Q: What is “career transition support”?
A: <Company name> will retain an external organization to provide outplacement services to assist separating employees in preparing for and conducting a job search. Employees are encouraged to utilize this service but it is not mandatory to participate.
Q: Will Outplacement Services be provided to all employees?
A: All employees leaving the company will be offered outplacement services. The representatives from our outplacement vendor will be available on site in the near future and dates will be communicated. The outplacement program will include services such as resume preparation, training on how to search for employment, how to network and how to use the internet to find employment.
Q: What other Outplacement Services will be made available?
A: We will explore the possibility of hosting a job fair at our <Site name> which will allow area companies and our suppliers the opportunity to meet with separating <Company name> employees.
Q: Can employees meet with outplacement immediately?
A: We will let you know the dates and times that outplacement will be available to you as well as a summary of what the program entails.
APPLYING FOR OTHER POSITIONS WITHIN THE COMPANY AND SUPPLIERS
Q: Will the company relocate me to a new location?
A: In general, relocation is only provided for positions which cannot be sourced within a specific location. However, if unique skills are required for a role and an impacted employee applies and is selected for a position at another location, details about the compensation and any relocation assistance would be provided as part of the offer.
COMPENSATION AND BENEFITS
Q: What will happen to my 401(K) account?
A: Employees who have a balance of $5,000 or more can keep their funds in the current plan. Employees who prefer to have their 401(k) account transferred to another plan or qualified account can do so; it is important to note that federal income taxes are withheld with the money is disbursed unless you elect to rollover your funds.
Q: What will happen to my 401(K) loan?
A: Employees who have an outstanding loan will have 90 days from their last day of employment to repay their outstanding loan balance. After 90 days, any unpaid balance will be considered a ‘loan default’ and subject to ordinary income tax and a 15% penalty tax.
Q: Are my funds in the 401(k) fully vested?
A: 100% of your contributions and company matching contributions are fully vested. Therefore, you will be eligible to rollover your entire account balance including both employee and employer matching contributions to another qualified retirement plan or IRA (Individual Retirement Account).