Latino, laid off, and uncertain about what you're entitled to? Here are your rights and resources investinyou (In partnership with acorns.)
, though this is not required by law, and varies by company and employee. Under the Older Workers' Benefit Protection Act, workers over 40 have 21 days to review and decide on any severance package; if you're facing mass layoffs, that period is even longer, so take your time to assess your severance package and determine whether anything can be negotiated with your employer.
, and the funds can be used to pay for COBRA health coverage continuation, telemedicine, or other health-care costs post-employment separation. You can also withdraw funds to compensate yourself for past out-of-pocket expenses. Depending upon your employer and insurance plans, some forms of life and disability insurance may also be portable, especially if these are supplementary, or "add-on" plans that you've purchased beyond your standard employer offerings, Consult with your HR department to determine the portability of these plans, or any other options available to you.If your 401 balance is $5,000 or greater at the time of separation, you can keep your funds in your company's existing 401 plan.
Depending upon the provisions of your company's pension and to what degree you're vested, you may be eligible to retain all or a portion of anySome companies may also allow a cash-out of benefits, while others won't make distributions until you reach a certain age. Consult your HR department or pension plan documents to ascertain which is true in your situation.
Each job separation situation is unique, and this list is not comprehensive, so speak with your employer or plan administrators to help better understand your options.
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