Yes she did Scott, I believe she mailed them out yesterday. She just didn't both with the inspection sticker, since NC cops don't know anything about it anyways. Have seen many military people from NH without them.

 

I got an e-mail from her today and they were mailed.

I looked tonight when I got home and I don't see a front plate holder, felt some screw holes in the front bumper.....for the driving I will do in it, I'll put the back plate on. Then if I drive it anywhere - gas station as it almost empty, I'll put the front plate in the window. I'm not about to mess up the front bumper, I'll let you do that

Paperwork on the buyout/payout showed up today. Haven't even read it yet but will later tonight. Funny, they had a meeting today talking about the package we'd get "if" anyone was let go??????

 

I wouldn't worry about the front plate if I were you, I drove my RX7 around NC without a front plate for a year without issue. NC cops don't know if NH is supposed to have a front plate or not.

You bet I put one on before I drove the RX7 to my dad's house though. I got 1 mile in my fiji blue Accord in NH without a front plate before being pulled over.

Probably trying to get you all used to the idea, was it a good package?

 

The severance package is pretty fair. If my position is eliminated, I will get a 60 day notice before it happens (start looking for a job?), if I stay till the end of that 60 days. They help with "placement services", also help pay for COBRA Insurance - it is a temp/bridge type health insurance - and with my position and length of service (my service with the company transfers to the new one) I'll get 26 weeks pay.

The buyout, well that is somewhat simple. Number of shares I own times the stock buyout price. Taxes and what you can do with it depend on what type you owned.

Direct stock, own it out right - number of shares times buyout price. I'm on the hook for Fed and State Cap Gains tax, plus 3.8% Obama AFC tax. Most of what I have is "long term" so that is around 26%.

Restricted stock/Stock Options - again number of shares times the new price. However the taxes on this are considered a bonus and taxed ~40%

ESOP - again number of shares times the price. However on this you can roll this into a 401K account and defer those taxes until you actually take a payment from that 401K.

So I can't complain too much.If I'm lucky I can "find a place/fit" in the new company. If I can "ride" that for 10~15 years I can retire on my terms

 

Doesn't sound too bad, the taxes are crazy, even the "better option" being 26%. But I think you will be okay either way, obviously it would be better to stay with the company, but with that much experience you should be able to find another job if need be.

 

I won't even pretend to be a tax guy. But isn't there usually a way to roll-over some of that stuff into IRA or some other kind of account to spread the tax hit over years and/or defer it until retirement?

 

The ESOP part does just that. I have to make an election on what to do with it - 401K, IRA (some tax attached as ESOP is considered pre-tax money) or cash payout (full cap gains in this option).

The restricted stock/stock options are given as a bonus - payroll - so that is taxed as such.

The rest I haven't found a loop hole yet. My tax advisor, my Mon worked for the IRS for ~30 years, is looking into a way "around" that.