It basically was the meeting, where the company was officially telling us what we already knew. It also answered a few questions about final pay, vacation pay and our 401-k.
Last paycheck
My last day of employment (as we already knew) will be July 12. On July 13, 2008 (my 40th birthday) I will be with the new employer. That last check, will be mailed to me on the following Thursday. Fortunately, I get direct deposit, so this will be no big deal for me. Vacation Pay
I have taken 1 week of my 3 weeks of vacation. According to HAC, Inc, all unused vacation hours earned in 2007 for use in 2008 will be mailed to my address on file approximately 3 weeks after my last day of employment. Basically, that check could pay off about half of Fingerhut debt (a debt that is about to moved on June 27).
Insurance
If July 12, 2008 is my official last day of work, my coverage will be effective through July 31, 2008. 401-K
I will have the option, of cashing out, rolling it over or keeping it (for growth only) with the HAC, Inc account at JP Morgan. If the balance is below $1,000, I would be automatically be paid this balance, if a distribution request is not returned by the end of the quarter, following termination. Overall, it is basic information, that anyone versed in finances at all, should know.
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go ahead share your thoughts with me now.
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A series of debt can lead to a very difficult cycle of unmanageable finances. We should find ways on reducing debt the cheapest way possible and enjoy financial freedom. Thanks for the article!
ReplyDeleteHi! Will you have insurance with new employer? Will you have to wait 30-90 days for it to kick in? That would not be good. At least you get 2 weeks vacation pay, my plea to you is to put this in an emergency fund and then start paying down fingerhut. -Becky
ReplyDeleteThanks Becky....another excellent suggestion.
ReplyDeleteI hope you do not think I am a nag, I try not to be, just have had many emergencies myself over the years. -Becky
ReplyDeletenot at all Becky, I appreciate your thoughts. I need to replace the washer and dryer. The dryer is completely gone, and the washer takes 4 hours to wash a load of laundry.
ReplyDeleteHowever, I am also so gazelle intense on getting debt free, that I want to get everything paid off. If I am debt free, I can easily have the $1,000 built in 1-2 months. It's just getting rid of all that debt so that I can then use that money to build the savings.
With my current direct deposit (that will disappear in mid-July) I have $100 that goes automatically to my emergency savings ($50 per paycheck).