In the past, I’ve written about what you should do first if you get fired or laid off.

Over the weekend, over at the WiseBread blog, I saw a new strategy that had never occurred to me before.

Essentially, it boils down to remembering to ask the HR folks if they’ll give you the unvested portion of your 401 (k).

A lot of companies have 401 (k) matching plans. It’s basically free money: they contribute x dollars to match every y dollars you contribute. The catch is, you have to stay with the company long enough for that to “vest.” If you leave too soon, they don’t have to make good on that money.

But if they fire you before the vesting can happen… well, that’s not your fault!

But a lot of employers are willing to give you the unvested portion of your 401(k) account if/when you’re being let go.

Especially if it’s not performance related and they just need to downsize. It’s not that big of a deal to them and in an effort to make these kinds of moves as painless as possible, there is a good shot you’ll get this money.

The worst thing that can happen? They say no.

Hmmm. I don’t know. If they’re in the saving money downsize mode, I’m not so sure they’ll be so sanguine about handing over the money.
But then again, this is one of those I suppose it can’t hurt to ask situations. I mean, they are going to give you (hopefully) some sort of severance package. So why shouldn’t the “free money” be a part of it?

Most of us, when we’re in the frenzied moment of being handed a pink slip, don’t tend to think clearly. So, make a mental note now. If you’re ever facing the proverbial firing squad, don’t forget to ask if you can take your “free money” with you.

It’s better than leaving money on the table.

And as always, if you find yourself suddenly laid off, it might be time to hire professional help.

Related posts:

1. When NOT to Put Money in Your 401k
2. The First Thing To Do When You Get Laid Off- Claim Your Intellectual Property
3. Your Job Search Budget

Are younger workers having a harder time in this job market than their older cohorts?

The conventional wisdom, based on previous downturns, is that older (read: more expensive) workers are either laid off or offered sweet early retirement incentives to make way for younger (read: cheaper) workers.

But this BusinessWeek article suggests otherwise.

In fact, according to the article, quite the opposite might be happening.

I found the data in this graf amazing:

Figures from the Bureau of Labor Statistics tell the tale: The number of people aged 55 and up with jobs actually rose nearly 900,000 from the start of the recession, in December 2007, through last year. By comparison, people aged 25 to 54 lost nearly 2.9 million jobs. The share of older Americans who have jobs has risen during the recession, while the share of younger Americans with jobs has plunged.

And then there was this:
…

In the teeth of the recession, some bosses are even seeking out over-55 workers. CVS Caremark (CVS) is cutting some 800 administrative jobs after it bought a rival drugstore chain last fall. Yet it is scouring the country to hire staffers for its stores.CVS’s recruitment target: baby boomers and other older workers. “We need their expertise,” says Stephen M. Wing, director of workforce initiatives. “When you’re in your 50s and 60s, you’re in your prime.”

Some companies believe older workers are potent role models. Baystate Health, a 10,000-employee health-care system in western Massachusetts, relies on older nurses to mentor recruits in the operating room. Says Jean Jackson, vice-president for workforce planning: “Our ability to keep seasoned employees for longer periods will be critical for us.”

What’s the story? Are you seeing this in your workplaces? If so, I’m amazed.

Could it be that the (comparatively) strongest part of the workforce is on the gray side of the spectrum?

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1. Your Employer Can Cut Your Benefits After Age 65
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3. Retiree Job Search Tips – Job Tips For Over-65 Job Seekers

I know this is a bit off our topic, but this is too good not to pass along.

Tax season is coming up- er… here already. And anyone anytime could use some decent advice about financial and retirement planning. Need to re-organize your 401k? Or start one?

I got a great today only resource. Via GetRichSlowly, I learned that today is “Jump-Start Your Retirement Plan Day” during which time you can call a 1800 number and get free financial advice from fee-only advisors.

I’m sure after the free advice, they’ll encourage you to become a client of theirs. Still, this is a promotion that has run for several years, it’s in conjunction with Kiplinger’s, and it’s no strings attached. So if you have a quick question or two you can get in, learn something, and get out. Seems worth a shot.

The number is 1-888-919-2345 between 9am and 6pm Eastern. Go to the website to learn more.

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I saw this over the holidays and thought it should have been a bigger news story than it was. I offer this up without comment except to say that the trend continues: they’re happy to give you benefits when you don’t need them or won’t use them; but as soon as you need them, they take them away.

U.S. employers can cut or eliminate altogether health benefits for retired people over age 65, the Equal Opportunity Commission ruled Wednesday.

The agency’s decision permits the creation of two classes of retirees — people younger than 65 who are entitled to more comprehensive benefits, and people 65 and older who can be afforded limited health benefits from their former employers or none at all (…)

…the AARP and other organizations representing seniors condemned the decision. “This rule gives employers free rein to use age as a basis for reducing or eliminating health care benefits for retirees 65 and older, said AARP attorney Christopher Mackaronis, who said the ruling could affect as many as 10 million people.

U.S. Ruling Allows Insurance Cutbacks for Retirees Over 65 (Washington Post)

Related posts:

1. Should You Accept a Low-Paying Job Offer or Stick With Unemployment Benefits?
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