Well, that's a wrap...

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Anonymous

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Today I am released from Novartis. Monday I will sign and send in my severance agreement. I wish I could say it was a good time and great experience. It wasn't. Good riddance.
 


















Anonymous said:
When do we get officially released? There is Dec 31st date on contract and then Feb 7th date. When are we completely done so we can move on? Please advise
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Our release date was Dec 31st...which means we could start employment with another company on Jan 1st. Our termination date is Feb 7th.....which means we can not withdrawl or roll over pension/401K 45 days AFTER termination date!
 






Can you further explain about the 45 days with pension and 401K? Does that mean we have to do something with them within 45 days of our termination date or they are frozen? Or we cannot do anything with them until 45 days after our termination date?
 






Anonymous said:
Can you further explain about the 45 days with pension and 401K? Does that mean we have to do something with them within 45 days of our termination date or they are frozen? Or we cannot do anything with them until 45 days after our termination date?
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The pension department told me that once NPC informs them of my termination date...which is Feb 7th...45 days FROM Feb 7th, which would be sometime in March....I would be able to withdrawl (and lose about half of what its worth because of taxes and early withdrawl penalties) OR I can roll it over into an Roth or whatever your Financial Advisor, advises.

As far as our 401K....we can leave it and allow Fidelity to continue to manage it OR we can withdrawl (again losing A LOT because of taxes, etc.) OR roll-over...Fidelity told me that this can be done approximately two weeks from when NPC informs them that we are no longer employees....which is Feb 7th (termination date).....so it would be approximately end of Feb that you can do whatever is best for you.

Hope this helps....
 












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