, 08:34:20 AM »
Will you do Cobra for insurance or go on husbands plan?

Nikii

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Re: My job is ending...
« Reply #12 on: December 16, 2015, 01:12:57 PM »
I am in a similar situation as you.. i have a 2 year old and one due in March and i recently found out that my job is ending in Feb as well.. I hate that and have never been in thsis situation before. i however dont receive any benefits as part of my job, so i am not concerned about rollovers. will be difficult with an income loss and i dont even know when do i start applying for other jobs since no one will hire me 7 months pregnant