[HN Gopher] Layoff Runbook
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Layoff Runbook
Author : rcy
Score : 55 points
Date : 2023-04-24 21:23 UTC (1 hours ago)
(HTM) web link (github.com)
(TXT) w3m dump (github.com)
| scarface74 wrote:
| > Document your accomplishments
|
| I've had a quarterly updated resume and longer form career
| document for over a decade. I don't think I've ever had to update
| my resume specifically for a job opportunity. It's constantly
| updated.
|
| > While you still have access to Slack, ask your manager,
| previous managers, and/or colleagues you worked closely with if
| they would be willing to give a reference check for you for your
| next role.
|
| You should already have them as contacts on LinkedIn
|
| > Potentially also ask for endorsements on LinkedIn
|
| On the other hand LinkedIn is merely a place to keep my contacts.
| I find it to be more of a self aggrandizing cesspool than
| Facebook.
| 0xbadcafebee wrote:
| Some thoughts:
|
| Put your money into an HSA rather than an FSA. It's a free extra
| retirement account.
|
| You don't need to worry about being locked out of your 401K after
| being sacked. It's still your money and they have to give you
| access to it, even after you're sacked. Transfer the money out to
| a separate 401K account that only you control after you've left
| the company. (Or don't, because I'm pretty sure they have to keep
| your account open indefinitely, but IANAL so ask a professional)
|
| You should practice interviewing well before your last day.
| Interview somewhere you'd like to work at least every 6 months.
| Tell them you're not looking to move right away but you're
| curious about their company and team an open to hearing about new
| opportunities. Keep in contact afterward.
|
| Not mentioned there, but commuter benefits cards have an
| expiration after which you can't spend the money, so make sure if
| you have a balance that you spend it before it expires. I once
| built up $250 on a card and forgot about it.
| curiousllama wrote:
| > Or don't, because I'm pretty sure they have to keep your
| account open indefinitely, but IANAL so ask a professional
|
| Definitely a life best practice to periodically consolidate
| these kinds of accounts. Imagine trying to track down your 401k
| from your time at GE 20 years ago. It definitely exists
| somewhere, but it would not be fun finding it.
| sfshaw wrote:
| After 20 years that account might have escheated.
| candiddevmike wrote:
| HSAs and FSAs are not entirely swappable. HSAs require a
| qualifying health plan, and are a pain in the ass to move
| around in my experience. FSAs are actually better for those
| that are laid off--you can use the full balance of the FSA
| before you pay it. Say you commit 3k to a FSA, you can use 3k
| of it on day one (or the day you are laid off...). Your company
| is on the hook for the remainder of the balance if you aren't
| there to pay it back.
|
| I would be annoyed as hell if someone kept asking to be
| interviewed but never accepted the position. Interviews aren't
| free, don't waste peoples time doing them if you aren't
| serious/need to practice. Pay for an interview coach on
| LinkedIn.
| throwaway280382 wrote:
| HSA is deferred for future. I (in 30% tax bracket and pretty
| healthy) can defer that to future as I only average about two
| doctor visits per year last 2 years. So, if I put it in FSA,
| I loose the money since my number of visits to doctor are few
| and far between. HSA, I can use after I retire also or when I
| grow older. So for my situation, it is better.
| candiddevmike wrote:
| Lately, I haven't been seeing the HSA math make sense, at
| least for a family. The monthly difference between a high
| deductible plan with a HSA is not cheap enough to cover the
| deductible gap, and care has gotten a lot more expensive.
|
| Either choice will most likely result in medical bankruptcy
| without some sort of independent wealth. Best to have
| socialized healthcare and not have to worry about any of
| this.
| throwaway280382 wrote:
| >You don't need to worry about being locked out of your 401K
| after being sacked. It's still your money and they have to give
| you access to it, even after you're sacked. Transfer the money
| out to a separate 401K account that only you control after
| you've left the company. (Or don't, because I'm pretty sure
| they have to keep your account open indefinitely, but IANAL so
| ask a professional)
|
| You will not be locked out of 401k when you quit but they will
| charge about $25 per quarter ($100 per year) to maintain your
| account. I feel it is still a good deal and I left my 401k with
| my previous employers. so far I have $300k in 401k, so
| $300/year to maintain the portfolio (across three previous
| employers) and not messing it up by moving it around seems like
| a safe deal to me.
| thunky wrote:
| Converting a 401k to an IRA can mess up future backdoor Roth
| conversions as well.
| vikingerik wrote:
| Moving it around wouldn't mess it up. You can move a 401k
| from a previous employer to a Rollover IRA at any major
| custodian. This is not a taxable event (you just move pre-tax
| money to pre-tax money), so it doesn't matter if you sell
| whatever it's holding and buy the equivalent at a new
| custodian. The only reason to need to keep a 401k where it is
| is if that custodian has some unique investment option that
| you want there that you can't get elsewhere, but that's
| pretty rare.
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(page generated 2023-04-24 23:00 UTC)